Annual Report and Accounts 2011

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Notes to the Annual Financial Statements
For the year ended 30 June 2011

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7. Exploration expenditure

US$ million 2011 2010
Employee expenses 0.5 0.5
Depreciation of exploration assets 0.1 0.1
Amortisation of intangible assets 1.0
Drilling and air survey expenses 0.5 0.1
Rental and equipment hire 0.1 0.1
Other exploration expenses 0.2 (2.0)
1.4 (0.2)

The credit of US$2.0 million to other exploration expenses in the prior year relates to the reversal of a provision for closure costs in Angola; the Angolan assets were sold during FY 2010 which resulted in a much lower level of costs being incurred than originally anticipated.