Woodside Sells Stake in Hardman Resources

Woodside Petroleum Ltd. advises that its wholly owned subsidiary, Woodside Mauritania Investments Pty Ltd., has sold its holding of 67,418,478 shares in Hardman Resources Ltd for approximately A$118.3 million. The shares were sold at a price of A$1.755 per share to Deutsche Securities Australia Limited for placing in the market. Woodside and Hardman have today worked together to ensure the divestment has taken place in an orderly fashion.

Woodside took equity in Hardman through share placements between 2001 and 2004. Woodside and Hardman are participants in a number of joint ventures with assets offshore Mauritania, including the Chinguetti Project.

Woodside's decision to sell its Hardman shareholding is based on the successful completion of its Mauritanian entry strategy, which included assisting Hardman in funding its commitments in developing the Mauritanian assets.