Woodside advises that it has entered into a Sale and Purchase Agreement to acquire a 50% participating interest in exploration permit WA-404-P, offshore Carnarvon Basin, Western Australia from Hess Exploration (Carnarvon) Pty Ltd. On completion Woodside’s participating interest in WA-404-P will become 100%. The WA-404-P permit contains the Martell, Noblige, Larsen and Larsen Deep gas discoveries, as well as several undrilled prospects which are subject to an ongoing exploration program.
The acquisition is consistent with Woodside’s drive to obtain sufficient gas volumes to support potential expansions of the Pluto LNG Park. .
Subject to normal regulatory approvals, the completion date for the transaction is anticipated to occur by 5 November 2010. The effective date of the transaction is 1 October 2010. Although details of the purchase amount are held commercial in confidence, the transaction includes an initial cash payment at completion, plus further cash payments on achievement of certain production milestones from the WA-404-P permit.
