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Summary

Santos Acquires Interest in Irian Jaya

SANTOS ACQUIRES INTEREST IN IRIAN JAYA

Santos announced today that it has acquired, subject to Indonesian Government approval, a 20% interest in the Warim Production Sharing Contract (PSC) in eastern Irian Jaya.

The PSC is operated by Conoco Warim BV, part of the international Conoco group, which currently has a 100% interest.

The acreage straddles the same thrust and foldbelt in the Papuan Basin which extends from Papua New Guinea, where the Kutubu and Gobe oil fields are located, into Irian Jaya.

Six wells have been drilled in the Warim Block to date, five of which have encountered oil shows. The most recent well, Digul 1, was drilled in 1993.

Santos has farmed in for a 20% equity interest in a two well program, commencing in July 1997. The first well to be drilled will be Kau 1.

Commenting, Bob Hall, General Manager – South East Asia said:

“This new interest in Irian Jaya complements Santos existing interests in Papua New Guinea. This is one of the most exciting areas for oil exploration in the South East Asian region.”