Exploration permit WA-477-P where the obligation to drill a single exploration well was not met. The GSA acknowledges Shell’s significant attempt to test the petroleum potential of the permit area. Consistent with the Offshore Petroleum Exploration Guideline, to discharge the GSA obligation Shell will expend AUD$ 12,173,906 on exploration activity in Australia (re-released acreage, sole bidder on prime acreage or open file regional studies).

Exploration permits WA-464-P and WA-466-P (Shell 45%) where the obligation to drill five exploration wells was not met. The GSA acknowledges the Joint Venture’s significant attempt to test the petroleum potential of the permit area. Consistent with the Offshore Petroleum Exploration Guideline, to discharge the GSA obligation Shell will expend AUD$5,383,163 and AUD$5,258,163 respectively on exploration activity in Australia (re-released acreage, sole bidder on prime acreage or open file regional studies).

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