2009-08-17-2008-04-01

To buy North West Shelf oil interests, gaining 21.3 MMBOE 2P.

Woodside Petroleum Ltd., Perth, Australia, plans to acquire the North West Shelf oil interests of Shell Development Australia Pty Ltd., a subsidiary of Royal Dutch Shell Plc, London, (NYSE: RDS) for US$398.5 million. Shell's North West Shelf oil assets include its share in the Cossack, Wanaea, Lambert and Hermes oil fields. The acquisition will increase Woodside's participating interest in the fields to 33% and its interests in the Egret oil discovery area to 50%. Proved and probable reserves are 21.3 million barrels of oil equivalent with an additional 9.3 million barrels of contingent resources. The purchase price is equivalent to US$18.71 per barrel of oil equivalent for proved and probable reserves, according to Woodside. The effective date is Aug. 1, 2007.