Timor Gás & Petróleo EP (Timor GAP) agreed to acquire Woodside Energy Ltd.'s entire 33.44% participating interest in the Sunrise joint venture, including interests covering Greater Sunrise fields in the Timor Sea, for $200 million.

The acquisition would once again increase Timor GAP's interest in the project, following its previously announced agreement to acquire Osaka Gas' 10% interest in the joint venture. 

Upon closing of the two transactions, Timor GAP would hold 100% interest in Greater Sunrise, allowing the company to progress toward development via pipeline to Natarbora on Timor-Leste's south coast. The development concept is enabled under the Maritime Boundaries Treaty between Timor-Leste and Australia.

The Sunrise and Troubadour gas-condensate fields, collectively known as Greater Sunrise, lie about 150 km southeast of Timor-Leste and 450 km northwest of Darwin in Australia's Northern Territory. The complex is estimated to hold 5.1 tcf of gas and 226 million bbl of condensate. 

The transaction is targeted to close in first-half 2027, subject to government, regulatory, and joint-venture approvals.

At closing, Timor GAP will pay base consideration of $13.71 million. A further $11.29 million will be payable within 30 days of a final investment decision, while a production-contingent payment of $175 million will be due within 365 days of first-cargo loading for customer sale.