Woodside completes NWS asset buy

WOODSIDE Petroleum has completed its purchase of Shell Development Australia's oil interests on the North West Shelf for $US277.7 million ($A295.5 million), adding about 19.6 million barrels of oil equivalent 2P reserves.
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The buy doubles Woodside's participating interest in the Cossack, Wanaea, Lambert and Hermes fields to 33.33%, and increases its interests in the Egret oil discovery area and remaining active oil exploration portfolio from 33.33% to 50%.

The agreement also covers an additional 11.3MMboe of contingent resources.

Woodside said it would maintain its recent 2008 production guidance and will provide an update when the company announces its half year results in August.

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