HDR hardman resources limited

wpl international reserves expand

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    12 January 2005

    WPL: International Reserves Expand

    Woodside yesterday announced that it may have found oil at its latest appraisal well at the Tiof field off Mauritania. WPL’s joint venture partner in Tiof, Hardman Resources, expected recoverable reserves of 300 – 350 million barrels of oil. Momentum in WPL’s share price has seen it continue to perform strongly over recent sessions. Macquarie Research Equities (MRE) maintain their long term out perform recommendation and forecast a 12 month price target of $22.40, a 9% premium to the current share price.

    A noticeable shift in Woodside’s exploration program has the potential for WPL to dramatically increase its international revenue. MRE estimate that assuming the development of current known reserves such as Tiof, Chinguitte and Tevet, as much as 30% of WPL’s annual production by 2009 could come from offshore.

    MRE expect a series of positive announcements from ongoing developments coupled with progress of its exploration program. Woodside currently has an active international exploration and study program largely focusing on Africa and the Middle East.

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