The Globex interests includes; WA-15-L containing the producing Stag oil field (12.5%), WA-246-P containing the Corvus gas discovery (15%), and WA-209-P containing the Reindeer gas discovery (19%).

Santos has been a participant in the Stag Field since its discovery by the Stag-1 exploration well in June 1993. Initial field production started in May 1998 with a peak rate of 30,000bopd reached in August 2000.

As a result of the acquisition Santos' interest in the Stag oil field increases from 54.166% to 66.667%.

The acquisition increases Santos' share of estimated oil production from Stag in 2003 by 300,000 barrels and in 2004 by 500,000 barrels. It also increases Santos' participation in Carnarvon gas opportunities through the acquisition of Corvus and increased Reindeer gas interests.

"This is a good value-adding bolt-on acquisition for Santos in assets we know well," said Santos managing director, John Ellice-Flint.

Interests in WA-15-L (Stag) are Apache Northwest 33.333% (operator) and Santos Offshore 66.667%.

Interests in WA-246-P are Apache Northwest 45% (operator), Kufpec Aust 20%, Pan Pacific Petroleum 10%, Tap (Harriet) 10%, Santos Offshore 15%.

Interests in WA-209-P are Apache Northwest 45% (operator) and Santos Offshore 55%.