SYDNEY, June 1 | Tue May 31, 2011 7:14pm EDT (Reuters) - Santos
* Sale of 40% working interest in NT/P 48 (Evans Shoal) in the Bonaparte Basin to Magellan Petroleum Australia will not complete because the conditions to completion have not been satisfied by the 31 May 2011 deadline.
* Santos will retain its 40% interest in NT/P 48 and will remain as operator of the permit. Santos will also retain a A$15 million non-refundable deposit paid by Magellan. (Reporting by Balazs Koranyi)