Santos builds deepwater acreage portfolio

Santos Ltd. has won its sixth exploration permit in the deepwater Otway basin, off south Australia. Santos and Unocal will explore permit T/35P in the Tasmanian portion of the offshore Otway basin. T/35P is adjacent to Santos' other offshore deepwater permits in the Otway and Sorell basins.

Santos Ltd. has won its sixth exploration permit in the deepwater Otway basin, off south Australia.

Santos and Unocal will explore permit T/35P in the Tasmanian portion of the offshore Otway basin. T/35P is adjacent to Santos' other offshore deepwater permits in the Otway and Sorell basins.

Seismic work will begin in T35/P in the next year and subject to seismic data evaluation, one well could be drilled in the six-year work program.

In addition, the Commonwealth Government awarded Santos two offshore exploration permits in the Otway basin (VIC/51P and VIC/52P) and two offshore exploration permits in the Sorell basin (T/32P and T/33P) in August 2002. The company also operates the VIC/44P permit in the offshore Otway basin, which contains the Casino discovery wells.

Santos has already completed seismic work on the blocks awarded in 2002 and is to drill the first wells, targeting oil, in the area within the next six months.

Santos is the operator of all six exploration permits in which it has interests in the offshore Otway and Sorell basins. Santos holds a 50% interest in T/35P with Unocal 50%.

08/19/03

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