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JOGMEC provides equity financing to Mitsubishi Corporation
for an exploration project off Western Australia

May 16, 2011

 Japan Oil, Gas and Metals National Corporation ("JOGMEC", President: Hirobumi Kawano) decided to provide equity capital finance to a subsidiary of Mitsubishi Corporation (“MC”, President: Ken Kobayashi) for an exploration project off Western Australia. 
 
 Diamond Resources Exmouth Pty. Ltd.("DRE"), a wholly-owned subsidiary of MC, has recently entered into a 25% farm-in-agreement in the Exploration Permit WA-384-P with Shell Development (Australia) Pty. Ltd (operator). 
 
 JOGMEC will provide equity capital covering up to 75% of the exploration expenditures incurred by DRE. 
 
 A number of oil and gas fields have been discovered in the prospective Carnarvon basin, and Shell is currently seeking approval for an exploration well in the permit area. If a discovery was made, subject to further approvals, the project could contribute to Japan’s future energy security. 
Supplemental Remarks (Project profile)

(1)Corporate Data
Company Name Diamond Resources Exmouth Pty. Ltd.
Date of Establishment: March 3, 2011
Head Office Melbourne
Director Mr. Masaru Saito
Shareholder Mitsubishi Corporation (Voting right: more than  50%) and JOGMEC
(Voting right: less than 50%)

(2)Blocks (see attached map) Exploration Permit WA-384-P, offshore Western Australia
(3)Participating Interest
Permit Holder  Participating Interest 
Shell Development (Australia) Pty. Ltd.  75%(Operator) 
Diamond Resources Exmouth Pty. Ltd.  25%
(4)Adoption as an eligible project for providing equity financing
Adoption Date March 2011
Contingent estimated equity capital
provided by JOGMEC
to Diamond Exmouth Resources Pty. Ltd.
12 billion JPY (based upon JOGMEC’s own calculation)

(5)Reason for adoption
The project fulfils JOGMEC's technical, economic, political and business related criteria.
Attachment

Location of Blocks

The inquiry about this page.

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