Woodside Very Encouraged by Latest Chinguetti Results

Woodside reports that a preliminary evaluation of the wireline log data indicates that the well has intersected several oil-bearing sandstones in the primary objective over a gross hydrocarbon interval of 113.5 meters within the well. Wireline sampling has recovered oil to surface. Following the completion of the logging program it is planned to plug and abandon the well and return to the temporarily suspended Chinguetti-4-2 well to complete plugging and abandonment operations.

After analysis of the Chinguetti-4-4 well results and the Chinguetti-4-2 core data it has been decided by the JV not to complete the planned second zone production test on the Chinguetti-4-2 well. Results collected to date have given the joint venture confidence to proceed with the further study of the Chinguetti opportunity without the second production test.

Participants in the Area B PSC are as follows:

Woodside Mauritania Pty Ltd as operator with 35.0%; AGIP Mauritania BV with 35.0%; Hardman Resources Ltd with 21.6%; Fusion Oil and Gas NL with 6.0%; and Roc Oil (Mauritania) Company with the remaining 2.4%.