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FUELS dividend rate

Santos today announced that the dividend rate for its Franked Unsecured Equity Listed Securities (FUELS) will be 6.0142% per annum for the dividend period from and including 30 September 2008 to 30 March 2009.

After incorporating the value of expected franking credits, the grossed-up dividend rate equates to 8.5917% per annum for the dividend period.

In accordance with the FUELS terms of issue, the non-cumulative floating rate dividend on the FUELS, incorporating, on a grossed-up basis, the value of franking credits, is set at a 1.55% gross margin above the 180 day bank bill swap rate for the applicable dividend period.

This bank bill swap rate on the first business day of the dividend period 30 September 2008 was 7.0417%.