Santos to Acquire Acreage Offshore Bangladesh

Santos signed an agreement with Cairn Energy for the acquisition of Cairn’s interests in Bangladesh, including interest in Block 16 (Sangu), and Block 16 (exploration) located in the Bay of Bengal offshore Bangladesh. Following the completed transaction, Santos will now hold a 75% operating interest in the producing Sangu field, while Halliburton will hold the remaining 25% interest. Santos will also have a 100% interest in Block 16 exploration. In 2010, Santos acquired 3D seismic surveys in and around the Sangu field, identifying a number of drill opportunities. Santos plans to drill three wells in the area in 2011.

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