Santos Reaches Milestone for Mutineer-Exeter Project

The development of Australia's newest offshore oilfield - the Mutineer-Exeter project off Western Australia - has taken another key step forward with completion of a state-of-the-art Floating Production Storage and Offloading (FPSO) facility.

The FPSO named the MODEC Venture 11 will leave Singapore in early 2005 to take up anchorage off the WA coast where first oil production from the Mutineer-Exeter field is planned for mid-2005.

The vessel was christened today (see attached photograph) in the Jurong shipyard in Singapore by Ms Catherine Ellice-Flint, wife of Santos Limited's Managing Director, Mr. John Ellice-Flint.

The Mutineer-Exeter oil discovery is being developed by the Santos, KUFPEC, Nippon Oil and Woodside joint venture.

"Mutineer-Exeter is a landmark project for Santos as it is our first offshore oil development as Operator," Mr. Ellice-Flint said.

"Today's naming ceremony is therefore a major milestone in the project's progress," he said.

"The vessel sailed into the shipyard only 10 months ago as a Suez Max class tanker and has undergone an exceptional and rapid conversion into one of the world's most modern FPSO facilities.

"The conversion was achieved over one and a half million man-hours without a lost time injury and this excellent safety performance will be reinforced during the re-location voyage, and when operational."

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