Australia’s Woodside raises A$1.6 billion for LNG expansion

Australian LNG operator Woodside has completed the first stage of a A$2.5 billion equity raising revealed last week to boost its ownership of the Scarborough gas field offshore Western Australia.

The institutional entitlement offer closed on Thursday, February 15, raised gross proceeds of about A$1.57 billion ($1.24 billion) at A$27.00 per new share.

The offer received strong support from existing institutional shareholders, with over 90% of eligible institutional shareholders electing to take up their entitlements, Woodside said in its statement.

The retail portion of the one-for-nine rights offer will open on February 21 and close on March 7, the company said.

Woodside has agreed to pay $744 million for ExxonMobil’s 50-percent stake in the Scarborough field.

The Australian LNG company currently holds a 25 percent stake in Scarborough.

The company plans to process Scarborough resources at its Burrup LNG hub, where the Pluto facility is located.

LNG World News Staff