Bhp Nods To Boris

Illawarra Mercury

Wednesday July 10, 2002

BHP Billiton Ltd has backed the development of another oil and gas find in its Gulf of Mexico acreage, committing $A44 million to bring onstream the Boris field.

With gross estimated reserves in the range of 10 million to 35 million barrels of oil equivalent, Boris is classified as a small field compared to BHP Billiton's other Gulf of Mexico finds.

BHP Billiton has a 50 per cent stake in Boris and is the designated operator for the block. The remaining partners are US oil giant ChevronTexaco and Noble Energy, each with a 25 per cent interest.

Virgin rings true

Virgin Mobile is winning higher spending from its Australian customers, as it targets late 2003 as the likely date it will turn earnings positive and look towards a listing.

Virgin Mobile managing director Andrew Grant said the Sir Richard Branson-backed operation was winning more customers on monthly plans versus prepaid plans, helping drive average revenues per user higher.

Virgin Mobile now has around 220,000 mobile customers in Australia, but needs up to 400,000 - or three per cent market share - to help it towards its earnings before interest, tax, depreciation and amortisation (EBITDA) positive target, he said.

HIH two account hint

One of HIH Insurance's actuaries suggested the insurer keep two sets of accounts so it could meet new regulatory standards, the HIH Royal Commission heard yesterday.

A note written by HIH's general manager actuarial and reserves Geoff Trahair and the company's consulting actuary David Slee to HIH's chief executive Ray Williams suggested ``dual accounting" be introduced in May 2000.

Singapore Telco loss

SINGAPORE.- Singapore Telecommunications Ltd said it will take a loss of $A46 million after its nine-month joint venture with Virgin Mobile failed to take off.

SingTel sank $89 million into the joint venture with United Kingdom-based Virgin, headed by Richard Branson, to create Virgin Mobile Asia last October.