Santos Hits with Exeter-1 Well

Santos Limited, as operator of WA-191-P, announces a successful oil exploration well in the Carnarvon Basin, offshore Western Australia. Preliminary interpretation indicates a net oil column of 18 meters over the 3,110-3,133 meter interval in the Angel formation. Total depth wireline logging is currently in progress. Further valuation of the results of the well will be undertaken. The well was drilled to a total depth of 3,212 meters.

It is approximately 11 kilometers SW of the Norfolk-1 oil discovery well in water depth of 147 meters. Following abandonment of Exeter-1, Transocean Sedco Forex's semisub, Sedco 702 will move to drilling the Mutineer-2 appraisal well, also in WA-191-P.

All reported depths (except water depth) are referenced to the rig rotary table. Partners in the well are Santos as operator with 44.53% interest; Mobil Australia Resources with 44.54% and Woodside with 10.9333%.