Drilling Report

BHP Billiton Limited
12 November 2003

BHP Billiton Limited is issuing this announcement to fulfil disclosure
obligations arising from its secondary listing on the London Stock Exchange.

The text of this release is identical to that issued by BHP Billiton Plc
earlier.

                         BHP BILLITON ANNOUNCES OIL FIND 
               WITH SHENZI-2 APPRAISAL WELL IN THE GULF OF MEXICO

BHP Billiton today announced the results of its first appraisal well on the
Shenzi field, discovered last year in the deepwater Gulf of Mexico.

Shenzi-2 began drilling on September 22, 2003, on Green Canyon Block 653 with
the BHP Billiton operated drillship CR Luigs. The well is located in water
depths of 4,238 feet and was drilled to a total depth of 25,500 feet;
encountering approximately 500 feet of net oil pay in a 1,250 foot gross
hydrocarbon column of lower Miocene reservoir sandstones.

Phil Aiken, CEO of BHP Billiton Petroleum said today, 'We have drilled a
successful appraisal well on one of our operated discoveries, and this well
result, with excellent quality reservoirs that were appreciably thicker than
those encountered in the first Shenzi well, has significantly extended the scale
of the oil accumulation discovered by Shenzi-1. The discovery is located along
the same geologic trend as our Mad Dog, Atlantis and Neptune fields, and whilst
further appraisal drilling will be required to fully define the reserve size, we
will be working with our partners to begin studying possible development
options.'

Following well logging operations and other data collection activities, the
partners are planning to drill a sidetrack out of the existing well bore.

BHP Billiton is the designated operator at Shenzi and holds a 44 percent
interest in the field. Amerada Hess (NYSE: AHC) and BP each hold 28 percent
interest. Shenzi-2 is located approximately two miles southwest of the discovery
well Shenzi-1, which encountered a gross hydrocarbon column of 465 feet with 140
feet of net pay.

BHP Billiton's exploration and development portfolio in the Gulf of Mexico
includes the development of the Mad Dog (BHP Billiton share 23.9%) and Atlantis
(BHP Billiton share 44%) fields that are due to start production in 2005 and
2006 respectively, and a full appraisal programme on its operated discoveries at
Neptune, Vortex, Cascade, and Chinook. BHP Billiton is among the top
leaseholders in the deepwater Gulf with interests in more than 400 blocks.

Further information on BHP Billiton can be found on our Internet site:
http://www.bhpbilliton.com

Australia                            United Kingdom
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Francis McAllister, Investor         Michael Campbell, Investor & Media
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BHP Billiton Limited ABN 49 004 028 077                               BHP Billiton Plc Registration number 3196209
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Registered Office: 180 Lonsdale Street Melbourne Victoria 3000        Registered Office: Neathouse Place London SW1V 1BH
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          A member of the BHP Billiton group which is headquartered in Australia


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