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Summary

Acquisition of Interest in Kipper Gas Field

ACQUISITION OF INTEREST IN KIPPER GAS FIELD

Santos Limited announced today that it has subscribed for shares in a subsidiary of Gulf Australia Resources Limited which entitles Santos to an approximate 7.5% economic interest in Retention Lease VIC/RL2 containing part of the Kipper gas field.

The Kipper gas field is located in Bass Strait in the Gippsland Basin. Under the terms of the renewal of the Retention Lease VIC/RL2 granted in December 1998 the participants will be undertaking a work programme to evaluate the commercial viability of the Kipper field.