Santos Acquires 20% Stake In Patricia Baleen Development

Santos Ltd has acquired a 20% working interest in the Patricia Baleen development. The Patricia and Baleen fields are located in the OMV operated Production License VIC/L21, located 24 kilometers off the Victorian coastline adjacent to the town of Orbost.

Santos' Managing Director, Mr John Ellice-Flint said "The Patricia Baleen development will be Santos' first involvement in an offshore development in Victoria. Approximately 60 Petajoules of Patricia Baleen gas is already under contract, with a buyer option to take additional quantities at a later stage.

The Patricia Baleen products will be processed to the quality and entry pressure requirements of the Eastern Gas Pipeline at a new purpose built facility near Orbost, scheduled to be on stream in the last quarter of 2002. This will be Santos' first Victorian offshore production, and is in addition to the existing Victorian production from onshore Otway Basin near Port Campbell.

Santos' acquisition of this working interest enhances the Company’s position in the Gippsland Basin and complements Santos' recent increase in working interest in the Sole field (70%) and its existing offshore interests in the Kipper (20%) and Golden Beach (66.7%) fields.

The participants and their working interests in the development are: OMV Australia Pty Ltd (Operator) with 40%; Trinity Gas Resources Pty Ltd. with 40%; Santos with 20%.

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