‘Woodside Mauritania Pty Ltd, a wholly-owned subsidiary of Woodside Petroleum Ltd., reports the following activity offshore Mauritania since the last report issued on 14 December 2004.

PSC-B, Block 4
Tiof-5 and Chinguetti Development wells

Tiof-5 Appraisal well
Following the completion of wireline logging operations, the Tiof-5 appraisal well was plugged and abandoned as planned. On 17 December 2004, the ‘Stena Tay’ drill rig moved to the Chinguetti Field to join the ‘West Navigator’ on the development drilling program.

Chinguetti Development wells The ‘West Navigator’ and the ‘Stena Tay’ are currently conducting operations on Chinguetti Development wells. Woodside does not plan to issue announcements regarding operations on Chinguetti Development wells, but will do so if necessary in order to comply with its continuous disclosure obligations under the ASX Listing Rules.

All reported drilling depths are referenced to the rig rotary table and all times are Universal Time (UTC) (Mauritanian time).

The locations of the Chinguetti Oil Field, the Tiof and Banda discoveries and exploration wells are shown on the attached map.*

Wells are expected to be drilled in two production sharing contract areas during the remainder of the 2004/5 campaign.’

Participating Interests in the areas are:

Company PSC-A PSC-B
Woodside group companies (Operator) 53.846% 53.846%
Hardman group companies 24.3% 21.6%
BG group companies 13.084% 11.63%
Premier group companies — 9.231%
Fusion group companies 4. 615% —
Roc Oil group companies 4.155% 3.693%

Sterling owns a royalty right over a 6% interest in PSC B, save for Chinguetti, where the royalty right is 5.28%. It will hold a royalty right over a 3% interest in PSC A following a Declaration of Commerciality in PSC A. This is as a result of the transaction between Fusion Oil & Gas and Premier Oil, announced on 28 May 2003, and Sterling’s subsequent takeover of Fusion.

Through a funding agreement with the Mauritanian government, announced last month, Sterling also has a further interest in the Chinguetti development.

Note: In accordance with Australian Stock Exchange Limited listing requirements, the geological information supplied in this report has been based on information provided by geologists who have had in excess of five years experience in their field of activity.

This information is provided by RNS, The company news service from the London Stock Exchange.

RNS ANNOUNCEMENTS
RELEASE DATE: 21 December 2005