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JOGMEC provides equity financing to Mitsubishi Corporationfor an exploration project off Western Australia
JOGMEC provides equity financing to Mitsubishi Corporation
for an exploration project off Western Australia
PDF version of this page (99 KB)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
(2)Blocks (see attached map) Exploration Permit WA-384-P, offshore Western Australia
(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
(5)Reason for adoption
The project fulfils JOGMEC's technical, economic, political and business related criteria.
| 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.
Project DepartmentMatsumoto or Inui
Tel +81-3-6758-8218
Public Relation DivisionUematsu
Tel +81-3-6758-8106
