In September 2016, Woodside entered into binding Sale and Purchase Agreements to acquire half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, located offshore Western Australia.

The acquisition has completed successfully for a purchase price of US$250 million and a contingent payment of US$150 million payable upon a positive final investment decision to develop the Scarborough field. The effective date of the transaction is 1 July 2016.

Under the terms of the Sale and Purchase Agreements, Woodside has acquired a 25% interest in WA-1-R and a 50% interest in WA-61-R, WA-62-R and WA-63-R. Woodside will operate WA-61-R, WA-62-R and WA-63-R. ExxonMobil is the operator of WA-1-R.

The Scarborough area assets include the Scarborough, Thebe and Jupiter gas fields, which are estimated to contain gross 8.7 Tcf of dry gas resources at the 2C confidence level.

As a result of the completion of the acquisition, Woodside’s Best Estimate Contingent Resources (2C) increase by 462 MMboe. The attached notes on petroleum resource estimates form part of this announcement.

About Woodside

Woodside is Australia’s largest independent oil and gas company, with a proud history of safe and reliable operations spanning decades.
As the largest operator of oil and gas in Australia, Woodside produces around 900,000 barrels of oil equivalent each day from a portfolio of facilities which we operate on behalf of some of the world’s major oil and gas companies.

About BHP Billiton

BHP Billiton Petroleum has exploration, development, production and marketing activities in more than a dozen countries around the globe, with a significant position in the deep water Gulf of Mexico, Onshore US and Australia. Petroleum also operates assets in the United States, Australia, United Kingdom, Trinidad and Tobago and Pakistan.

Our oil and gas strategy is to focus on material opportunities, at high working interest with a bias for operatorship. We also hold interests in exploration blocks where we explore for significant upstream opportunities in proven basins and promising prospects around the world using the latest seismic and geophysical technology to locate new resources.