Woodside Sells Stake in Blacktip and Penguin to Eni

Woodside Petroleum reports that its wholly owned subsidiary, Woodside Energy Ltd., has agreed to sell its Blacktip and Penguin interests in northern Australia to Eni Australia BV.

Effective from 1 December 2005, Eni will buy Woodside's interest in WA-279-P (53.85%), containing the Blacktip gas field, and WA-313-P (50%) containing the Penguin field.

In addition, Eni will acquire Woodside's interest in WA-34-R containing the Rubicon and Prometheus fields. The sale of WA-34-R is subject to the consent of other joint venturers.

The sale of Woodside's interests in all permits is subject to approval by Australian regulatory authorities.

Total consideration for all three interests is US$30 million.