Barry FitzGerald
February 12, 2008
WOODSIDE has cosied up to major shareholder Shell to strike a deal to acquire Shell’s 16.7% equity share in the Cossack Pioneer and associated oil projects on the North-West Shelf for $US398.5 million ($A441 million).
While the deal was said to represent pretty good value for Woodside, its shares dived 2.1% to $43.92 because of fretting about the long-term impact of the failed coup in East Timor on Woodside’s ambitions to confirm the development credentials of its Sunrise liquefied natural gas project in the Timor Sea.