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Summary

Runnells-7 Well Test at 22 Million Cubic feet of Natural Gas Per Day

Santos Ltd. (ASX: STO, NASDAQ: STOSY) today announced that Santos USA Corp, has completed and tested its Runnells-7 well in the deep geopressured Frio Trend in Matagorda County, Texas.

The Runnells-7 well was production tested at an unstimulated daily flow rate of 623,000 cubic meters per day (22 million cubic feet) of natural gas, and over 80 cubic meters per day (500 barrels) of condensate from the Claughton interval of the Lower Frio formation. The flowing tubing pressure was 42,990 Kpa (6,235 psi) through a 10mm (25/64″) choke. Currently, the Runnells-7 is shut in, and the Company expects to turn the well to sales by December 21, 2001.

The Runnells-7 well is the second delineation well drilled in the Runnells Field and the third consecutive significant well drilled and completed in the Field. Once the Runnells-7 is turned to sales, the Company expects that total daily production from the three wells will be approximately 1,416,000 cubic meters (50 MMCF) of natural gas and 238 cubic meters (1,500 barrels) of condensate.

The Company anticipates that several additional delineation wells will be drilled in the Runnells Field. The next delineation well is scheduled to spud in the first quarter of 2002.

In November 2001, Santos USA acquired a 33% working interest in the Runnells Field, together with Operatorship, bringing its total working interest to 63%.

Other interest-holders in the Runnells Field discovery are Esenjay Exploration, Inc. (NASDAQ: ESNJ), with a 9.68% working interest and Samedan Oil Corporation, a wholly owned subsidiary of Noble Affiliates Inc. (NYSE: NBL), with a 24% working interest. The remaining interests are owned by private parties including Trijon Exploration, Inc. and Brazos Resources, Inc.