Woodside Looking to Sell Stake in 4 Flds Offshore Australia

Woodside Eastern Energy Pty Ltd. has exclusively retained IndigoPool to market four fields, Kipper in VIC/RL2, Basker in VIC/RL6, Gummy in VIC/RL6 - RL10 and Marta in VIC/RL6 - RL9. All are located 50 to 75 kilometers off the Victorian coastline in Bass Strait, S.E. Australia, this significant package combines large reserves with good operational control. The Bass Strait oil and gas fields are the most prolific in Australia and are close to the major markets of Sydney and Melbourne.

Woodside is exiting Gippsland Basin to focus on more strategic areas in their portfolio.

The fields contain P50 reserves of 85.5 MMBOE, 71% of which are operated, 57% are gas (6 MCF/ BOE). The fields are in pre-development stage with excellent long-term opportunity to supply the Victoria gas market.

Woodside holds a 30% interest in Kipper and Esso is the operator. In Basker, Gummy and Marta Woodside is the operator and holds a 100% interest.