Chinguetti-4-5 to be Suspended as Future Production Well

Woodside reports that the production test string was being recovered to surface from the Chinguetti-4-5 combined appraisal and early development well. The well testing operations were successful and consisted of a main flow period of approximately six days, a sampling flow period and a pressure build up test. Approximately 77,000 barrels of oil were produced during testing operations. The well flowed at a maximum rate of 15,680 barrels of oil plus 6.6 million standard cubic feet of gas per day constrained by a 112/64 inch choke, and at a steady rate of approximately 11,500 barrels of oil per day when constrained by a 72/64 inch choke.

The well will be suspended as a potential future oil production well, subject to completion of the well test analysis and subsequent decision on the field commerciality by the joint venture partners participants. The decision on the field commerciality by the joint venture partners is expected by the end of 2003 with formal development go-ahead in 2004. The Chinguetti field has estimated recoverable oil reserves of 120 million barrels with production expected to commence around the end of 2005 or early in 2006.

Participants in the Area B PSC are: Woodside Mauritania Pty Ltd as operator with 35.0%; AGIP Mauritania Bvwith 35.0%; Hardman Resources Ltd with 21.6%; Fusion Mauritania B Limited with 6.0%; and Roc Oil (Mauritania) Company with the remaining 2.4%.