Woodside Abandons Zoule-1

Woodside says analysis of wireline logs and other data indicated that no significant hydrocarbons were encountered in the Zoule-1 exploration well. The well was plugged and abandoned by the Stena Tay on January 13, 2006. The rig then moved to the Dore-1 exploration well location in PSC Area B.

The Dore-1 exploration well was spudded on January 16, 2006. The well is located approximately 19 kilometers east of the Tiof oil discovery in a water depth of 387 meters. The well has reached a depth of 472 meters. Dore-1 has a planned total depth of approximately 2,388 meters.

Following the Dore-1 well, the Stena Tay will be released from Mauritania. The Atwood Hunter has been contracted for drilling campaigns in Mauritania in 2006 and 2007 and is due to arrive in Mauritania in the second quarter of 2006.