In this deepwater region exploration is expensive, and finds must be huge to justify the cost.

Woodside’s previous well in the region, Gnarlyknots-1, drilled in 2003, cost $40 million to drill but came up dry. It is safe to assume that a similar well will cost even more to drill today, given the current rig and personnel markets.

Woodside aims to attract a farm-in partner to share the costs of this high-risk/high-reward project, according to a report in the Age newspaper.