Woodside buys in Gulf of Mexico

WOODSIDE Energy USA, a wholly owned subsidiary of Woodside Petroleum, has expanded its offshore interests in the Gulf of Mexico by acquiring Gryphon Exploration Company. Woodside paid $US282.7 million for the explorer, which is focused on the upstream oil and gas with extensive exploration and production interests in the gulf. While the acquisition will immediately create earnings for Woodside, but with the addition of Gryphon’s debt the total cost of the transaction is $US296.9 million, Woodside said. Gryphon has interests in 118 leases in the Gulf, 95 of which are operated by the company. The majority of the leases are on the continental shelf and 15 of these will deliver immediate production to Woodside. Indepen-dent petroleum consultant Ryder Scott has estimated Gryphon’s proved reserves as of June 30 to be 72.5 billion cubic feet of gas equivalent.Woodside said it had hedged gas production from Gryphon, which represent 50 per cent of expected production to the end of 2008 and underpin about half of the acquisition cost.


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