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Summary

Ewing Bank 994 #1 Oil Discovery

EWING BANK 994 #1 OIL DISCOVERY

Santos Ltd announces today that its USA subsidiary, Santos USA Corporation, has encountered an estimated 185 net feet (true vertical depth) of oil pay in three separate zones between 7,133 and 12,956 feet (measured depth) in Ewing Bank Block 994.

The Ewing Bank 944 # 1 well is located in water depth of approximately 850 feet and is approximately 140 miles south west of New Orleans, Louisiana.

Evaluation of the discovery well continues and further engineering and geological studies will be required prior to any development decision being made.

Santos USA Corporation holds a 20% working interest, with other working interest owners being Murphy Oil Corporation (45% and Operator) and Callon Petroleum Company (35%).

Santos USA Corporation plans to drill a further two Gulf of Mexico exploration wells by the end of the year: High Island A500 and Eugene Island 59.