Otway Gas Project Update

Woodside says the development well drilling program and construction activities at the wellhead platform and pipeline have finished for the Otway Gas Project. However, completion of the project is taking longer than scheduled due to construction delays at the onshore gas plant, which is being built under a lump-sum contract. The ready for start-up date is now planned for the end of March 2007 and commissioning of the project will commence at this time.

The Woodside-operated Otway Gas Project is based on the A$1.1 billion development of the Thylacine and Geographe gas fields off Victoria in southern Australia.

Thylacine and Geographe are expected to supply 950 billion cubic feet of raw gas (which is equivalent to 885 petajoules of sales gas, 12.2 million barrels of condensate and 1.7 million tonnes of LPG). The fields are estimated to contain sufficient natural gas to provide more than 10% of current annual demand in south-eastern Australia over the next 10 years.

The project will initially produce about 60 petajoules of sales gas a year with first gas in 2007 from Thylacine. The Geographe field will be connected to the main offshore pipeline before the end of the decade.

Partners in the project are Woodside as operator with 51.55%; Origin Energy with 30.75%; Benaris International with 12.7% and CalEnergy Gas Australia with 5%.

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