14 July 2016‌‌‌‌‌‌‌‌

Woodside's proposed acquisition of ConocoPhillips' 35% interest in Senegal

FAR Ltd (ASX:FAR) notes today's announcement by our joint venture partner ConocoPhillips (COP) and Woodside Petroleum Energy Ltd regarding the proposed and conditional sale of COP's interests in the offshore Senegal Rufisque, Sangomar and Sangomar Deep assets.

According to the terms that FAR has seen to date, the transaction is subject to the approval of the Government of Senegal and co-venturer pre-emption rights.

FAR managing director Cath Norman said, "ConocoPhillips flagged the potential sale of their global deep water exploration assets and we are not surprised by Woodside's interest."

"Woodside has clearly stated its strategic interest in Offshore Senegal and the NW margin of Africa where FAR has a significant footprint of exploration acreage."

"FAR has discovered 561mmbbls of 2C* contingent resources and we are still assimilating the results of the 4 successful appraisal wells in the SNE field offshore Senegal. FAR has also mapped a further 1 billion bbls of undrilled exploration prospects** in the permits.

Woodside has stated today:

• the SNE field is a world class asset in a highly prospective emerging oil province;

• the acreage encompasses one of the largest oil discoveries since 2014 in the SNE field;

• recent appraisal work has proved up high quality resources;

• there is a clear line of sight to a near term development of the SNE field; and

• the Senegal project offers significant future exploration upside.

Woodside seeks to acquire COP's 35% non-controlling equity interest in the project as well as the right to assume the role as project operator for development and production phases.

"At the end of March FAR had a strong balance sheet with A$32M, bolstered by the recent capital raise of A$57M (net of fees) in April. FAR's focus on the Senegal project will be unchanged and we are fully funded for the foreseeable work program."

This release is in relation to the matter referred to in the Company's trading halt announcement of 14 July 2016. The trading halt can now be lifted.

Attached: Woodside Petroleum Ltd ASX Announcement of 14 July 2016 ConocoPhillips News Release of 13 July 2015

*2C contingent resource, recoverable, gross, unrisked refer ASX release 13 April 2016

**P50 prospective resource, gross, recoverable, unrisked refer FAR Annual Report to shareholders 2015

ASX Announcement‌‌

Thursday, 14 July 2016

ASX: WPL OTC: WOPEY

Woodside Petroleum Ltd.

ACN 004 898 962

Woodside Plaza

240 St Georges Terrace Perth WA 6000 Australia

www.woodside.com.au

WOODSIDE AGREES TO ACQUIRE CONOCOPHILLIPS' INTERESTS IN SENEGAL

Woodside has entered into a binding Purchase and Sale Agreement (PSA) with ConocoPhillips to acquire all of ConocoPhillips' interests in Senegal for the purchase price of US$350 million, based on an effective date of 1 January 2016, plus a completion adjustment of approximately US$80 million.

Under the PSA, Woodside will acquire 100% of the shares in ConocoPhillips Senegal B.V. which holds a 35% working interest in a Production Sharing Contract with the Government of Senegal covering three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore. The acquisition includes the option for Woodside to operate the future development of any resource.

The Production Sharing Contract includes the SNE and FAN deep water oil discoveries. SNE is one of the largest global deep water oil discoveries since 2014. Woodside estimates that the SNE discovery contains 560 MMbbl of recoverable oil (at the 2C confidence level, 100%).

Woodside CEO Peter Coleman said the acquisition aligned with the company's growth strategy by providing a significant position in an under explored and highly prospective emerging oil province. The SNE and FAN discoveries opened up the basin, and recently completed appraisal work has proven up high-quality resources.

"We are taking advantage of our balance sheet to acquire a world-class asset that fits well with our capabilities, offers significant future upside in exploration and line-of-sight to near term oil production.

"It builds on our agreement to acquire a 65% interest in the AGC Profond exploration block located to the south in the Senegal-Guinea Bissau joint development zone and extends our regional focus in West Africa.

"We look forward to working with the Government of Senegal and joint venture participants Cairn Energy, FAR Limited, and Petrosen, the Senegal National Oil Company, to progress the commercial development of SNE and any future discoveries.

"Woodside will bring to the joint venture expertise in deep water drilling, development and operation of subsea infrastructure and floating production storage and offloading vessels," he said.

Completion of the PSA is subject to satisfaction of customary conditions, including Government of Senegal approval and pre-emption and is targeting close by year-end 2016.

ConocoPhillips Senegal B.V. is a wholly owned subsidiary of the New York Stock Exchange listed ConocoPhillips (NYSE:COP).

Transaction details and notes

An investor pack containing notes on petroleum resource estimates forms part of this announcement.

Woodside agrees to acquire‌

ConocoPhillips' interests in Senegal

Investor Pack | 14 July 2016

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 as at the date of this presentation 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. Readers are cautioned not to place undue reliance on these forward looking statements. No representation is made or will be made that any forward looking statements will be achieved or will prove to be correct. We do not undertake to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.

All references to dollars, cents or $ in this presentation are to US currency, unless otherwise stated. References to "Woodside" may be references to Woodside Petroleum Ltd. or its applicable subsidiaries.

Woodside agrees to acquire ConocoPhillips' interests in Senegal 2