Sept 4 (Reuters) - Woodside Petroleum Ltd WPL.AX :
* Woodside agrees to acquire half of BHPB's Scarborough assets WPL.AX
* Woodside will pay BHP Billiton (LON:BLT) US$250 million on completion of the transaction
* Entered into binding sale and purchase agreements to acquire half of BHP Billiton's Scarborough area assets in Carnarvon basin
* Acquisition includes a 25% interest in wa-1-r and a 50% interest in wa-62-r, which together contain the Scarborough gas field
* Will make contingent payment of US$150 million upon a positive final investment decision to develop the Scarborough field
* Completion is subject to pre-emption rights and customary regulatory approvals and is targeted by year- end 2016.
* Woodside will operate wa-61-r, wa-62-r and wa-63-r"
* Says the effective date of the transaction is 1 July 2016
* Source text for Eikon ID:nASX8fYn1N
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