Woodside Energy Ltd. “African Petroleum as an Independent” 9 th African Oil and Gas, Trade and Finance Conference and Showcase Maputo, Mozambique Peter Grant General Manager, UK 2 June 2005 NOT AN OFFICIAL UNCTAD RECORD

2 Disclaimer and Important Notice This presentation contains forward looking statements that are subject to risk factors associated with oil and gas businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.

Result Highlights Record reported profit of A$1084M NPAT (pre-significant items) A$651M, up 23.6% Strong underlying business, EBITDAX A$1526M, up 10% Net operating cashflow A$1318M, up 10% New reserves bookings exceeded annual production WPL leads top quartile TSR of peer group

4 February 2005 Production Profile

5 Development opportunity pipeline On track. Hull Steel Cutting commenced Project Status First Production Investment Decision Design Work Stalled Sunrise Stalled Subject to legal and fiscal certainty In progressQ2 2005Q Train 5 Design work progressing Angel Q4 2005Q Design work has commenced Neptune (GoM) In progress 2H 2005Late 2007/08 FEED studies underway Vincent Reviewing Concept study underway Independent project review done Stybarrow In progress Reviewing Tiof (Mauritania) Reviewing Appraisal and studies underway Reviewing Jahal Kuda Tasi Reviewing Negotiating PSC terms and access Reviewing FEED = Front End Engineering Design FID = Final Investment Decision Q2 2005Q Blacktip FEED studies complete end 2004 Blue = changes since February 2005

6 Pluto – new gas discovery in mature basin (April 2005) Flowed 46.5MMscfg per day Seismic section showing amplitude brightening over crest N

7 Woodside in Africa

Highlights – Africa Mauritania – Chinguetti project approved, on track for Q start-up –Tevet oil discovery, Tiof appraisal & Chinguetti development continued –Equity up from 35% to %. Government exercised right to 12% of Chinguetti. Woodside now % in Exclusive Exploitation Perimeter Algeria –First full year contribution to condensate-LPG revenues from Ohanet Sierra Leone –New country entry to prospective deepwater exploration Kenya –Interests focused down from 7 to 3 blocks

Update: Mauritania Chinguetti project construction on track for start-up during Q Drilling costs higher than anticipated due to subsurface conditions Tiof appraisal continuing Anticipate active offshore drilling program including up to 6 exploration wells in 2H 2005 Onshore Taoudeni Basin farm-in (Ta11, Ta12 exploration blocks) recently approved Tevét Banda Chinguetti Tiof Pelican Block 7 PSC C6 PSCA PSCB PSC C Prospect Gas Discovery Salt Structure 3D seismic area Oil Discovery Nouakchott Zouerate Ta11 Ta12 Nouakchott Zouerate Ta11 Ta12

Update: Kenya Original 7 blocks now focussed into three blocks Acquired an additional 3565 km 2D seismic, ( km) Exploration well planned in km

Update: Sierra Leone & Liberia Adjoins Blocks 16 and 17 won 100% by Repsol Repsol and Woodside each hold a 50% in two blocks immediately west in Sierra Leone (SL-6, SL-7) Acquired 3600km 2 3D seismic over Blocks 6 and 7 offshore Sierra Leone (Repsol operated) Successful bid for offshore exploration Block 15 (100%) in Liberia’s first offshore licensing round. Initial four-year work commitment of geological and geophysical studies, 600km 2D and 1600km 2 3D seismic

Update: Libya Commence drilling exploration wells in late-2005 in EPSA-3 blocks Successful bids for 4 EPSA-4 offshore blocks in first open bid-round in Libya’s history 2D & 3D seismic starts end-2005 (Offshore) Acquiring 8300km 2D and 760 km 2 3D seismic over 5 EPSA-3 blocks (awarded late-2003) Feasibility studies continue at Atshan Field

Exploration Plan (as at Feb’05) Totals 2004 Actual 14Exploration Wells 2005 Planned 23 Exploration Wells Australia 2004 Actual Planned Expected Exploration Spend ~ A$ 275M (Feb 2005) West Africa 18% Australia 30% Gulf of Mexico 14% North Africa 16% International 22% Exploration Wells GoM 2004 Actual Planned Exploration Wells Africa 2004 Actual Planned

