Cockatoo Coal Limited and JOGMEC entered into a Joint Exploration Agreement ('JEA') to undertake an extensive exploration program on Cockatoo's wholly owned Dingo West project. Under the terms of the JEA, JOGMEC will provide up to $3.5 million to Cockatoo over a three year period, for exploration expenditure on the Dingo West project. JOGMEC will earn up to a 35% economic interest in the Dingo West project, whilst also possessing the right to assign that interest to a Japanese nominee company in future, in order to progress the project to development.

Commencement of the JEA is subject to Australian Foreign Investment Review Board approval. The Dingo West Project is a 76km2 area consisting of Exploration Permits for Coal 1535 and 1562 located in the South-Eastern limb of the Bowen Basin, and is approximately 50 km north of Cockatoo's Baralaba mining complex, and is also adjacent to Cockatoo's 30% owned Dingo joint venture project with Whitehaven Coal.