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Summary

Santos Announces Gas Sales from Oyong

Santos Limited today announced that its wholly owned subsidiary Santos (Sampang) Pty Ltd had entered into a Heads of Agreement (HoA) with PT Indonesia Power for the sale of the entire gas reserves of the off-shore Oyong field in East Java, Indonesia. The Oyong field is estimated to contain in excess of 90 billion cubic feet of recoverable gas.

Santos said the HoA (which follows the signing of an interim MoU on 31 December 2002) provides for the gas to be sold under a Gas Sales Agreement (GSA) between the Sampang PSC participants and PT Indonesia Power for the life of the field or up to 10 years.