Woodside advises that the acquisition of ExxonMobil’s interest in the Scarborough gas field has been completed. The effective date of the transaction is 1 January 2018.

Woodside has acquired an additional 50% interest in WA-1-R (which contains the majority of the Scarborough gas field), and now holds a 75% interest in WA-1-R and a 50% interest in WA-61-R, WA-62-R and WA-63-R. These retention leases cover the Scarborough, Thebe and Jupiter gas fields, which are estimated to contain gross (100%) contingent resources (2C) of 9.2 Tcf of dry gas. Woodside will operate all of these retention leases.

Woodside’s Best Estimate Contingent Resources (2C) have increased by 640 MMboe to 5,652 MMboe. 

Woodside revised contingent resources for Greater Scarborough

The Woodside contingent resource estimate for Greater Scarborough is based on SPE-PRMS:

• As at the date of this release, Woodside’s contingent resources (2C) have increased by 640 MMboe to 5,652 MMboe. Following completion of the acquisition of an additional 50% interest in WA-1-R, Woodside’s net share of contingent resources (2C) in Greater Scarborough (being the Scarborough, Thebe and Jupiter gas fields) has increased from 485 MMboe to 1,125 MMboe.
• The Woodside contingent resource estimate for Greater Scarborough is based on Woodside’s technical evaluation of subsurface and seismic data, has been calculated using deterministic methods and has been based on a development scenario utilising existing Woodside-operated infrastructure on the Burrup Hub. There is no requirement for further appraisal to confirm the estimate. There is no identified requirement for the development of new technology.
• The fields covered by the contingent resource estimate are contained within Retention Leases WA-1-R, WA-61-R, WA-62-R and WA-63-R. Woodside has a 75% interest in Retention Lease WA-1-R and a 50% interest in Retention Leases WA-61-R, WA- 62-R and WA-63-R. For the purpose of the net 2C estimate, Woodside’s interest in the Scarborough gas field is assumed to be 75% based on its WA-1-R interest only. WA-1-R and WA-62-R together contain the Scarborough gas field.
• Technical and commercial maturation of a development concept would be required to later book any contingent resources as reserves.