Santos Spuds Taunton-4 Appraisal Well

Joint Venture partner, Tap Oil, reports that the Taunton-4 appraisal well spudded on March 23, 2004. The well is located in TP/7 (part 3) offshore Australia.

The Taunton-4 well has been drilled to a depth of 115 meters measured depth and will continue to drill ahead to the planned total depth of 1,480 meters measured depth.

The Taunton field is presently delineated by four wells, Taunton-1, 2, 3 and 3ST. The Taunton-4 well, which is located 650 meters south of Taunton-1, will appraise the southern extent of the Taunton Oil Field. The drilling is expected to take 4 days to reach total depth. Following this well, Blackthorn-1 will be spudded to evaluate the possibility of an additional accumulation and/or extension of the field to the southeast.

TP/7 (Part 3) Joint Venture Participants are Santos as operator with 43.711%; Apahce Oil with 39.658%; Tap oil with 12.474%; and Pan Pacific with 4.157%.