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Summary

Santos Ltd. Shareholding Limit

In September 2000 the South Australian Government announced an independent review of the Santos Limited (Regulation of Shareholdings) Act 1989. The Act restricts any one shareholder from having an entitlement to more than 15 per cent of the total number of voting shares in Santos Limited.

The Government has informed Santos that it has considered the review and has decided to make no change to the Act. A copy of the Government’s statement is attached.

Commenting on the decision, Santos Managing Director, Mr John Ellice-Flint said:

“We understand the Government’s position concerning the importance to South Australia of gas supplied from the Cooper Basin.”

“However, notwithstanding the Government’s decision, Santos has consistently expressed the view that retention of the restriction is not in the long-term interest of Santos shareholders. The Board and Company are, and have been, acting on the assumption that, sooner or later, the limit will be removed. We hope that the matter will remain on the Government agenda for reconsideration in due course.”