Santos Accepts Takeover Offer of OCA Shares from Origin

Santos Ltd has, subject to the satisfaction of certain conditions, agreed to accept an off-market take-over bid of $4.25 per share announced by Origin Energy Limited for Oil Company of Australia ("OCA") in respect of 2.9 million shares in OCA held by the Santos Group.

Apart from Santos' commitment for 2.9 million OCA shares, the Santos Group holds a further 11.8 million shares in OCA.

Santos will consider the Origin offer in respect of its remaining holding in OCA, taking into account the Independent Expert's Report, which will accompany the target's statement, the recommendation of the OCA Independent Director and any other offers that eventuate.

Santos has held shares in OCA since 1987. The book value of the shares held by Santos is currently $1.13.

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