Woodside Energy Group (WDS) Status Update summary

Project milestones and operational update

• Achieved first oil from the Sangomar Field offshore Senegal, marking a major strategic milestone and the country's first offshore oil project.

• Sangomar phase I features an FPSO with 100,000 barrels/day oil capacity, 11 producers, 10 water injectors, 2 gas injectors, and subsea infrastructure for future phases.

• The Léopold Sédar Senghor FPSO, with 1.3 million barrels storage, is moored 100 km offshore; 21 of 23 planned wells are drilled, with a 24th approved.

• Over 80% of phase I production comes from high-quality S500 reservoirs; S400 pilot aims to de-risk future development and assess reservoir connectivity.

• Drilling results and reservoir quality have matched pre-drill expectations, with individual well capacities up to 20,000 barrels/day.

Financial and fiscal framework

• Senegal operates under a production-sharing contract: 75% of revenue for cost recovery, with government profit oil ranging from 15% to 25% depending on production levels.

• Corporate income tax is 33%, with an additional 10% branch income/profit tax; minor levies also apply.

• Woodside holds an 82% operating interest in Sangomar, with PETROSEN holding 18%.

• Capital investment for phase I is nearly complete, with only two wells left to finish; project cost remains within the US$4.9–$5.2 billion range.

• Some reserves have been reclassified from probable to contingent due to SEC reporting changes, pending water injection performance.

Strategic partnerships and market outlook

• Completed sale of Scarborough project interests to LNG Japan and JERA; secured JBIC loan for Scarborough Energy.

• Signed long-term LNG offtake contract with KOGAS, reinforcing demand for LNG products.

• Strong relationships built with PETROSEN, contractors, and Senegalese government; over 4,400 Senegalese employed and $177 million spent locally.

• Positive engagement with new Senegalese government, with commitment to contract sanctity and investor rights.

• No changes to production or free cash flow outlook; project performance remains consistent with prior guidance.