Woodside to Sell Greater Sunrise Stake to TIMOR GAP for Up to US$200M

summarizeSummary

Woodside agreed to sell its 33.44% interest in the Sunrise Joint Venture to TIMOR GAP for total consideration of up to US$200M. Only US$13.71M is payable at completion, with the rest contingent on FID and first LNG cargo; completion is targeted for H1 2027.

check_boxKey Events · M&A and Partnerships · WDS

• Woodside Exits Greater Sunrise

  Agreed to sell its 33.44% unitised participating interest in the Sunrise Joint Venture (titles NT/RL2, NT/RL4, JPDA PSC 03-19 and 03-20) to TIMOR GAP for total consideration of up to US$200M.

• Most Consideration Is Contingent

  Only US$13.71M is payable on completion; US$11.29M follows an affirmative FID for LNG development and US$175M is due within 365 days of first LNG cargo loading, so near-term cash is small relative to the headline number.

• Completion Targeted H1 2027

  Subject to government, regulatory and joint venture approvals, with a transaction effective date of 1 November 2026 and a post-completion adjustment for cash calls and working capital.

• Portfolio Simplification Continues

  Follows management's H1 2026 messaging on portfolio discipline and a US$350M annual cost-out target from 2028; TIMOR GAP already holds 56.56% and is separately acquiring Osaka Gas' 10%.

auto_awesomeAnalysis · WDS · Energy & Transportation

Woodside is exiting Greater Sunrise entirely, selling its 33.44% unitised interest to TIMOR GAP for up to US$200M. Only US$13.71M lands at completion, targeted for H1 2027; the bulk — US$11.29M on a positive LNG FID and US$175M within a year of first LNG cargo — hinges on a project Woodside will no longer operate. Modest cash for a company of Woodside's size, but the deal removes a long-stalled, politically complex asset and frees capital and management attention for higher-return projects, consistent with the portfolio-simplification and cost-out messaging management gave at the H1 briefing.