REG - Woodside Energy Grp. - Sangomar project update

Woodside EnergyAnnouncement

18/07/2023 07:00

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RNS Number : 3519G  Woodside Energy Group Ltd  18 July 2023

Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga

11 Mount Street

Perth WA 6000

Australia

T +61 8 9348 4000

www.woodside.com

 

ASX: WDS

NYSE: WDS

LSE: WDS

 

Announcement

 

Tuesday, 18 July 2023

 

 

SANGOMAR PROJECT UPDATE

 

Woodside performed a cost and schedule review of the Sangomar Field
Development Phase 1 following the identification of remedial work required on
the floating production storage and offloading (FPSO) facility.

 

First oil is now targeted for mid-2024 and the total project cost is expected
to be US$4.9 - 5.2 billion, an increase of 7-13% from the previous cost
estimate of $4.6 billion.

 

At 30 June 2023, the overall project was 88% complete. The subsea installation
campaign was 76% complete, with the subsea work scope 95% complete. The
development drilling program continues with 12 of 23 wells drilled and
completed. The Ocean BlackHawk drillship successfully completed its work scope
in July and the remaining drilling activity will be completed by the Ocean
BlackRhino. Well results to date have confirmed the quality of the resource.

 

Woodside CEO Meg O'Neill said the remedial work was unexpected and the project
team's highest priority remains the safe completion of all activities.

 

"We have taken the prudent decision to have the remedial work conducted while
the FPSO remains at the shipyard in Singapore.

 

"This minimises the impact to the project schedule as it is safer, more
efficient and more cost effective than undertaking the work offshore Senegal.
This approach ensures we can achieve production start-up in line with the
adjusted schedule and ramp up operations as planned.

 

"The change in project schedule has no impact on Woodside's production
guidance for 2023," she said.

 

 Contacts:

 INVESTORS                                                 MEDIA

 Matthew Turnbull (Group)                                  Christine Forster

 M: +61 410 471 079                                        M: +61 484 112 469

                                                           E: christine.forster@woodside.com

 Sarah Peyman (Australia)

 M: +61 457 513 249

 Rohan Goudge (US)

 M: +1 (713) 679-1550

 E: investor@woodside.com (mailto:investor@woodside.com)

 

This announcement was approved and authorised for release by Woodside's
Disclosure Committee

 

 

Forward-looking statements

 

This announcement contains forward-looking statements with respect to
Woodside's business and operations, market conditions, results of operations
and financial condition, including, for example, but not limited to,
statements regarding the timing of completion of Woodside's projects and
expectations regarding future capital expenditures, future results of
projects, future returns on investment, operating activities, production and
financial results. All forward-looking statements contained in this
announcement reflect Woodside's views held as at the date of this
announcement. All statements, other than statements of historical or present
facts, are forward-looking statements and generally may be identified by the
use of forward-looking words such as 'guidance', 'foresee', 'likely',
'potential', 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend',
'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should',
'seek' and other similar words or expressions.

Forward-looking statements are not guidance, forecasts, guarantees or
predictions of future events or performance, but are in the nature of
aspirational targets that Woodside has set for itself and its management of
the business. Those statements and any assumptions on which they are based are
only opinions and are subject to change without notice and are subject to
inherent known and unknown risks, uncertainties, assumptions and other
factors, many of which are beyond the control of Woodside, its related bodies
corporate and their respective officers, directors, employees, advisers or
representatives.

Details of the key risks relating to Woodside and its business can be found in
the "Risk" section of Woodside's most recent Annual Report released to the
Australian Securities Exchange and London Stock Exchange, and in Woodside's
most recent Annual Report on Form 20-F filed with the U.S. Securities and
Exchange Commission and available on the Woodside website at
https://www.woodside.com/investors/reports-investor-briefings
(https://www.woodside.com/investors/reports-investor-briefings) . You should
review and have regard to these risks when considering the information
contained in this announcement.

Investors are strongly cautioned not to place undue reliance on any
forward-looking statements. All information included in this announcement,
including any forward-looking statements, speak only as of the date of this
announcement and, except as required by law or regulation, Woodside does not
undertake to update or revise any information or forward-looking statements
contained in this announcement, whether as a result of new information, future
events, or otherwise.

 

 

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