Woodside: JV Receives Renewal Offers for Browse Basin Leases

The Browse Joint Venture participants have received renewal offers for Browse Basin retention leases WA-28-R, WA-29-R, WA-30-R, WA-31-R, WA-32-R, TR/5 and R 2. The terms of the renewals stipulate that certain work commitments are to be made to advance the development of the Browse LNG Project.

The renewals require that within 120 days of the offers the Browse Joint Venture selects the Kimberley LNG precinct as a development concept, unless the venture can demonstrate an alternative development concept is likely to be commercially viable at an earlier time.

The Browse Joint Venture is required to undertake a material work program over the next 30 months, committing $1.25 billion to ensure the earliest commercialization of the Browse resources. This includes undertaking a Basis of Design in 2010 and Front End Engineering and Design in 2011 to enable a Final Investment Decision to be made by mid-2012.

The Browse Joint Venture now has 30 days to accept the renewal offers.