14 Africa: A Developing Continent

15 World Proven Oil and Gas Reserves South and Central America North America Asia Pacific Africa Proven oil reserves – 2003 (billion barrels) Proven gas reserves – 2003 (trillion cubic feet) Source: BP Statistical Review of World Energy Middle East Europe and Eurasia

16 The Earth at Night Source: NASA

17 Regional Comparisons – Economic Indicators Source: 2005 CIA World Factbook GDP Growth Inflation Unemployment Sub-Sahara Africa North Africa Malaysia Brunei Trinidad and Tobago %

18 Gabon Eritrea Niger Liberia Ethiopia Tanzania Congo, The Republic of Guinea Bisseau Somalia Sierra Leone Congo, The Democratic Republic of Zambia Nigeria Benin Kenya Sao Tome Mozambique Rwanda Cote d'Ivoire Uganda Chad SenegalMauritania Cameroon Sudan Zimbabwe Angola GuineaGhana Indonesia Venezuela Egypt Morocco Algeria Libya Tunisia Namibia Malaysia South Africa Trinidad and Tobago Brunei Equatorial Guinea Country Boe per capita per day USD Total Production per Capita per Day GDP per Capita (USD) Sub-Saharan Africa North Africa Other Areas Hydrocarbon Production and GDP Sources: 2005 CIA World Factbook, Wood MacKenzie NB: Data not available for all nations Sub-Saharan North African Energy Production and GDP (per capita)

19 Case Example: Nigeria Sources: World Bank, Wood Mackenzie Population vs GDP Year GDP (million USD) Population (millions) GDP (current US$) Population, total Liquids Production Year bbls/day (000s)

20 Hydrocarbon Production and Currency Reserves Sub-Saharan Sources: 2005 CIA World Factbook, Wood MacKenzie NB: Data not available for all nations Total Energy Production and Foreign Reserves Sao Tome Eritrea Congo, The Republic of GuineaRwanda Equatorial Guinea Gabon Guinea Bisseau Zambia Namibia Chad Cameroon Angola SenegalBenin Ethiopia Nigeria Sierra Leone Somalia Congo, The Democratic Republic ofLiberia Niger Uganda Mauritania Sudan Mozambique Ghana Kenya Cote d'Ivoire Tanzania Brunei Malaysia Algeria Indonesia Venezuela Libya Morocco Egypt South Africa Tunisia Trinidad and Tobago Zimbabwe Country mmbbls/day USD Foreign Reserves Data Unavailable Total Production (mmboe) Foreign Exchange and Gold Reserves (million USD) Sub-Saharan Africa North Africa Other Areas North African

21 Regional Comparisons Source: World Bank

22 Regional Comparisons Source: World Bank

23 The Earth at Night Source: NASA

24 Summary Sub-Sahara Africa lags North Africa in key economic indicators North Africa also lags most other developing nations (with hydrocarbon production) Why? What are the key challenges? How can oil and gas improve economic prosperity?

25 Issues for Emerging Producing Nations Technical competencies Appropriate regulatory framework Infrastructure capacity Strategy for investment of revenues Building capacity to foster local content

26 Expectation Management For many, oil means: –Rapid economic development –Freedom from poverty In reality, they are often disappointed. Why? –Inadequate economic planning –Exploration equals risk –Unrealistic expectations –Revenue transparency

27 Localisation and local content What it is about: – Building local capacity and capability – Timely investment in people – Companies embracing the concept What it is not about: –Short-term profits

28 Transparency Natural resources and revenues are domain of sovereign governments Public oversight of revenue management Industry and government share responsibility Woodside committed (EITI participant) “Because we believe it’s the right thing to do and we believe it makes sound business sense” Woodside CEO Don Voelte

29 To Our Partners In Africa Thank You Liberia Sierra Leone Mauritania Libya Kenya Algeria