The overall net profit before significant items was $724.6 million, boosted by a $373.6 million after-tax profit on the sale of a 40% stake in its Enfield oil project and the related WA-271-P block.

The solid result was achieved despite an 11% fall in revenue from oil and gas operations, down to $994.4 million, and a 9.6% drop in sales volumes.

Revenue benefits from a 22% increase in average oil prices were largely offset by a 19% increase in the average Australian dollar exchange rate against the US currency.

During the period several major Woodside projects received final approval for development including the US$600 million Phase-1 Chinguetti oil project and the $1.1 billion Otway gas project both given the nod.

Drilling in Chinguetti will occur in late 2004 and 2005 to be ready for production by March 2006 following up to six exploration wells, up to four Tiof appraisal wells plus 11 Chinguetti development wells.

News of the Chinguetti development approval help push stock in the company to a record high of $19.13, before sitting back comfortably on $18.39 at the time of printing.

The Thylacine and Geographe Gas Project in the Otway Basin will begin construction in October 2004 with production scheduled for mid-2006. TXU Electricity signed a gas sales agreement to buy Woodside’s share of natural gas, up to 30 petajoules a year for more than 10 years.

Additionally gas began flowing to shore through the North West Shelf Venture’s new second offshore trunkline in February. In June gas was introduced to the front end of Train 4 and will progress through the train as construction and commissioning is completed in Q3 2004. By mid- July 2004, Train 4 was 99% complete overall, with commissioning 95% complete.