Woodside Takes a 65% Stake in AGC Profond PSC in Senegal/Guinea-Bissau JDZ

Australia's Woodside Energy Ltd. revealed Thursday that its subsidiary Woodside Energy (Senegal) Pty Ltd. has entered into an agreement with Impact Oil & Gas AGC Ltd (Impact) to acquire a 65 percent participating interest in a Production Sharing Contract (PSC) and associated joint operating agreement in the AGC Profond block located in the joint development area between Senegal and Guinea-Bissau (the Zone).

The AGC Profond PSC covers approximately 2,587 square miles (6,700 square kilometers) and its water depths range from 4,593 feet (1,400 meters) to 12,139 feet (3,700 meters).

Impact will retain a 20 percent participating interest and Entreprise AGC SA (an entity owned by Senegal and Guinea-Bissau pursuant to the documents governing the Zone) has a 15 percent participating interest in the PSC. Woodside will be the operator of the PSC.

Woodside CEO Peter Coleman said the PSC represented an opportunity for Woodside to secure high quality acreage in a focus area of interest.

“This builds on recent acquisitions in Cameroon, Gabon and Morocco and reflects our disciplined and strategic approach to studying regional petroleum systems,” Coleman said.

The completion of the farm-in, and Woodside’s acquisition of the interest, is subject to conditions precedent including regulatory approvals.

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