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Summary

Stag Oil Field Production Increase

Stag Oil Field Production Increase

Two additional Stag production wells – Stag 19H and 20H – have recently been placed on-stream. These wells have increased production over the period since 18 December 1999 to an average of 23,700 barrels of oil per day (bopd), building up to around 27,000 bopd over the last two days.

This compares with an average production rate in the 1999 Third Quarter of 10,000 bopd and an average rate in November of 13,000 bopd.

The Stag oil field is located in the Carnarvon Basin in WA-15-L. The interest holders are:

Apache Corporation 33.33% (Operator)

Santos Ltd 54.17%

Globex Far East 12.50%