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woodside's sale to cut pressure on cap

  1. angers

    3,559 Posts.

    Thursday April 1, 10:57 AM
    PRESS RELEASE:S&P: Woodside's Sale To Cut Pressure On Cap

    Following is a press release from Standard & Poor's.

    MELBOURNE (Standard & Poor's) April 1, 2004--Standard & Poor's Ratings Services said Thursday that Woodside Petroleum Ltd. (A-/Stable/A-2) has sold a 40% interest in its Enfield oil project to Japan's Mitsui & Co., Ltd. (BBB+/Positive/A-2).

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    The sale provides Woodside with a joint venture partner to share the potential A$1.48 billion development costs of the project, as well as providing significant sale proceeds to help fund Woodside's development pipeline of Australian and international oil and gas projects.

    Woodside has previously funded its growth opportunities from stable and reliable cash flows from its LNG project on the northwest shelf in Western Australia, and, to a lesser degree, through debt.

    The Enfield sale proceeds help to reduce pressure on the company's capital structure, stemming from large future capital expenditure commitments.

    The US$464.5 million (A$620 million) sale proceeds are expected to be invested in Woodside's A$4 billion portfolio of growth projects over the next three to five years.

    Woodside has identified growth opportunities in West and North Africa, as well as projects in Australia and the Gulf of Mexico in the U.S.

    The Enfield project is located off the shore of Western Australia and is expected to contain oil reserves in excess of 125 million barrels.

    The project is scheduled to begin production in the first quarter of 2006 and produce about 100,000 barrels of oil per day.

    Woodside will maintain a 60% interest in the Enfield oil project and will be the field operator.

    Contact: Peter Stephens, Melbourne (61) 3-9631-2078

    Colin Atkin, Melbourne (61) 3-9631-2035

    Copyright (c) 2004, Standard & Poor's Ratings Services

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