Woodside hits gas off NW coast
UPDATE 2.50pm: Woodside has announced a significant gas discovery at its Toro-1 exploration well off the North West coast.
The company announce the well had intersected about 150 metres gross gas and 65 metres net gas within the Mungaroo Formation target in exploration permit WA-430-P about 150km north west of Exmouth.
"The well reached a total depth of 3724 metres, referenced from the rig rotary table," the company said in a statement.
"Following drilling, wireline logging has been conducted and confirmed the presence of a gas column through pressure measurements and gas sampling.
"The well will now be plugged and abandoned as planned."
Toro is in the Exmouth Sub-Basin, within 22km of Woodside's existing Ragnar-1A discovery.
Woodside Executive Vice President Global Exploration Philip Loader said the successful exploration outcome built Woodside's gas volumes within the Exmouth Sub-Basin creating options for maximising the value of the company's Australian assets.
Woodside is the operator and 70 per cent equity owner of WA-430-P, with the balance held by MitsuiE&P Australia.
Shares in Woodside were up 37 cents to $41.65 at the close of trade.
