AUSTRALIA

Woodside sells Hardman stake, offloads Blacktip

WOODSIDE has raised A$118.3 million from selling its 10.3% investment in its Mauritanian venture ...

Woodside sells Hardman stake, offloads Blacktip

Woodside sold its 67.4 million shares at A$1.755 each, to Deutsche Securities Australia for placing in the market.

The decision to sell its shareholding followed the successful completion of Woodside's entry to Mauritania entry, which included helping Hardman fund the development of the west African assets, Woodside said.

Woodside took equity in Hardman through share placements between 2001 and 2004.

Following a voluntary trading halt, Hardman told the ASX it was well funded with existing resources and the sale would free up additional liquidity in the stock.

"It is now an appropriate time for Woodside to sell its holding given the transformation that Hardman has undergone in the last few years," Hardman CEO Simon Potter said.

"Financially and operationally, Hardman has never been in better shape. Chinguetti is nearly complete, with the anticipation of first oil in February 2006."

He said while Woodside was no longer a shareholder, the companies would continue their partnership in Mauritania.

Meanwhile, Woodside has sold its Bonaparte Gulf, Western Australia to its partner in these permits, Eni. The assets include Woodside's 53.85% interest in WA-279-P containing the Blacktip gas field and its 50% stake in WA-313-P, which contains the Penguin field.

Subject to agreement by Woodside’s joint venture partners, Eni will also buy its interest in WA-34-R, which includes the Rubicon and Prometheus fields.

The future of Blacktip has been in doubt since Alcan, the only contracted buyer, cancelled its sales contract in frustration at changing terms and rising prices and turned to PNG Pipeline gas. Reports suggest that the Blacktip partners were trying to pass on blowouts in labour and steel costs.

The sales depend on approval by Australian regulatory authorities, Woodside said.

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