• Woodside exercises pre-emption right for PetroChina's 10.67% interest in Browse JV
• Payment to CNPC of US$225 million plus reimbursement of cash call contributions
• Contingent payment of US$175 million upon final investment decision by 2032
• Acquisition to maximize long-term shareholder value and economic benefits

Woodside Energy Group Ltd has exercised its pre-emption right to acquire PetroChina International Investment (Australia) Pty Ltd's 10.67% participating interest in the Browse Joint Venture (BJV) from a subsidiary of INPEX CORPORATION. The acquisition terms mirror those of the CNPC/INPEX Transaction, including a payment of US$225 million to CNPC plus reimbursement of BJV cash call contributions made between 30 June 2025 and the completion date, and a contingent payment of US$175 million upon the BJV taking a final investment decision for the development of the Brecknock, Calliance, and Torosa fields by 30 June 2032. The Browse resource, Australia's largest undeveloped conventional gas resource, has the potential to produce 11.4 million tonnes per annum of LNG, LPG, and domestic gas. Woodside CEO Liz Westcott emphasized the quality and scale of the resource, highlighting the acquisition as a disciplined and capital-efficient way to align integrated value in these assets for a development with long-term cash flow potential.

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