Note ref to Sotto reserves and production in March!
Aug 08, 2005 (Dow Jones Commodities News via Comtex) -- By Stephen Bell Of DOW JONES NEWSWIRES PERTH (Dow Jones)
Woodside Petroleum Ltd. (WPL.AU) said Monday that the new military leaders of Mauritania are committed to backing the Australian energy company's US$625 million Chinguetti oil development.
"The situation there remains calm at this stage and our operations are continuing - we are drilling," Woodside Chief Executive Don Voelte told reporters.
Perth-based Woodside has received "assurances" from Mauritania's Military Council for Justice and Democracy about the safety of the company's 450 staff and contractors in the West African country, Voelte said.
The council has also "acknowledged on several occasions that they will honor our existing agreements," he added.
Voelte was responding to the military uprising last week that shook investors in the company.
He referred to the Mauritania situation while unveiling the company's A$5 billion Pluto liquefied natural gas project offshore Western Australia.
Woodside, which owns 47.4% of Chinguetti and is operator, insists the field will start pumping oil by March.
The other participants are Hardman Resources Ltd. (HDR.AU) with 19%, the Mauritanian government with 12%, U.K.-based BG Group PLC (BRG) with 10.2%, Premier Oil PLC (PMO.LN) with 8.1% and Roc Oil Co. (ROC.AU) with 3.3%.
Woodside has also started the latest exploration program offshore Mauritania, with the spudding of the Sotto-1 well on Saturday.
Sotto is targeting a prospect that may contain up to 250 million barrels of oil, according to analysts.
HDR
hardman resources limited
