Number 01/04

BHP Billiton today announced that it had completed drilling the Puma-1 exploration in the deepwater Gulf of Mexico.

The well encountered approximately 500 feet of net oil pay in Miocene sandstones, and two subsequent sidetrack bores also encountered oil in reservoir intervals of a similar age.  

Steve Bell, President, Exploration and Business Development said today: “The drilling result is encouraging, however, the well was drilled in a structurally complex subsurface area and in a zone where seismic imaging data is of only moderate quality.  Further seismic reprocessing and appraisal drilling will be necessary to evaluate the size and significance of the discovery”.

Drilling on Puma-1 began on August 14 2003 on Block GC 823 in the Western Atwater Foldbelt using the BP–operated Ocean Confidence drillship.  The well is located 140 miles from the Louisiana coast and eight miles from the company’s Mad Dog development.  The well was drilled to a total measured depth of 19,034 feet in a water depth of 4130 feet.  Technical data was taken from the straight hole and sidetrack bores.

BHP Billiton has a 33.34% interest in Puma with BP (operator) 51.66% and Unocal 15%.

For further information please contact:

Australia
Andrew Nairn, Investor Relations
Tel: +61 3 9609 3952  Mobile: +61 408 313 259
email: Andrew.W.Nairn@bhpbilliton.com

Tania Price, Media Relations
Tel: +61 3 9609 3815  Mobile: +61 419 152 780
email: Tania.Price@bhpbilliton.com

United Kingdom
Mark Lidiard, Investor & Media Relations
Tel: +44 20 7802 4156
email: Mark.Lidiard@bhpbilliton.com

United States
Francis McAllister, Investor Relations
Tel: +1 713 961 8625  Mobile: +1 713 480 3699
email: Francis.R.McAllister@bhpbilliton.com

South Africa
Michael Campbell, Investor & Media Relations
Tel: +27 11 376 3360  Mobile: +27 82 458 2587
email: Michael.J.Campbell@bhpbilliton.com