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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Date of
15 November 2004BHP Billiton Plc
Registration Number 3196209
Neathouse Place
London SW1V 1BH
United Kingdom
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | X | Form 40-F |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
| Yes | No | X |
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
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Date |
15 November 2004 |
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Number |
37/04 |
BHP BILLITON TO SELL ITS INTERESTS IN THE
LAMINARIA AND CORALLINA OIL FIELDS
The purchase price is US$150 million effective as at 1 July 2004, and is subject to adjustments for working capital and cash flow movements between 1 July 2004 and completion.
The sale of BHP Billiton's interests in the Laminaria and Corallina oil fields is part of the Company's active portfolio management strategy. Following a review, BHP Billiton's interests in the fields were identified as being non-core to BHP Billiton's future petroleum strategy.
The Laminaria and neighbouring Corallina oil fields were discovered in 1994 and 1995 respectively, and are located in the Timor Sea, about 550km west-north-west of Darwin, in offshore production licences AC/L5 and WA-18-L.
The fields were developed with a Floating Production Storage and Offloading facility, the Northern Endeavour, which is moored between the two oil fields in 385 metres of water. Oil production from Laminaria and Corallina commenced in November 1999, and a second phase of development commenced production in June 2002. The facility is operated by Woodside Energy Ltd.
The sale to Paladin is subject to the pre-emptive rights of joint venture participants, and formal government approvals. The transaction is expected to be completed in early 2005.
BHP Billiton has a 32.6125 per cent interest in Laminaria. The other participants are Woodside Energy Ltd (operator - 44.925 per cent) and Shell Development (Australia) Proprietary Limited (22.4625 per cent). The Laminaria field is unitised over licences AC/L5 and WA-18-L.
BHP Billiton has a 25 per cent interest in Corallina. The other participants are Woodside Energy Ltd (operator - 50 per cent) and Shell Development (Australia) Proprietary Limited (25 per cent).
Further information on BHP Billiton can be found on our Internet site: http://www.bhpbilliton.com
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Australia Tel: +61 3 9609 3952 Mobile: +61 417 031 653 email: Jane.H.Belcher@bhpbilliton.com |
United Kingdom Tel: +44 20 7802 4156 email: Mark.Lidiard@bhpbilliton.com |
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Tania Price, Media Relations United States Tel: +1 713 961 8625 Mobile: +1 713 480 3699 email: Francis.R.McAllister@bhpbilliton.com |
Ariane Gentil, Media Relations South Africa Michael Campbell, Investor & Media Relations Tel: +27 11 376 3360 Mobile: +27 82 458 2587 email: Michael.J.Campbell@bhpbilliton.com |
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BHP Billiton Limited ABN 49 004 028 077 Registered Office: Level 27, 180 Lonsdale Street Melbourne Victoria 3000 Telephone +61 1300 554 757 Facsimile +61 3 9609 3015 |
BHP Billiton Plc Registration number 3196209 Registered Office: Neathouse Place London SW1V 1BH United Kingdom Telephone +44 20 7802 4000 Facsimile +44 20 7802 4111 |
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The BHP Billiton Group is headquartered in Australia
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BHP BILLITON
PlcKaren Wood
Title: Company Secretary
Date: