Woodside Energy : Trion receives regulatory approval

Jun 30, 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

Wednesday, 30 August 2023

TRION RECEIVES REGULATORY APPROVAL

The Trion field development plan (FDP) has been approved by the Mexican regulator, Comision Nacional de Hidrocarburos (CNH).

Woodside's final investment decision (FID) to develop the Trion resource, announced 20 June 2023, was subject to Trion joint venture approval and regulatory approval of the FDP.1 Both of these conditions have now been met.

Woodside CEO Meg O'Neill welcomed the approval of the FDP.

"This milestone allows us to fully progress into execution phase activities with our contractors.

"We look forward to working with PEMEX and our other stakeholders in Mexico to deliver this important project," she said.

Following the approval of the FDP, Woodside has booked Proved (1P) Undeveloped Reserves of

324.7 MMboe gross (194.8 MMboe Woodside share) and Proved plus Probable (2P) Undeveloped Reserves of 478.7 MMboe gross (287.2 MMboe Woodside share).2

The project execution phase activities are progressing and Woodside has executed key contracts relating to the development including:

First oil is targeted for 2028. Woodside is operator of the Trion development with a 60% participating interest and PEMEX Exploración y Producción (PEMEX) holds the remaining 40%.

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The attached notes on petroleum resource estimates form part of this announcement.

About Trion

Trion is located in a water depth of 2,500 m, approximately 180 km off the Mexican coastline and 30 km south of the Mexico/US maritime border. Trion was discovered in 2012 by PEMEX. BHP Petroleum acquired an interest in 2017 which subsequently became part of Woodside's portfolio in 2022. The resource will be developed through a FPU with an oil production capacity of 100,000 barrels per day. The FPU will be connected to a FSO vessel with a capacity of 950,000 barrels of oil. Crude is expected to be shipped to international markets and the development is expected to include 18 wells (nine producers, seven water injectors and two gas injectors) drilled in the initial phase, with a total of 24 wells drilled over the life of the Trion project. Gas that is not reinjected or used on the FPU will be delivered to the domestic natural gas pipeline network by a subsea gas pipeline. The forecast total capital expenditure is US$7.2 billion (US$4.8 billion Woodside share including capital carry of PEMEX of approximately US$460 million) including all 24 wells.3

Contacts:

INVESTORS

MEDIA

Matthew Turnbull (Group)

Christine Forster

M: +61 410 471 079

M: +61 484 112 469

E: [email protected]

Sarah Peyman (Australia)

M: +61 457 513 249

Rohan Goudge (US)

M: +1 (713) 679-1550

E: [email protected]

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

3 Woodside share assumes Woodside equity of 60% in Trion. Total capital expenditure excludes the forecast lease amount for the FSO unit.

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Forward-looking statements

Notes to petroleum resource estimates

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product prices and exchange rates. The Woodside PEAs are approved by the Woodside Board. Specific contractual arrangements for individual projects are also taken into account.

Additional information for US investors concerning resource estimates

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meet the SEC's definitions of proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit Woodside from including in filings with the SEC. These types of estimates do not represent, and are not intended to represent, any category of reserves based on SEC definitions, and may differ from and may not be comparable to the same or similarly-named measures used by other companies. These estimates are by their nature more speculative than estimates of proved reserves, and accordingly are subject to substantially greater risk of not being recovered by Woodside. In addition, actual locations drilled and quantities that may be ultimately recovered from Woodside's properties may differ substantially. US investors are urged to consider closely the disclosures in Woodside's most recent Annual Report on Form 20-F filed with the SEC and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefingsand its other filings with the SEC, which are available from Woodside at https://www.woodside.com. These reports can also be obtained from the SEC at www.sec.gov.

Other important information

All references to dollars, cents or $ in this announcement are to US currency, unless otherwise stated. References to "Woodside" may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires). This announcement does not include any express or implied prices at which Woodside will buy or sell financial products. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

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Attachments

Disclaimer

Woodside Energy Group Ltd. published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 00:03:06 UTC.