Article from todays AGE. Monday 26Oct09Also online...

Article from todays AGE. Monday 26Oct09
Also online
http://www.businessday.com.au/business/resource-dealmakers-breathe-a-sigh-of-relief-20091025-herd.html

"Setback, what setback?
WOODSIDE Petroleum has been less than successful in convincing the market Apache's surprise decision on Thursday to sign up with Chevron's Wheatstone project instead of Woodside's Pluto project is not a big setback.

But the deal is done, and the focus is on Woodside's other options because it wants to make a decision on the second train at Pluto by the end of next year.

There is a school of thought that Woodside is so daring it could approve the second train before it secures enough gas.

It would accelerate gas from the first train and in the meantime find some more of its own through the drill bit and possibly some deals with third parties.

The most likely third parties are Hess, which already has found some resources in the region, and junior MEO Australia, which expects to pick a partner for its Artemis project in the area by November 18 but won't complete the first well until late October next year.

A deal with MEO would not only serve to increase Woodside's acreage, but it could also prove a good negotiating tool in discussions with Hess."