Two Recent Myanmar Gas Finds Push Woodside's Contingent Resource Estimate by 83 MMboe

Woodside has reported an increase in its best estimate contingent resource (2C) by 83 MMboe to 4,481 MMboe following the announcement of two gas discoveries offshore Myanmar in Q1 2016. 

Earlier this year, Woodside announced the discovery of 32 m net gas pay (increased from an earlier 15 m net gas pay estimate) in the Block A-6 Shwe Yee Htun-1 exploration well and 62 m net gas pay in the Block AD-7 Thalin-1A exploration well.  The contingent resource estimate is based on technical evaluations of subsurface data and wireline logging results from the two wells.  

Woodside CEO Peter Coleman said analysis of the exploratory well data confirms the development potential of both discoveries, with further appraisal and exploration of four to seven wells planned to commence in Q1 2017.   

“The logical development option for the Thalin-1A discovery is a tieback to the nearby Shwe field,” Coleman said. “Our strategy is to fully appraise the discovery in one campaign, thereby facilitating concept select in 2017.” 

The Shwe Yee Htun-1 discovery has both tieback and standalone development options.  

“We recognise additional exploration potential in areas immediately adjacent to the discovery and will target these to ensure any development concept is commensurate with the full block potential,” Coleman said.  

The Shwe Yee Htun field contingent resource (2C) is 895 Bcf dry recoverable gross gas, of which Woodside’s net economic interest is 209 Bcf. Woodside holds a 40 percent interest in Block A-6 held under a production sharing contract with the Myanmar government.

The Thalin field contingent resource (2C) is 1510 Bcf dry recoverable gross gas of which Woodside’s net economic interest is 260 Bcf. Woodside holds a 40 percent interest in Block AD-7.