Woodside in Offshore Myanmar Farm-In

Australia’s oil and gas company Woodside has announced that MPRL E&P Pte Ltd has accepted its offer to farm-in to block A-6 in the Rakhine Basin, located in the western offshore area of the Republic of the Union of Myanmar.

The offer is for a 50% interest in the block and is subject to certain conditions including execution of fully termed agreements, completion of due diligence, and necessary government and other approvals. The proposal provides the opportunity for Woodside and MRPL E&P to undertake a 3D seismic survey program in the block and also provides an option for future drilling.

MPRL E&P will remain operator of Block A-6 for the current term of the exploration period. The proposed agreement also provides Woodside and MPRL E&P with the opportunity to participate jointly in future deepwater bid rounds. This farm-in grows Woodside’s existing interests in Myanmar. In October 2012 the company announced acceptance by Daewoo International Corporation of its offer to farm-in to the Production Sharing Contract for Block AD-7, also in the Rakhine Basin.

[mappress]
December 10, 2012