Acquisition of interest of Exploration Block AC-P36, offshore Australia

Posted 28 June 2012

INPEX CORPORATION (INPEX) is pleased to announce that through its subsidiary INPEX Browse, Ltd. (INPEX Browse) it has acquired a 50% participating interest, together with the operatorship, in the exploration block AC/P36 offshore Western Australia from Australian subsidiaries of Murphy Oil Corporation. 

This transaction is subject to the satisfaction of certain conditions including approval by the Australian government.

AC/P36 is located approximately 550km north-northeast of Broome, off the coast of Western Australia, and covers an area of 1,950km2, with a water depth ranging from 250m to 500m. To the south of AC/P36 lie several large gas-condensate fields, including the Ichthys gas-condensate field which INPEX operates and is developing as the large-scale Ichthys LNG Project, and the Prelude and Concerto gas fields which INPEX and Shell are developing as the Prelude FLNG Project. Being operator of AC/P36, INPEX Browse will significantly contribute to further exploration work by utilizing the experience it has accumulated in the Ichthys LNG Project. INPEX Browse will operate AC/P36 with a 50% participating interest while Murphy holds the remaining 50% participating interest, and plans to carry out exploration activities including drilling of one exploratory well.

Participating in AC/P36 will contribute to the continuous enhancement of INPEX’s exploration and production activities in line with the "Medium- to Long-Term Vision of INPEX" announced last month. INPEX will be expanding its exploration and development activities in the Asia-Oceania region as one of its core business areas.

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INPEX is committed to recognising and respecting Aboriginal and Torres Strait Islander peoples whose cultures have existed in Australia for more than 65,000 years.

In particular, we acknowledge the Larrakia people as the recognised Traditional Owners of the land and waters where Ichthys LNG onshore facilities are located, in addition to the Whadjuk Nyoongar people on whose lands our Perth office is situated. Furthermore, Broome and Djarindjin are important logistical locations for transit of our offshore workforce, and we therefore extend our acknowledgement to the Yawuru, Bardi and Jawi peoples, respectively.

INPEX acknowledges the important role Aboriginal and Torres Strait Islander peoples continue to play in the development of our business in Australia and pay our respects to their Elders – past and present.