"Time is running out… it is very important to East Timor and it is very important to Australia and to Santos," said Ellice-Flint on Channel Nine's Business Sunday program. "The deadline is the 11 March so it is pretty close."

Ellice-Flint warned that without endorsement before March 11, Australia stood to lose a liquefied natural gas contract with Japan equivalent to the $25 billion deal signed last year with China. However, the Santos boss said he was confident of a successful outcome.

Australia wants to ratify a new treaty to carve up energy resource revenue from the so-called Timor Gap between Australia and East Timor. Santos is the only Australian company in the venture.