ASX Announcement

Monday, 4 January 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 DISCOVERS GAS OFFSHORE MYANMAR

Woodside advises that the Shwe Yee Htun-1 exploration well in Block A-6 in the Rakhine Basin, located in the western offshore area of Myanmar, has intersected a gross gas column of approximately 129 m. Approximately 15 m of net gas pay is interpreted within the primary target interval.

The well reached the planned original total depth (TD) of 4810 m, referenced from the rig rotary table. Following drilling, wireline logging was conducted and confirmed the presence of a gas column through pressure measurements and gas sampling. The well was subsequently deepened to a final TD of 5306 m.

The well was spudded on 27 November, reached its original target on 23 December and wireline logging concluded on 29 December.

Shwe Yee Htun-1, in Block A-6, targeted one of many identified channel complexes that run over a large anticlinal feature, the Saung Anticline.

Woodside CEO Peter Coleman said he was pleased by the successful evaluation of the prospect, which provided evidence of a working petroleum system in the Rakhine Basin deep water.

"Further analysis will be undertaken to understand the full potential of the play, but this de-risks a number of leads which will now be matured," Mr Coleman said.

"This discovery is an encouraging outcome for future exploration and appraisal activity in the area."

With a 40% interest in A-6, Woodside Energy (Myanmar) Pte Ltd (Woodside Myanmar) is the joint operator with MPRL E&P Pte Ltd (MPRL E&P) (20% interest). MPRL E&P is operator with respect to government liaison and Woodside Myanmar is the operator with respect to all other operations, including drilling. Total E&P Myanmar holds a 40%, non-operated interest.

Woodside has interests in six blocks in the Rakhine Basin (details overleaf). The six permits make up 46,000 km2 and represent 20% of Woodside's global exploration acreage.

WOODSIDE INTERESTS IN MYANMAR

Notes:

1. BG Exploration & Production Myanmar Pte. Ltd.

2. Myanmar Petroleum Exploration & Production Company Limited

3. Daewoo International Corporation

4. Total E&P Myanmar

5. Operatorship responsibilities are shared, per previous page

6. Woodside Myanmar is operator with respect to deepwater drilling works, Daewoo is operator for all other operations.

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