Ann Discovery Neptune-5

BHP Billiton Limited
08 August 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                 8 August 2003
Number               27/03

                        BHP Billiton Announces Discovery

                 at Neptune-5 Appraisal Well in Gulf of Mexico

BHP Billiton announced today results from its Neptune-5 appraisal well in the
Gulf of Mexico, drilled in Atwater Valley Block 574, approximately 135 miles
(215 kilometers) from the Louisiana coast. The well encountered a gross
hydrocarbon column of nearly 1,200 feet, with more than 500 feet (total vertical
thickness) of net oil pay. The net column is significantly larger than those
recorded in the similar Miocene reservoir sandstone intervals of previous
Neptune wells, and the preliminary evaluation of the fluids indicates the
presence of oil similar in quality to the medium sour crude found at the
Atlantis and Mad Dog fields. The well was drilled to a total depth of 19,142
feet in water depths of 6,215 feet.

'The well logs at Neptune-5 indicate thick sands and are amongst the most
impressive we've seen in the Gulf of Mexico,' said Philip Aiken, President and
Chief Executive Officer for BHP Billiton Petroleum. 'This is a positive result,
and the data will significantly enhance our ability to evaluate the commercial
viability and development options for the field.'

Aiken explained that following the positive result from Neptune-3 (July 2002),
the joint venture partners have accelerated the appraisal program at the field
over the last year, drilling three wells since mid 2002.

Core and fluid samples have been taken and the partnership is sidetracking
Neptune-5 while assessing options for other associated operations at the well.

Neptune-5 was spud on July 2, 2003, using the BHP Billiton-operated drillship CR
Luigs. BHP Billiton is the designated operator on the block with a 35-percent
working interest. Partners are Marathon Oil Company, which holds a 30 percent
working interest; Woodside Petroleum Ltd, a 20 percent working interest holder;
and Maxus (US) Exploration Company, a subsidiary of Repsol YPF, with a 15
percent interest.

The Neptune prospect is located in the Atwater Foldbelt region of the Central
Gulf of Mexico. This area includes the Mad Dog and Atlantis fields, which are
currently in development, and the BHP Billiton-operated Shenzi discovery, where
an appraisal well will be drilled later this year.

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
Tel: [phone] Mobile: [phone]                  Tel: [phone]
email: [e-mail]                         email: [e-mail]

Tania Price, Media Relations                                  Ariane Gentil, Media Relations
Tel: [phone] Mobile: [phone]                  Tel: [phone]
email: [e-mail]                            email: [e-mail]

United States                                                 South Africa
Francis McAllister, Investor Relations                        Michael Campbell, Investor & Media Relations
Tel: [phone] Mobile: [phone]                  Tel: [phone] Mobile: [phone]
email: [e-mail]                   email: [e-mail]


BHP Billiton Limited ABN 49 004 028 077                 BHP Billiton Plc Registration number 3196209
Registered in Australia                                 Registered in England and Wales
Registered Office: 600 Bourke Street Melbourne Victoria Registered Office: Neathouse Place London SW1V 1BH United
3000                                                    Kingdom
Telephone [phone] Facsimile [phone]     Telephone [phone] Facsimile [phone]

              The BHP Billiton Group is headquartered in Australia






                      This information is provided by RNS
            The company news service from the London Stock Exchange