Woodside Confirms Latest Results from Egret-3 Well

Woodside Petroleum Ltd., operator of the WA-10-R Joint Venture, located in the Carnarvon Basin, offshore Western Australia, reports that the Egret-3 exploration and appraisal well is being plugged and abandoned at a total depth of 4,881 meters, as planned.

Drilling of the deeper exploration objective continued in the 8-1/2 inch hole from 4,794 meters to 4,881 meters where wireline logs were run, confirming an 8-meter gross gas column.

Three of the six title holders - Woodside, BHP Billiton Petroleum (North West Shelf) Pty Ltd. and Japan Australia LNG (MIMI) Pty Ltd - are equal sole risk participants in testing the deeper exploration objective of the well.

Analysis of samples recovered from the shallower 12-1/4 inch appraisal section of the well in combination with wireline log evaluation, indicates a 50-meter gross hydrocarbon column, comprising 5 meters of net gas pay and 24 meters of net oil pay in the Angel Formation. The viability of developing the Egret oil accumulation will be addressed early next year following acquisition of the Demeter 3D seismic survey.

Woodside's interest in the shallower appraisal objective is 16.67%. Other participants are BHP Billiton Petroleum (North West Shelf) Pty Ltd. (16.67%), BP Developments Australia Ltd. (16.67%), ChevronTexaco Australia Pty Ltd. (16.67%), Japan Australia LNG (MIMI) Pty Ltd. (16.67%) and Shell Development (Australia) Pty Ltd. (16.67%).