Woodside Spuds Petalonia North 1

Woodside Energy reports that the Petalonia North-1 exploration well located in the Bonaparte Basin was spudded on June 10, 2005. The Atwood Eagle semisub is drilling the well. The well is located in the Timor Sea approximately 10 kilometers south west of the Laminaria Oilfield and 570 kilometers north west of Darwin. Water depth at the location is 342 meters. Planned total depth is approximately 3920 meters.

Subject to the approval and registration by the regulatory authority of the agreements pursuant to which Paladin Oil & Gas (Australia) Pty Limited acquired its 33.33% interest in the Permit, the joint venture participants in the Petalonia North-1 well are Woodside (66.67%) and Paladin (33.33%). Woodside is operator of the AC/P8 joint venture.

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