WOPEY - Woodside Petroleum: Steering Clear At Present

• Woodside Petroleum has ambitious plans to grow its Australian LNG business.
• Its strategy of selling down equity stakes in key capital projects seems sound.
• A recent interest in a major buyout of BHP oil and gas assets has us pressing the caution button, where before we were moderately bullish.
• We think investors should use caution before entering a position at current prices.

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