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Bayu Undan Participants And East Timor Reach Understanding Relating To The Timor Sea Gas Development

Phillips Petroleum (91-12) Pty Ltd, the Operator of the Bayu-Undan development project, and its co-venturers, including Santos, welcome the decision by the East Timor Council to endorse the agreement on a tax and fiscal package that will allow the Bayu-Undan participants to continue with their gas development efforts in the Timor Sea. A copy of the announcement by Phillips is attached.

Commenting, Santos Managing Director Mr John Ellice-Flint said, “Santos is pleased that the Bayu-Undan participants and East Timor have been able to resolve the fiscal and taxation arrangements for the proposed Bayu-Undan gas development. The next step is to formalise the arrangements with the East Timor and Australian governments, clearing the way for efforts to negotiate gas sales agreements that will secure development of the gas project.

Development of Bayu-Undan gas reserves along with other Timor Sea gas resources remains a high priority for Santos. Commercialisation of Bayu-Undan gas is the next step for the participants, East Timor and Australia in realising value from the world-class Timor Sea gas resource.”

Santos’ other interests in the Timor Sea include a 40% interest in Evans Shoal and an approximate 95% interest in Petrel/Tern.