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Summary

Bayu-Undan

Bayu-Undan

Santos Limited is pleased to announce that it is proceeding, through its whollyowned subsidiary Santos (ZOCA 91-12) Pty Ltd, with the liquids recovery phase of the Bayu-Undan project.

The liquids phase is expected to cost US$1.4 billion (Santos share US$170m), with production forecast to begin in 2004.

Commenting, Santos Managing Director Mr. Ross Adler said:

Bayu-Undan is a significant project for Santos. It is a large, long-life liquidsrich field which is expected to make a material contribution to Santos production for many years.

The liquids phase of the project involves producing and processing natural gas, separating and exporting condensate and liquefied petroleum gas liquids, and reinjecting lean gas back into the reservoir. Facilities are being designed to process 1100 million standard cubic feet per day of raw gas and extract 110,000 barrels per day of condensate and liquid petroleum gas. The plan allows for future export of sales-specification gas as a second phase.

Participants in the Bayu-Undan Unit are:

Phillips Petroleum Company 50.30% (Operator)

Santos 11.80%

Inpex 11.70%

Kerr-McGee Corporation 11.20%

Petroz 8.30%

British Borneo 6.70%