Santos advises that its interest in the Bayu-Undan LNG, LPG and condensate development has increased from 10.6% to 11.4% as a result of a formal redetermination process.

This is a positive outcome for Santos, with the increase effective immediately and backdated to the commencement of field development activities.

Santos will receive a cash adjustment amount reflecting its increased share of historical revenue net of past expenditure, and will benefit from the increased working interest moving forward.

The Bayu-Undan field straddles permits PSC 03-12 and PSC 03-13 located in the Joint Petroleum Development Area (JPDA), approximately 500 km northwest of Darwin and 250km southeast of Suai, Timor-Leste in the Timor Sea.

Production of LPG and condensate from the Bayu-Undan Field commenced in 2004, and LNG production from the Darwin LNG plant commenced in early 2006.