Woodside Petroleum ’s closely watched Banambu Deep-1 exploration well off Western Australia has found water instead of gas. Junior partner Cue had estimated the Carnarvon Basin prospect could hold up to 1.5 trillion cubic feet of gas that could have supplied the North West Shelf liquefied natural gas venture. BHP Billiton, a late entry into the exploration permit, paid for the well. Cue shares dived 9.3 per cent to 19.5¢.
Angela Macdonald-Smith

Amcor has expanded its distribution footprint in Australia by acquiring Wayne Richardson Sales, one of the largest independently owned packaging distributors in Australia. The business has annual sales of $50 million. Amcor paid 6.5 times fiscal year 2012 earnings before interest, tax, depreciation and amortisation and expects the business to deliver returns in excess of 20 per cent by year three.Sue Mitchell