Inpex, Santos Get Approval To Explore Permit Wa 502 P Offshore Wa

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May 20th, 2014

Inpex Corporation (Inpex ) reported Friday that its subsidiary, Inpex Browse , has been granted Release Area WA-502-P (the Block) as an exploration permit following the 2013 Australian Offshore Petroleum Acreage Release. Inpex Browse will hold a 40 percent participating interest in the Block while Santos will hold a 60 percent participating interest as an operator. The Block will constitute Inpex’s 10th exploration permit close to the Ichthys gas-condensate field where Inpex group companies conduct its development as an operator (the Ichthys LNG Project). The Block, is approximately 295 miles (475 kilometers) north-northeast of Broome, off the coast of the state of Western Australia, and covers an area of 224 square miles (581 square kilometers) with a water depth of approximately 1,312 feet (400 meters) to 1,640 miles (500 meters). Large gas reserves have been discovered southeast of the Block in the Ichthys gas-condensate field, the Prelude and Concerto gas fields. Inpex, through its subsidiary company, also participates in Shell’s development of the Prelude and the Concerto gas fields that will utilize FLNG (Floating LNG) engineering technology. Block is adjacent to the southern side of Exploration Permit WA-274-P* where the Crown gas discovery was made in 2012. Inpex Browse holds a 20 percent participating interest in WA-274-P alongside Santos that holds a 30 percent interest (Operator), and Chevron that holds a 50 percent interest.