2009-08-17-2008-04-01

Transaction Type
Announce Date
Post Date
Estimated Price
399MM
Description

To buy North West Shelf oil interests, gaining 21.3 MMBOE 2P.

Woodside Petroleum Ltd., Perth, Australia, plans to acquire the North West Shelf oil interests of Shell Development Australia Pty Ltd., a subsidiary of Royal Dutch Shell Plc, London, (NYSE: RDS) for US$398.5 million. Shell's North West Shelf oil assets include its share in the Cossack, Wanaea, Lambert and Hermes oil fields. The acquisition will increase Woodside's participating interest in the fields to 33% and its interests in the Egret oil discovery area to 50%. Proved and probable reserves are 21.3 million barrels of oil equivalent with an additional 9.3 million barrels of contingent resources. The purchase price is equivalent to US$18.71 per barrel of oil equivalent for proved and probable reserves, according to Woodside. The effective date is Aug. 1, 2007.