Against a positive ASX market, Woodside was marked down around 60 cents by investors to $21.11 from an opening of $21.85.

Woodside said its overall reserves replacement ratio for 2004 was 47% at the proved (P90) level and 83% at the proved plus probable (P50) level, but said its three year rolling average P50 reserves replacement ratio (RRR) remained healthy at 144%.

“Annual production of 55.6 mmboe was more than fully replaced by new reserves bookings for the Blacktip gas project in Australia and the Neptune oil field in the United States of America, and positive revisions in the Wanaea, Hermes, Corallina and Legendre oil fields and the Echo-Yodel and Perseus gas fields in Australia,” said a Woodside statement.

“These additions also helped to partially offset the divestment of reserves in the NWS Venture to CNOOC NWS Private Ltd and in the Enfield and Vincent fields to Mitsui (E&P) Australia Pty Ltd during 2004 (total divestment was 124.2 mmboe proved plus probable).

After seeing the debacle involving its largest shareholder Shell, Woodside made a point of saying around 90% of the company’s P90 reserves had been externally verified within the last four years. Royal Dutch Shell has downgraded its reserves levels at least four times in the past 18 months.

Woodside was also pleased to note for the first time it had booked reserves in the USA with the successful appraisal of the Neptune oil field (Gulf of Mexico) and in Northern Australia for the Blacktip gas development project.