TIMOR GAP to buy Woodside Energy’s 33.44% stake in Sunrise Project

DÍLI, 27 October 2026 (TATOLI) – TIMOR GAP, Timor Gás & Petróleo, E. P. (“TIMOR GAP”) today has signed a Sale and Purchase Agreement with Woodside Energy Ltd under which TIMOR GAP will acquire Woodside’s entire participating interest in the Greater Sunrise fields in the Timor Sea. Under the Agreement, TIMOR GAP will acquire all of Woodside’s interests in Retention Lease NT/RL2, Retention Lease NT/RL4, and Production Sharing Contracts JPDA 03-19 and JPDA 03-20. On completion, TIMOR GAP will hold 100% of the participating interests in the Greater Sunrise project. The transaction values Woodside’s Greater Sunrise interests for a total consideration of US$ 200 million, payable at different stages of the project: Base Consideration of US$ 13. 71 million, payable at Completion, FID Contingent Consideration of US$ 11.

29 million, payable within thirty (30) days of that FID being made; and, a Production Contingent Consideration of US$ 175 million, payable within three hundred and sixty-five (365) days of commencement of loading of the first cargo of such liquefied natural gas which is ultimately for sale to a customer, in accordance with the terms of the Agreement. TIMOR GAP President and CEO Rui Soares described the acquisition as a significant milestone for TIMOR GAP and for Timor-Leste. He said that Timor-Leste is now in a stronger position than ever to expedite the development of Greater Sunrise and advance the selection of the Timor LNG development concept, bringing the country closer to realizing its long-standing aspiration of developing Greater Sunrise on southern coast. “Greater Sunrise represents far more than the development of natural gas resources. It offers a strategic opportunity to transform Timor-Leste’s southern coast into an industrial and energy hub, building…