Dec. 2011 - Eni has purchased a 32.5 percent stake in the Evans Shoal gas field in the Timor Sea, Australia. The undeveloped field, discovered in 1998, holds expected gas-in-place of up to 7 Tcf. Subject to completion of the purchase of Santos-interests, in a separate transaction, Eni has agreed to sell a 7.5 percent equity share in exploration permit NT/P48 to Shell. Both transactions are subject to the regulatory authority. Following the approved transaction, the partners in the revised NT/P48 joint venture will consist of Eni (32.5 percent, operator), Petronas (25 percent and Osaka Gas (10 percent). The Evans Shoal gas field is located in the NT/P 48 exploration permit in the Bonaparte Basin.

Oct. 2011 - Santos will sell its entire working interest in NT/P 48 (Evans Shoal) in the Bonaparte Basin offshore northern Australia for up to US $350 million to an undisclosed company. Santos will receive a cash consideration of US $250 million upon completion; and a contingent future cash payment of up to US $100 million subject to a positive final investment decision for the development of Evans Shoal and the level of 2P reserves at FID. Completion is targeted for year-end. The undeveloped Evans Shoal field is estimated to contain 6.6 Tcf of gas and 30 million barrels of condensate. Santos holds a 40 percent operating interest in the permit, while Petronas holds 25 percent; Shell holds 25 percent; and Osaka Gas holds the remaining 10 percent interest.

May. 2011 - Santos has ended the Evans Shoal transaction to Magellan Petroleum Corporation because the terms under the agreement have not been met by the May 31, 2011 deadline, stated the company. Santos will retain its 40% interest in the NT/P 48 permit and will remain as operator. The company will also keep a US $15 million non-refundable deposit paid by Magellan. The undeveloped Evans Shoal field is estimated to contain 6.6 Tcf of gas and 30 million barrels of condensate. Other partners in the field include Petronas Carigali Pty (25%), Shell Development Pty Ltd (25%), and Osaka Gas Australia Pty Ltd (10%).

Mar. 2010 - Magellan will acquire Santos' entire working interest in the Evans Shoal natural gas field (NT/P48) in the Bonaparte Basin offshore Northern Australia. Under the agreement, Magellan will acquire operatorship of the field, while paying installments of up to US $200 million. Magellan will pay Santos an initial $91 million (A $100 million) for its interest in Evans Shoal, then $45.5 million (A $50 million) if the field partners decide to develop the field, and an additional $45.5 million (A $50 million) on first production. The deal is subject to regulatory and other approvals, and is expected to close in the second half of 2010. Other partners in the undeveloped field include Petronas Carigali Pty (25%), Shell Development Pty Ltd (25%), and Osaka Gas Australia Pty Ltd (10%).