The Browse Basin is located off the northwest coast of Australia and is one of the most isolated of the Australian basins. Water depths are generally less than 1,000 metres, but can exceed 3,000 metres. To date, much of the exploration has concentrated on the shelf area, and we expect this gas-prone play to provide the majority of the future volumes, and all of the future value in the basin. Value can be created in the play under our Base and High price assumptions. Explorers are expected to maintain activity in the deepwater play also, although we forecast only modest levels of drilling. The higher costs and modest yet-to-find resources mean that we do not expect value to be created here, even under our High price assumption.