Woodside Welcomes Timor Sea Agreements

Friday, 7 March 2003

Woodside Energy has congratulated the governments of Australia and Timor-Leste for creating an environment in which investment decisions in the Timor Sea can be taken with greater confidence.

Woodside's Gas Business Unit Director, David Maxwell, said today that ratification of the Timor Sea Treaty and signing of the International Unitisation Agreement for Greater Sunrise were significant.

"These agreements set the legal and fiscal framework under which Woodside and its joint venture participants will seek to develop the Greater Sunrise gas fields and the Kuda-Tasi and Jahal oil discoveries, located in the Timor Sea between Australia and Timor-Leste," Mr Maxwell said.

"Woodside is now focused on working with its Sunrise Joint Venture Participants on pursuing customers and commercial arrangements to support development of the Greater Sunrise gas fields."

Woodside is also working with the joint venture participants in Block 91-01 of the Joint Petroleum Development Area in the Timor Sea to determine the feasibility of developing the Kuda-Tasi and Jahal discoveries.

The Kuda-Tasi and Jahal Joint Venture Participants are Woodside (Operator) 40%, Inpex 35% and Santos 25%.

The Sunrise Joint Venture Participants are Woodside (Operator) 33.44%, ConocoPhillips 30%, Shell 26.56% and Osaka Gas 10%. Greater Sunrise has estimated scope for recovery at the probable level of 7.7 tcf of dry gas and 299 million barrels of condensate.


Niegel Grazia, External Affairs Manager - Gas Business Unit, W: (08) 9348 6663 M: (0417) 930 795

Mike Lynn, Investor Relations Manager, W: (08) 9348 4283 M: (0439) 691 592