Woodside today launched a fully underwritten pro-rata accelerated entitlement offer with retail rights trading to raise approximately A$2.5 billion (Entitlement Offer). The funding will provide for the acquisition of up to an additional 50% interest in the Scarborough gas field (as announced separately today in Woodside's full-year 2017 results) and for general corporate purposes, including funding support for the Scarborough and SNEPhase 1 developments and to progress development of Browse to targeted FID. The Scarborough acquisition is subject to pre-emption and other customary approvals.

Woodside CEO Peter Coleman said that the Entitlement Offer was an important component of Woodside's strategy to deliver value-creating opportunities for shareholders.

"The Entitlement Offer provides equity funding for Scarborough and SNE-Phase 1, and supports progression of Browse to targeted FID. These projects are a continuation of our previously announced strategy of unlocking the Burrup Hub and developing oil in West Africa.

"The acquisition of the additional interest in Scarborough provides greater alignment, control and certainty over a low-cost, high value opportunity ahead of a global LNG supply gap.

“Today’s raising puts Woodside and our shareholders in a strong position. It will allow us to develop new supply that we expect to be materially value accretive,” he said.

Further details of the acquisition and the Entitlement Offer are set out in the Investor Presentation also provided to the ASX today. The Investor Presentation contains important information including key risks, assumptions and foreign selling restrictions with respect to the Entitlement Offer.