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Woodside purchases Shell NWS oil assets Woodside purchases Shell NWS oil assets

May 14, 2008 – 1:47PM

Woodside Petroleum says it has completed the purchase of Shell Development (Australia) Proprietary’s North West Shelf oil interests.

The final adjusted purchase price as at completion was $US277.7 million ($A295.4 million) and Woodside will treat production attributable to the acquired Shell NWSV oil interests as accruing to the company from May 1, 2008.

The sale doubles Woodside’s participating interest in the Cossack, Wanaea, Lambert and Hermes fields to 33.33 per cent from 16.67 per cent interest held at the end of calender 2007.

The company’s interests in the Egret oil discovery area and remaining active oil exploration portfolio within a tieback distance to the Cossack Pioneer increases to 50 per cent.

These oil fields covered proved plus probable reserves of 19.6 million barrels of oil equivalent and an additional 7.2 million barrels of contingent resources.

Prior to the transaction, Woodside’s 33.33 per cent interest in Egret covered contingent resources of 4.1 million barrels of oil equivalent.

Australia’s second biggest oil a gas producer said it maintains its recent 2008 production guidance of between 80 million and 86 million barrels of oil equivalent for 2008, up from the near-record 71 million barrels in 2007.

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