Santos Commences Drilling in Browse Basin

Santos Ltd, announces the commencement of a two well oil exploration program in Permits WA-281-P and WA-283-P in the Browse Basin offshore Australia.

The Carbine-1 well in WA-283-P has spudded and had drilled ahead to 125 meters. The planned total depth is 1578 meters. Drilling of the Carbine-1 well is expected to take approximately 12 days.

Carbine-1 will be followed by Marabou-1, located in Permit WA-281-P. The Marabou-1 well is expected to take 28 days to reach its projected total depth of 3958 meters. WA-283-P joint venture participants are Santos Offshore Pty Ltd as the operator with a 27.5% interest; Coastal Oil & Gas Australia 283 Pty Ltd with a 27.5% interest; Petroz NL with a 20.0% interest; Magellan Petroleum (WA) Pty Ltd with a 17.5% interest and Beach Petroleum NL with the remaining 7.5% interest.

WA-281-P joint venture participants are Santos Offshore Pty Ltd as Operator with a 27.5% interest; Oil Search (Australia) Pty Ltd with a 25.0% interest; Petroz NL with a 20.0% interest; Magellan Petroleum (WA) Pty Ltd with a 17.5% interest and Beach Petroleum NL with the remaining10.0% interests.

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