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Santos Ltd today announced that its wholly owned subsidiary, Santos Americas and Europe Corporation (“Santos Americas”), has successfully completed its cash tender offer to acquire all outstanding shares of Esenjay Exploration, Inc (NASDAQ : ESNJ).The offer expired at 12.00 midnight (New York City time) on 22 April, 2002 at which time approximately 92.3% of the outstanding Esenjay shares had been validly tendered, including those subject to guarantees of delivery within the next three days.

Santos Americas will now proceed to complete the acquisition through a short-form merger on or about 26 April, 2002, following which Esenjay will become a wholly owned subsidiary of Santos Americas. A copy of the press release issued by Santos Americas is attached.

Commenting, the Company’s Managing Director, Mr. John Ellice-Flint said, “The successful acquisition of Esenjay marks an important step in the growth of the Group’s business in the United States.” For further information contact Graeme Bethune, General Manager Finance and Investor Relations on (08) 8218 5157 or 0419 828 617.

Santos stock symbols: STO (Australian Stock Exchange), STOSY (NASDAQ ADR)