jeruk reserves update not good under 50mb

Santos Limited ABN 80 007 550 923
GPO Box 2455, Adelaide SA 5001
Telephone: +61 8 8218 5111 Facsimile: +61 8 8218 5131
www.santos.com
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Media enquiries Investor enquiries
Kathryn Mitchell Andrew Seaton
+61 8 8218 5260 / +61 (0) 407 979 982 +61 8 8218 5157 / +61 (0) 410 431 004
[email protected] [email protected]
24 November 2006
Jeruk Reserves Update
The Jeruk oil discovery is located in the Sampang PSC, offshore Indonesia,
approximately 42 kilometres from the city of Surabaya.
As foreshadowed in Santos’ ASX releases following the Jeruk-3 appraisal well (dated 14
July 2006 and 2 August 2006), technical work has been ongoing to integrate all well and
seismic data to better determine the most likely oil resource range.
This analysis is now largely complete and whilst there are substantial remaining reservoir
uncertainties, the upside recoverable oil resource for Jeruk is most likely to be less than
50 million barrels.
Opportunities to commercialise Jeruk are being pursued, however plans for additional
appraisal drilling have been placed on hold pending the review of development scenarios
and the resolution of commercial and technical issues which may potentially impact the
viability of any development.
The participants in the Sampang PSC are:
Santos (Sampang) Pty Ltd (operator) 40.5%
Singapore Petroleum Sampang Ltd 36.0%
Cue Sampang Pty Ltd 13.5%
PT Petrogas Oyong Jatim* 10.0%
* subject to finalisation of documentation
Ends
Santos stock symbols: STO (Australian Stock Exchange), STOSY (NASDAQ ADR), Ref #82-
34 (Securities Exchange Commission)