wpl: offer for sale of browse

A lesson in getting paid for a share of your assets.

Woodside advises that it has accepted an offer from Japan Australia LNG (MIMI Browse) Pty Ltd (MIMI) to purchase a minority portion of Woodside’s equity in the proposed Browse LNG Development for US$2 billion, subject to joint venture pre-emption rights. The effective date is 1 January 2012.
The sale involves MIMI taking 16% interest in the East Browse joint venture and 8% interest in the West Browse joint venture. This would give MIMI an estimated 14.7% interest in the Browse development on an assumed unitised basis. Woodside’s assumed unitised interest in Browse would fall from 46% to 31.3%. Woodside remains operator of the development.