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STOCK EXCHANGE ANNOUNCEMENT

Santos Ltd announces that Mr. John McArdle, Executive General Manager-Commercial and an Executive Director, has expressed his intention to retire from the Company on reaching 55 years of age in July 2001. Mr. McArdle joined Santos in 1982 following a 15 year career with Santos Cooper Basin joint venture associate, Delhi Petroleum Pty Ltd.

Mr. McArdles decision to retire is confirmation of his intentions expressed in general terms last year.

The Board would like to acknowledge Mr. McArdles very significant contribution to Santos over 18 years in a variety of important roles.