Woodside books contingent resource in Myanmar

Woodside has reported an increase in its best estimate contingent resource (2C) by 83 million boe to 4481 million boe following the announcement of two gas discoveries offshore Myanmar in 1Q16. The contingent resource estimate is based on technical evaluations of subsurface data and wireline logging results from the two wells, the Block A-6 Shwe Yee Htun-1 exploration well and the Block AD-7 Thalin-1A exploration well.

Woodside CEO Peter Coleman said analysis of the exploratory well data confirms the development potential of both discoveries, with further appraisal and exploration of four to seven wells planned to commence in 1Q17.

“The logical development option for the Thalin-1A discovery is a tieback to the nearby Shwe Field,” Mr Coleman said. “Our strategy is to fully appraise the discovery in one campaign, thereby facilitating concept select in 2017.”

The Shwe Yee Htun-1 discovery has both tieback and standalone development options.

"We recognise additional exploration potential in areas immediately adjacent to the discovery and will target these to ensure any development concept is commensurate with the full block potential," Mr Coleman said.

Edited from press release by Angharad Lock

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