Santos? Indonesian drilling update

Thursday, April 8 2004 - 06:44 AM WIB

The following is excerpt from Santos Limited?s Weekly Drilling Report for week ending April 8, 2004:

Wildcat Exploration WellsJeruk 1
TypeExploration
LocationOffshore Indonesia
Sampang PSC, East Java Basin.
35km WSW of the Oyong Field and some 40km SE of Surabaya.
Status at 0600hrs -- 01/04/04 (Jakarta Time)Santos Ltd advises that, as previously reported, the Jeruk 1 well in the Sampang PSC, East Java, has been plugged and abandoned following evaluation operations.
The well reached a total depth of 5,027 metres. Lost drill pipe in the hole prevented the well being drilled and evaluated to the planned Total Depth of 5,250 metres.
An open-hole Drill Stem Test of the Kujung carbonate objective section flowed oil and water emulsion (up to 80% water) at the rate of 4,700 barrels per day, 0.3 million cubic feet of gas per day and 470 barrels of water per day.
An assessment of what follow-up activity may be undertaken is currently being made.
Planned Revised Total Depth 5250m
Interest Santos Group 50%
PT Medco Sampang 50%
Operator Santos Group
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