Santos Offshore purchases WA-4-R interest

Santos Offshore has purchased a 100% interest in the WA-4-R permit, which contains the majority of the undeveloped Spar gas field. Spar is located in the Carnarvon basin, offshore Western Australia.

Offshore staff

ADELAIDE, Australia -- Santos Offshore has purchased a 100% interest in the WA-4-R permit, which contains the majority of the undeveloped Spar gas field. Spar is located in the Carnarvon basin, offshore Western Australia. The field extends into WA-13-L in which Santos also has a 45% interest.

The field is estimated to contain a gas resource of up to 600 petajoules with associated condensate of up to 8 MMbbl. Santos will evaluate various options to optimally develop the field in the short to medium term.

The permit has been purchased from the Gorgon Project Joint Venture participants who have determined that the Spar field was unlikely to form part of the proposed Gorgon LNG project.

In addition, Santos, as a participant in the Barrow Island Joint Venture, has agreed an access regime to facilitate the Gorgon Project Joint Ventures plans for LNG processing and export from Barrow Island with geosequestration of reservoir carbon dioxide into the Dupuy Formation.

09/19/2008

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