JOGMEC to Finance Exploration Project Offshore Australia

Japan Oil, Gas and Metals National Corporation  decided to provide equity capital finance to a subsidiary of Mitsubishi Corporation  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.

[mappress]

Source:JOGMEC , May 16, 2011;