Woodside Lands Contract for Otway Natural Gas

TXU Corp. has agreed to purchase natural gas from Woodside's Otway Basin development. The Geographe and Thylacine fields are located in Otway Basin approximately 70 miles offshore southwestern Victoria.

Woodside's target delivery date for gas is 2006. Development proposals for both fields will be submitted to the joint venture partners. "Development of Geographe and Thylacine will provide a secure, alternative and competitive gas supply to southeastern Australia," according to John Akehurst, Woodside's managing director. Based on initial estimates, a total of 0.8 trillion cubic feet of gas and 8 billion barrels of condensate may be recovered from both fields.

Woodside is operator of both fields and owns a 55 percent interest in Geographe and 50 percent interest in Thylacine.