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BHP announces oil discovery
BHP Billiton today(30 June 03) announced that it has made an oil discovery at its second exploratory well on the Chinook prospect in the ultra-deepwater Gulf of Mexico. The Chinook discovery is located more than 300 kilometers from the Louisiana coast in Walker Ridge Block 469. Steve Bell, President of Exploration and Business Development for BHP Billiton Petroleum, said today, 'This is a very encouraging result on a large structure. Of course, it is early days and the result must be seen in perspective. While this is the deepest penetration to date on Chinook, we must have more appraisal data before we can be definitive about the scale of resource. Importantly, this strengthens our inventory of BHP Billiton-operated discoveries in the area. With Shenzi, Cascade, Neptune, and Vortex, we have a full appraisal programme in place to evaluate and, if successful, create more value by ultimately commercialising these hydrocarbon accumulations.'
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BHP lists ADR's on NYSE
BHP Billiton today(25 June 03) announced the listing of its existing sponsored American Depositary Receipt (ADR) security on the New York Stock Exchange (NYSE). The listed security will trade under the ticker symbol BBL. Each ADR represents two ordinary shares traded on the London Stock Exchange.
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BHP approves copper project
BHP Billiton and its partners have approved the development of the Escondida Norte copper project in northern Chile, as part of Escondida's operating strategy to maintain copper production capacity in future years. Norte will enable Escondida to maintain existing capacity. The development of the Norte open pit will increase production flexibility and reduce operational risks associated with a single mine source, as well as further reduce the cost of production from an already low base. First copper production from the Norte open pit is scheduled for the fourth quarter of 2005. Development costs are estimated at USD400m (BHP share USD230m).
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