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Summary

Expanded Otway Basin Production

Santos Announces Expanded Otway Basin Production And Gas Sales Agreement

Santos Limited today announced that it has executed a gas sales agreement with a major energy retailer for further production from the Victorian onshore Otway basin. Santos has also concluded a gas purchase arrangement whereby Santos will purchase Beach Petroleum NL’s 10% share of production from the Victorian PEP154 permit.

Santos Limited has signed a 25 Petajoule (PJ), 30 month gas sales agreement with a major energy retailer. Gas supplies for the contract are expected to commence in July 2002 and will be met by the onshore Otway Basin discoveries in Victorian permits PEP153 and PEP 154.

Santos’ Managing Director, Mr John Ellice-Flint said “This continues Santos’ strategy of building up the Company’s role in the Victorian gas market.

Production from Heytesbury now accounts for up to 7% of the Victorian gas market.”

Santos has upgraded and expanded the Heytesbury gas processing facility and recently connected the McIntee, Croft and Naylor wells.

The Heytesbury gas facility is located 160 kilometres South-West of Melbourne and commenced production in 1999. The facility currently processes gas from the Victorian PEP 153 and PEP 154 permits.

Participants in PEP154 are:

  • Santos Group 90% (Operator)
  • Beach Petroleum NL 10%
  • Participants in PEP153 are:
  • Santos Group 100% (Operator)

For further information contact:

Graeme Bethune, General Manager Business Development on (08) 8218 5157 or 0419 828 617.

Santos stock symbols: STO (Australian Stock Exchange), STOSY (NASDAQ ADR)