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Summary

Corowa 1

Santos Limited, as operator for WA-264-P, announces a successful oil exploration well in the Carnarvon Basin, offshore Western Australia.

Corowa-1 flowed 839 cubic metres of oil per day (5,276 barrels) through a 19 mm (3/4“) surface choke at a flowing well head pressure of 880 psia from the interval 1549 — 1560 m in a Barrow Group Sand.

The oil flow was accompanied by 64,565 cubic meters of gas per day (2.28 million cubic feet per day) with no water. There is no oil-water contact in the well.

Corowa-1 is located in 84 metres of water, 40 km west of the Thevenard Island production facility and 24 km south of the Griffin Field.

Santos Managing Director, Mr John Ellice-Flint said,

“This is an encouraging result and we will now consider how best to proceed, including appraisal of the discovery and the drilling of nearby prospects”.

The interest holders in WA-264-P are:

Santos Offshore Pty Ltd

66.67%

Idemitsu Oil Expl (Barrow) Pty Ltd

33.33%