Santos acquires 50% interest in Northwest Natuna PSC

8/23/2013

Santos acquires 50% interest in Northwest Natuna PSC

ADELAIDE -- Santos has announced the acquisition of a 50% interest in the Northwest Natuna production-sharing contract (PSC) offshore Indonesia from AWE Limited.

The Northwest Natuna PSC contains the undeveloped Ande Ande Lumut oil field which has been independently assessed to contain estimated gross proved and probable reserves of approximately 100 million barrels of oil.

The Ande Ande Lumut oil field was discovered in April 2000 and two subsequent appraisal wells were drilled in 2006.  The proposed development plan contemplates the installation of a well-head platform and a permanently moored FPSO, with oil off-take via shuttle tankers.  A final investment decision to develop the field is expected in 2014.

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