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Summary

Board Response to N R Adler Retirement

The Board of Santos Ltd was informed earlier today that Mr Ross Adler, Managing Director and Chief Executive Officer, intends to retire effective 30th September 2000 for the reasons outlined in his press statement today.

Mr Adler joined Santos as Managing Director in October 1984 and was formally appointed Chief Executive on 6th November of that year. Mr Adler joined the Company at a time of considerable turmoil and uncertainty and at the time of the start up of the $1.5 billion Liquids Recovery Project at Moomba. Since then Mr Adler has not only brought about stability but has facilitated the emergence of Santos from a small and fledgling oil and gas explorer and producer into a professionally managed, large, modern and successful corporation. Santos is now the largest and most successful on-shore oil and gas explorer and producer in Australia.

The Board of Directors of Santos wish formally to record their appreciation of Mr Adlers efforts and contribution as Managing Director and Chief Executive Officer.

The Board intends to initiate immediately a search, both internal and external, for a suitable successor.