Woodside Announces Further Results from Blacktip-1

Woodside's Blacktip-1 well has flowed an estimated 35 million cubic feet of gas per day. Blacktip-1 is located in the Bonaparte basin of the Timor Sea, which is approximately 202 miles southwest of Darwin and in approximately 164 feet of water.

The well failed to produce oil from the Kuriyitti Formation, which had produced oil at the nearby Barnett discovery. Also, the gas-condensate ratio from the flow test was lower than expected, thereby ruling out a substantial wet gas discovery.

Potential reserves are estimated at approximately 1.2 trillion cubic feet of dry gas. Woodside is the operator in the permit with a 35 percent interest, Shell Development (Australia) Pty. Ltd. has a 35 percent interest and Eni (E) unit AGIP Australia BV holds the remaining 30 percent.