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Summary

Santos Records Its Fifth Otway Gas Find

Santos Limited, as Operator for PEP 154 is pleased to announce its fifth gas discovery in the Victorian section of the Otway Basin in 2001.

The exploration wildcat well Naylor 1 has intersected a potential 84 metre gross gas column in the Cretaceous Waarre Sandstone over the interval 2028 metres to 2112 metres.

Wireline logs are currently being evaluated and indications are of at least 30 metres net of gas pay. After completion of wireline logs Naylor 1 will be cased and suspended as a future gas producer. The well reached a total depth of 2157 metres.

Jon Young, General Manager South Australia Business Unit said:

“With at least 30 metres of net gas pay the Naylor 1 well has the potential to be the most significant discovery in the current Otway exploration program.”

“The use of three-dimensional seismic technology helped the South Australian Business Unit achieve a 100% success rate from five wildcat wells drilled in the Otway Basin during 2001.”

“This well reinforces our confidence in the future potential of the onshore Otway Basin”

Currently Mylor 1 and Fenton Creek 1 are on production through the Heytesbury facility. The Naylor 1 well is expected to come on production at 10 terajoules per day based on analogy with existing wells in the area.

The Naylor 1 well is located approximately 3 kilometres to the Northeast of the recent Croft 1 gas discovery and 13 kilometres West-Northwest of the Heytesbury Gas Facility.

The participants in the Naylor 1 well are:

Santos Group (Operator)

90%

Beach Petroleum NL

10%