Taken from page 19 "Agreement to acquire Senegal interests On 14...

Taken from page 19
"Agreement to acquire Senegal

interests

On 14 July 2016, Woodside announced that it had entered into a binding Purchase and Sale Agreement (PSA) with ConocoPhillips to acquire all of ConocoPhillips’ interests in Senegal for the purchase price of US$350 million, based on an effective date of 1 January 2016, plus a completion adjustment of approximately US$80 million.

Completion of the PSA is subject to Government of Senegal approval and any applicable pre-emption. Woodside is targeting close by year end 2016.

Under the PSA, Woodside will acquire 100% of the shares in ConocoPhillips Senegal B.V., which holds a 35% working interest in a production sharing contract (PSC) with the Government of Senegal covering three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore. The acquisition includes the option

for Woodside to operate the future development of any resource.

The PSC includes the SNE and FAN deep water oil discoveries. SNE is one of the largest global deep water oil discoveries since 2014. Woodside estimates that the SNE discovery contains 560 MMbbl of recoverable oil (at the 2C confidence level, 100%)2. "