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Summary

Carbine 1 and Marabou 1

Santos Ltd, as the Operator of Permits WA-281-P and WA-283-P in the Browse Basin announces the commencement of a two well oil exploration program.

The Carbine-1 well in WA-283-P has spudded and as at 06.30am today had drilled ahead to 125 metres. The planned total depth is 1578 metres. Drilling of the Carbine-1 well is expected to take approximately 12 days.

Carbine-1 will be followed by Marabou-1, located in Permit WA-281-P. The Marabou-1 well is expected to take 28 days to reach its projected total depth of 3958 metres.

WA-283-P Joint Venture Participants:

Santos Offshore Pty Ltd (Operator)

27.5%

Coastal Oil & Gas Australia 283 Pty Ltd

27.5%

Petroz NL

20.0%

Magellan Petroleum (WA) Pty Ltd

17.5%

Beach Petroleum NL

7.5%

WA-281-P Joint Venture Participants:

Santos Offshore Pty Ltd (Operator)

27.5%

Oil Search (Australia) Pty Ltd

25.0%

Petroz NL

20.0%

Magellan Petroleum (WA) Pty Ltd

17.5%

Beach Petroleum NL

10.0%