Oil Disc WA-255-P Exmouth

BHP Billiton Limited
25 February 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.


Date                 25 February 2003
Number               08/03


BHP Billiton Announces Oil Discovery within WA-255-P in Exmouth Sub Basin Off
Western Australia

BHP Billiton today announced it had made an oil discovery with its exploration
well Stybarrow-1 within WA-255-P in the Exmouth Sub Basin off Western Australia.

The well has reached a measured depth of 2477 metres and encountered a gross oil
column of 23 metres with 18.6 metres of net pay in the Macedon Member sandstone
reservoir. Water depth is 825 metres.

The Sybarrow-1 discovery is located 55 kilometres northwest of Exmouth, off the
West Australian coast.

The significance of the well will be assessed following further evaluation of
drilling results. Appraisal drilling will be necessary to determine the size of
the find.

The discovery is in an area where there have been a number of discoveries made
by the industry. Development planning studies would not be completed until after
further appraisal and exploration activity in the permit.

Drilling on Stybarrow-1 commenced on February 12, 2003 using the
semi-submersible drilling rig the Atwood Falcon.

Stybarrow-1 is the first well in the current exploration programme in WA-255-P.
The Eskdale-1 well, located approximately 13 km north of Stybarrow-1, will also
test the Macedon Member sandstone reservoir but in a different trap
configuration to Stybarrow-1. Eskdale-1 is expected to spud in early March 2003,
after completion of operations on the current well.

BHP Billiton owns a 50% interest and is the operator of WA-255-P with the other
50% held by Woodside Energy Limited.



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

Australia                                                     United Kingdom
Andrew Nairn, Investor Relations                              Mark Lidiard, Investor & Media Relations
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Tracey Whitehead, Media Relations                             Ariane Gentil, Media Relations
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Francis McAllister, Investor Relations                        Michael Campbell, Investor & Media Relations
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