REG - Woodside Energy Grp. - Woodside achieves first oil at Sangomar in Senegal

Woodside EnergyAnnouncement

11/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240611:nRSK8983Ra&default-theme=true

RNS Number : 8983R  Woodside Energy Group Ltd  11 June 2024

Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

T +61 8 9348 4000

www.woodside.com

 

ASX: WDS

NYSE: WDS

LSE: WDS

 

Announcement

 

Tuesday, 11 June 2024

 

WOODSIDE ACHIEVES FIRST OIL AT SANGOMAR IN SENEGAL

 

Woodside has achieved first oil from the Sangomar field offshore Senegal,
marking the safe delivery of the country's first offshore oil project.

The Sangomar Field Development Phase 1 is a deepwater project including a
stand-alone floating production storage and offloading (FPSO) facility with a
nameplate capacity of 100,000 barrels/day, and subsea infrastructure that is
designed to allow subsequent development phases.

"This is an historic day for Senegal and for Woodside," said Woodside CEO Meg
O'Neill. "First oil from the Sangomar field is a key milestone and reflects
delivery against our strategy. The Sangomar project is expected to generate
shareholder value within the terms of the production sharing contract.

"Delivering Senegal's first offshore oil project safely, through a period of
unprecedented global challenge, demonstrates Woodside's world-class project
execution capability. We are proud of the relationships we have formed with
PETROSEN, the Government of Senegal and our key international and local
contractors to develop this nationally significant resource."

General Manager of PETROSEN E&P Thierno Ly said he was pleased to reach
this milestone.

"First oil from the Sangomar field marks a new era not only for our country's
industry and economy, but most importantly for our people.

"This achievement is the result of the unwavering commitment of our teams, who
have worked diligently to overcome challenges and meet our strategic
objectives in a complex and demanding environment. We have never been so well
positioned for opportunities for growth, innovation, and success in the
economic and social development of our nation."

 

About Sangomar Field Development Phase 1

The Sangomar Field Development Phase 1 features the Léopold Sédar Senghor
FPSO, named after the first president of Senegal, which is moored
approximately 100 kilometres offshore Senegal. The vessel has a storage
capacity of 1,300,000 barrels.

The Phase 1 development includes 23 wells (11 production wells, 10 water
injection wells and 2 gas injection wells). 21 of the 23 wells have been
drilled and completed including 9 production wells. The RSSD joint venture has
also approved a 24(th) well (production well) that will be completed in the
current campaign.

The Sangomar Project is being progressed by the Rufisque Offshore, Sangomar
Offshore and Sangomar Deep Offshore (RSSD) joint venture, comprising Woodside
(Operator and 82% participating interest) and Societé des Petroles du
Sénégal (PETROSEN) (18% participating interest).

The Sangomar Field Development Phase 1 project cost estimate remains within
the provided range of US$4.9-$5.2 billion. The drilling campaign at Sangomar
is ongoing and Woodside expects to continue commissioning activities and
safely ramping up production through 2024.

Crude quality is expected to be ~31 degrees API which is in demand in European
and Asian markets.

Woodside's historical acquisition of participating interests in the RSSD joint
venture from both Capricorn Energy and FAR included certain contingent
payments. Given current timing of first oil and oil prices Woodside
anticipates making both these payments. The final payments are subject to
ongoing production performance and oil price.

Teleconference

 

A conference call providing an update on Sangomar first oil with a
question-and-answer session will be hosted by Woodside CEO and Managing
Director, Meg O'Neill, on Tuesday, 11 June 2024 at

09:30 AWST/11:30 AEST/20:30 CDT (Monday, 10 June 2024).

 

The investor presentation has today been uploaded to the National Storage
Mechanism in unedited full text and will shortly be available for inspection
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

We recommend participants pre-register 5 to 10 minutes prior to the event with
one of the following links:

·      https://webcast.openbriefing.com/wds-inv-2024/
(https://webcast.openbriefing.com/wds-inv-2024/) to listen to a live stream of
the question-and-answer session

·      https://s1.c-conf.com/diamondpass/10039456-ur5bd3.html
(https://s1.c-conf.com/diamondpass/10039456-ur5bd3.html) to participate in the
question-and-answer session. Following pre-registration, participants will
receive the teleconference details and a unique access passcode.

 

 

 Contacts:

 INVESTORS                     MEDIA

 Marcela Louzada               Christine Forster (Australia)

 M: +61 456 994 243            M: +61 484 112 469

 E: investor@woodside.com      E: christine.forster@woodside.com (mailto:Christine.forster@woodside.com)

                               Rob Young (United States)

                               M: +1 281 790 2805

                               E: robert.young@woodside.com (mailto:robert.young@woodside.com)

This announcement was approved and authorised for release by Woodside's
Disclosure Committee.

 

 

Forward-looking statements

This announcement may contain forward-looking statements with respect to
Woodside's business and operations, market conditions, results of operations
and financial conditions which reflect Woodside's views held as at the date of
this announcement. All statements, other than statements of historical or
present facts, are forward-looking statements and generally may be identified
by the use of forward-looking words such as 'guidance', 'foresee', 'likely',
'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend',
'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should',
'seek' and other similar words or expressions.

Forward-looking statements are not guarantees of future performance and are
subject to inherent known and unknown risks, uncertainties, assumptions, and
other factors, many of which are beyond the control of Woodside, its related
bodies corporate and their respective officers, directors, employees,
advisers, or representatives. Details of the key risks relating to Woodside
and its business can be found in the "Risk" sections of Woodside's most recent
Annual Report released to the Australian Securities Exchange, Woodside's
Climate Transition Action Plan and 2023 Progress Report, and in Woodside's
filings with the U.S. Securities and Exchange Commission, including Woodside's
Annual Report on Form 20-F. You should review and have regard to these risks
when considering the information contained in this announcement.

Investors are strongly cautioned not to place undue reliance on any
forward-looking statements. Actual results or performance may vary materially
from those expressed in, or implied by any forward-looking statements.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  STRFBMJTMTBBMII