A team of four scientists at the Geological Survey of Western Australia and the Australian National University, led by Arthur J. Mory, announced the discovery in the 15 April 2000 issue of Earth and Planetary Science Letters.

[2] The larger estimate of 120 kilometres (75 mi), if correct, would make this impact structure tied for the fourth largest confirmed impact structure in the world, and imply a bolide (asteroid or comet) about 5 to 6 kilometres (3.1 to 3.7 mi) in diameter.

[4] The central uplift, interpreted to be 20 kilometres (12 mi) in diameter, was first intersected by drilling activities in the late 1970s; however its significance as an impact structure was only realised in 1997 during a gravity survey.

The reported discovery in 2018 of the extremely rare mineral reidite in a drillcore sample from the central uplift zone, supports the interpretation of the original crater as being over 100 kilometres (62 mi) in diameter, and possibly the largest in Australia.

[6] The Gnargoo structure, which has remarkable similarities to Woodleigh, is a nearby proposed impact crater on the Gascoyne platform.