An Australian petroleum exploration and production company, Woodside Petroleum, said it has completed the purchase of Shell Development, Australia, Proprietary Ltd's North West Shelf oil interests
An Australian petroleum exploration and production company, Woodside Petroleum, said it has completed the purchase of Shell Development (Australia) Proprietary Ltd's North West Shelf oil interests.
The final adjusted purchase price as at completion was $US277.7 million ($295.4 million) and Woodside will treat production attributable to the acquired Shell NWSV oil interests as accruing to the company from May 1, 2008.
Woodside shares closed up 0.1%, or 7 cents, at at $61.40.
The sale doubles Woodside's participating interest in the Cossack, Wanaea, Lambert and Hermes fields to 33.33% from 16.67% interest held at the end of calender 2007.
The company's interests in the Egret oil discovery area and remaining active oil exploration portfolio within a tieback distance to the Cossack Pioneer increases to 50%.
These oil fields covered proved plus probable reserves of 19.6 million barrels of oil equivalent and an additional 7.2 million barrels of contingent resources.
Prior to the transaction, Woodside's 33.33% interest in Egret covered contingent resources of 4.1 million barrels of oil equivalent.