Woodside Concludes Mauritania Transaction

Woodside Petroleum Ltd. advises that it has concluded the acquisition of Agip Mauritania B.V. and on-selling arrangements associated with the transaction.

On December 17, 2003, Woodside announced that it had agreed to acquire Agip Mauritania B.V., holder of a 35% interest in each of Production Sharing Contract Area A, which contains the Banda discovery, and Production Sharing Contract Area B, which contains the Chinguetti and Tiof discoveries. Agip Mauritania B.V. was a wholly owned subsidiary of the Italian oil and gas company, ENI Exploration B.V. and has now been renamed WEL Mauritania B.V.

As part of this acquisition, Woodside had agreed to on-sell to the remaining joint venturers in each contract area their pro rata share of the interest being acquired from ENI.

The transactions having now been concluded, the equity in the Mauritania production sharing contracts is: