Inpex to Explore Block WA-504-P Off Western Australia

INPEX CORPORATION has announced that INPEX Browse E&P Pty Ltd (INPEX Browse), a subsidiary, was awarded an exploration permit for Release Area WA-504-P (the Block).

INPEX Browse will hold a 40% participating interest in the Block while Santos will hold a 60% participating interest serving as Operator.

This is the 11th block in which INPEX holds exploration permits or retention leases in the vicinity of the Ichthys gas-condensate field, where INPEX as Operator is developing the world-scale Ichthys LNG Project. Exploration of the Block will help INPEX maximise the potential value of the Ichthys LNG Project, in line with the company’s initiatives.

The Block is located approximately 500 km north-northeast of Broome, off the coast of the state of Western Australia. It covers an area of 83 km2 where the water is approximately 400 m deep.

The Block is situated northwest of large gas reserves that have been discovered, including the Ichthys gas-condensate field as well as the Prelude and Concerto gas fields.

The exploration permit covering the Block follows the WA-502-P exploration permit also awarded to INPEX Browse following the 2013 Australian Offshore Petroleum Acreage Release, as announced on 16 May 2014.

INPEX is committed to further expanding its exploration and development activities in the Asia-Oceania region.

Press Release, June 13, 2014

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