Kerry Deepwater Zone

Shannon Development owns a 600 acre (240 Hectare) landbank, which is located between Tarbert and Ballylongford in North Kerry. Shannon Development has retained and marketed this landbank for maritime related industry due to its close proximity to deep, sheltered, navigable waters in Ireland's Shannon Estuary. The landbank was branded 'Kerry Deepwater Zone' and is a flagship project for Shannon Development.

In April 2006, Shannon Development entered into a Purchase Option Agreement with Shannon LNG Ltd. in relation to up to 281 acres (115 Hectares) at Kerry Deepwater Zone for the development of Ireland's first Liquefied Natural Gas (LNG) importation and storage facility. This project has the potential to provide a regional solution to Ireland's energy situation by enhancing security and diversity of energy supply.

Shannon LNG is an Irish subsidiary of Hess LNG Ltd. which is a 50/50 joint venture of HESS Corporation and Poten & Partners. HESS Corporation is a global energy company which is quoted on the New York Stock Exchange (NYSE: HES). HESS Corporation has annual sales of approx. $30 Billion.

In September 2007, Shannon LNG applied for planning permission for its proposed facility under Ireland's Strategic Infrastructure Development Act. Full details are available at www.shannonlngplanning.ie