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Santos Limited (Santos) announced today that it had entered into an agreement with Sunov Petroleum Pty Ltd (the Crosby Capital Partners/Dr Bob Williams bid vehicle) (Sunov) to acquire Novus Petroleums (Novus) Indonesian and Cooper Basin assets. The agreement is conditional on Sunovs offer for Novus being successful.

Santos agreement with Sunov

Santos has agreed to enter into Procurement, and Sale and Purchase Agreements, to acquire Novus 25% interest in the Kakap PSC, Novus 50% interest in the Brantas PSC, both in Indonesia, and Novus interests in the Cooper Basin for a total cash consideration, of US$192 million, adjusted for an effective date of 1 January 2004, plus contingent consideration linked to reserves upside in the Wunut field, which is capped at US$10 million.

John Ellice-Flint comments:

Santos Managing Director, Mr John Ellice-Flint, said the agreement to acquire Novus Indonesian and Cooper Basin assets represented a continuation of Santos strategy to grow its Indonesian and Australian gas businesses.

Mr Ellice-Flint said the acquisition, if it proceeds, would be both earnings and cash-flow accretive to Santos.

“This transaction is one of many asset acquisition opportunities that are regularly brought to us to consider in the course of our business,” he said.

“If Sunov is successful, it will enable us to supplement our portfolio with those parts of the Novus portfolio that suit our objectives and do so in a cooperative manner.”