Woodside enters Gabon project

UPDATE 2.25pm: Woodside says it has acquired a 40 per cent stake in an exploration, exploitation and production sharing contract off the coast of Gabon in West Africa.

Block F15 is located 140 km off the south-western coast of Gabon and covers over 2700sqkm.

Water depths range from 2300 to 3000 metres.

Noble Energy has a 60 per cent participating interest in the contract and will be the operator.

The contract has a seismic commitment and option for future drilling.

Woodside chief executive Peter Coleman said the contract was an opportunity for Woodside to secure significant acreage in a high graded emerging oil-prone province with a like-minded and experienced partner.

"This is yet another exciting opportunity for us in Africa, building on recent acquisitions in Tanzania and Morocco," he said.

"Once again, this opportunity reflects our disciplined and strategic approach to studying regional petroleum systems and is a good fit for our core capabilities in deepwater exploration."

Woodside shares closed up nine cents at $41.69.

The West Australian

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