Woodside Acquires Stake in Korean Block

Woodside Energy (Korea) Pte Ltd has agreed with the Korea National Oil Corporation and the Government of the Republic of Korea to acquire 50% equity in a concession over a deep-water, frontier exploration block offshore the Republic of Korea.

The contract over Block 8 and northern portions of Block 6-1, 30km east of P'ohang in the East Sea, includes a firm commitment to two-dimensional seismic in the first two-year exploration term.

Subsequent terms would include commitments to exploration drilling, further seismic acquisition or both.

The block covers about 13,000sqkm with water depths ranging from 300 to 2,000 meters. Woodside and the Korea National Oil Corporation will jointly operate the exploration phase.

Since early 2005, Woodside and the Korea National Oil Corporation have worked on a joint study to review the Ulleung Basin of the East Sea off the Republic of Korea's east coast, immediately north of the country's sole producing hydrocarbon field, the Donghae-1 gas and condensate field.

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