Woodside Unlocks Gas at Martell in Greater Pluto Area

Woodside reports that the Martell-1 exploration well in permit WA-404-P in Western Australia's Carnarvon Basin has reached a total depth of 3330 meters. Wireline logs indicate a gross gas column of about 110 meters in good quality reservoir sandstones.

Woodside is awaiting the results of pressure testing, after which a further update will be provided.

The Martell-1 well is about 290 kilometers from Karratha and 100 kilometers northwest of the Pluto field. Water depth at the location is 1290 meters. Drilled by the Atwood Eagle semisub, the Martell-1 discovery is expected to be followed by further drilling on the structural trend later in 2009.

Woodside is Operator of WA-404-P and has a 50% equity interest. Hess Exploration (Carnarvon) Pty Ltd has the remaining 50% equity.

Pluto LNG Project

The Pluto LNG Project is set to become the fastest developed LNG project from discovery of the gas field in 2005 to the production of first gas in late 2010.

The $12 billion project will process gas from the Pluto and Xena gas fields, located in the Carnarvon Basin about 190 kilometers northwest of Karratha, Western Australia.

The Pluto gas field is estimated to contain a total dry gas recoverable reserve volume of 4.4 trillion cubic feet (Tcf). A smaller field, Xena, with an estimated dry gas recoverable reserve volume of 0.6Tcf will also be incorporated into the project.

The Pluto LNG Project is underpinned by 15-year sales agreements with Kansai Electric and Tokyo Gas. Both companies became project participants in January 2008, each acquiring a 5% interest in the Pluto LNG Project.

Site preparation works at the Burrup LNG Park commenced in 2007. Construction of the storage tanks and fabrication of the offshore and onshore infrastructure is under way.

The initial phase of the Pluto LNG Project comprises an unmanned offshore platform in 85 meters of water, connected to five subsea big bore wells on the Pluto gas field.

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