Otway Partners Agree on Development Terms

Joint venturers in the Geographe and Thylacine gas discoveries offshore Victoria in the Otway Basin have agreed upon commercial arrangements aimed at a joint development of the fields.

The two joint ventures, covering Geographe Field in VIC/P43 and Thylacine Field in T/30P, have been aligned to form one joint venture, thereby allowing pooling of Geographe and Thylacine reserves and for the joint development and sharing of infrastructure.

Woodside, previously operator of both permits, will continue as operator of the new joint venture. Equity interests in the permits following the agreement are:

Companies

Pre-agreement (%)

Post-agreement (%)

 

VIC/P43

T/30P

VIC/P43 and T/30P

Woodside Energy Ltd.

55

50

51.55

Origin Energy Resources Limited

30

30

29.75

Benaris International N.V.

0

20

12.7

CalEnergy Gas (Australia) Limited

15

0

6

Otway Development Manager, Woodside's Bruce Steenson, said the decision was an important step in realizing a significant growth opportunity and paved the way for development of the two fields.

It also allowed the venturers to move towards the selection of a development concept in Q2 2003. A final investment decision by the venturers is expected in the first half of 2004.

"This is a major step forward for the project and will enable the team to work towards a single development proposal for the two fields under one joint venture," Mr. Steenson said.

The agreement also ends proceedings in the Supreme Court of Tasmania between Origin, Benaris and Woodside over inter-party rights and obligations in T/30P.

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