Woodside Increases Reserves with Enfield Well

Successful testing of the Enfield 4 appraisal well has raised expectations of a major new development in Woodside Energy's WA-271-P permit off the west coast of Western Australia.

Woodside Energy's Managing Director, John Akehurst, said that the company was pursuing two development options for the oil discoveries in the permit which now had combined oil reserves and scope for recovery volumes estimated at about 300 million barrels. Woodside has a 100% interest in the permit.

"The Enfield-4 appraisal well is a good result. It supports Woodside's view that the WA-271-P permit can become a significant new oil province," he said. Mr. Akehurst said that development options under consideration included an Enfield stand-alone facility with a start up in late 2005, or a combined Enfield and Vincent facility with start up in 2006. "The combined development option is technically more challenging and will require the agreement of joint venturers in the neighboring permit," he said.

The combined Enfield-Vincent development requires the agreement of BHP Billiton, ExxonMobil and Inpex which hold the neighboring permit, WA-155-P, because Vincent straddles the boundary of WA-271-P and WA-155-P. Discussions have started with the WA-155-P partners to resolve unitization and joint development issues such as common-user infrastructure.

Mr. Akehurst said that the Enfield-4 result will allow technical work to move ahead with greater confidence. Woodside is also continuing to evaluate a significant number of other prospects in the WA-271-P permit that have the potential for tie-back to Enfield or Vincent-Enfield production facilities.