Woodside Completes Acquisition of Shell NWS Oil Assets

Woodside advises that, in accordance with the relevant agreement, it has completed the purchase of Shell Development (Australia) Proprietary Limited's North West Shelf oil interests.

The final adjusted purchase price as at completion was US$277.7 million and Woodside will treat production attributable to the acquired Shell NWSV oil interests as accruing to the company from May 1, 2008.

Prior to this transaction, as of December 31, 2007, Woodside's 16.67% interest in the Cossack, Wanaea, Lambert and Hermes oil fields covered proved plus probable reserves of 19.6 million barrels of oil equivalent and an additional 7.2 million barrels of contingent resources. Woodside's 33.33% interest in Egret covered contingent resources of 4.1 million barrels of oil equivalent.

The sale doubles Woodside's participating interest in the Cossack, Wanaea, Lambert and Hermes fields to 33.33%. The company's interests in the Egret oil discovery area and remaining active oil exploration portfolio within a tieback distance to the Cossack Pioneer increases to 50%.

At this point in time Woodside maintains its recent 2008 production guidance and will provide an update when the company announces its half year results in August.


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