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Summary

Chevron Farms-In To Santos PNG Exploration Permit

The Santos Group advises that Chevron Niugini Limited has farmed-in to the PPL 206 permit in Papua New Guinea to acquire an interest of 40%.

This permit, which is operated by the Santos Group, is located in the PNG foreland, immediately to the south of the Kutubu oil field.

The major lead in the permit is the Bosavi oil prospect. A short seismic line over the prospect was completed in 1998. This will be followed by further seismic acquisition, commencing in June this year, with a well, dependant on seismic, being planned for early 2001.

Following the farm-in, the interests in the permit will be as follows:

Company

Current Equity

Post Farm-In Equity

Santos Niugini Exploration Limited (Operator)

48.0%

30.5%

Chevron Niugini Limited

N/A

40.0% (a)

Bligh Papua Limited/Bligh Kanau Limited

48.0%

25.5%

Garnet PNG Corporation

2.0%

2.0%

Niugini Energy Inc

2.0%

2.0%

(a) Based on agreed Chevron contributions to seismic and drilling costs.