On 11 August, the Australian government announced it was offering 28 licences offshore Western Australia and the Territory of Ashmore and Cartier Islands. The blocks vary between frontier areas and relinquished licences surrounded by large gas fields. The round presents an opportunity for existing players to acquire acreage with low spending commitments. Additionally, new players may look to acquire acreage in the prime North Carnarvon Basin, or take a longer term view and look at acreage in the more isolated Browse, Canning and Bonaparte basins. However, although the round is varied, we believe that the current environment will lead to low bid commitments – continuing a trend observed over the last five years.