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Santos Ltd announces that it has agreed to acquire interests from Cultus Petroleum and its associated companies in the Amadeus and Bass Basins, effective 1 December 1996.

This is a modest acquisition which complements Santos existing interests in the Palm Valley and Dingo gas fields in the Amadeus Basin and provides an interest in Yolla field which has medium term potential, the Managing Director of Santos, Mr Ross Adler said.

The interests acquired in the Palm Valley and Dingo gas fields, comprise:

Cultus

Palm Valley (OL3) 9.375%

Dingo (NT/RL2) 1.7558%

The Palm Valley gas field supplies gas to Alice Springs and Darwin.

The Dingo field is a commercial gas discovery and production is expected to commence in 1998.

This acquisition, together with an acquisition of interests from Boral Energy, will take Santos interest in the Palm Valley field to 47.9770% and in the Dingo field to 65.6635%.

As part of the acquisition from Cultus, Santos will also acquire a 27.1385% interest in the Yolla gas/condensate field (T/RL1) offshore Tasmania and a 15% interest in the nearby T/18P exploration permit.

The total cost of the assets acquired is around $12 million. The acquisition will add 4 million barrels of oil equivalent to Santos reserves.