SANTOS LIMITED — Regulatory Filings 2003

Apr 1, 2003

PAN PACIFIC PETROLEUM NL

STOCK EXCHANGE ANNOUNCEMENT

2 April 2003

Market Information Services New Zealand Stock Exchange Level 9, ASB Bank Tower 2 Hunter Street WELLINGTON

Company Announcements Office Australian Stock Exchange Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000

MONTGOMERY-1 SPUDS

Pan Pacific Petroleum announces that the exploration well. Montgomery-1, in WA-149P. offshore Carnarvon Basin, Western Australia commenced drilling at 1900 hours (WST) on 1^st April 2003.

The Montgomery prospect is a dip closure mapped at base Cretaceous level, extending over 20km². The well targets multiple reservoir seal pairs within the Cretaceous and Jurassic sequence.

The proximity of this target sequence to oil-mature Jurassic source rocks suggests that this prospect could be oil-prone. Pan Pacific's estimate of mid-case potential for the primary target, which is expected at around 3260m, is 30 million barrels, with upside around 70 million barrels.

Participants in Montgomery-1 well are

Apache Oil Australia P/L TAP (Shelfal) P/L Santos (BOL) P/L Pan Pacific Petroleum NL 48.815 % (Operator) 22.474 % 18.711 % 10.000 %

For further information:

Eric Matthews (Exploration Manager) Telephone: (02) 9957-2177 Website: www.panpacpetroleum.com.au

PAN PACIFIC PETROLEUM NL