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Summary

1996 Fourth Quarter Report

1996 FOURTH QUARTER REPORT

Fourth Quarter Highlights

The following results were achieved compared with the 1995 fourth quarter:

Sales revenue increased by 24.4% to $207.2m (a record level of quarterly revenue)

Sales volumes increased by 10.0% to 9.9 million boe (fourth quarter record)

Production volume increased by 8.8% to 9.8 million boe (fourth quarter record)

Full Year Highlights

Full year highlights compared with 1995 are summarised below. Each category represented a full year record for Santos:

8.6% increase in sales revenue to $729.2m

4.1% increase in sales volume to 38.3 million boe

6.4% increase in production volume to 39.2 million boe

8.5% increase in gas sales volume to 151.5 petajoules

10.3% increase in gas production volume to 157 petajoules.

Comment by Mr Ross Adler, Managing Director:

Santos’ 1996 fourth quarter results reflect the positive year that Santos has achieved, with record fourth quarter production and sales volume results.

The record level of sales revenue for the 1996 fourth quarter represented the highest level of sales revenue ever achieved by Santos in a quarter.

Gas and condensate production from East Spar commenced during the quarter and made a positive contribution to the overall production result.

The 1996 full year results showed a 4.1% increase in sales volume to 38.3 million boe and a 6.4% increase in production to 39.2 million boe. Sales revenue increased by 8.6% to $729.2 million. Each of these results represented a full year record for Santos.

The record gas production of 157 petajoules for the full year represented a 10.3% increase from the previous year. The record full year gas sales volume of 151.5 petajoules represented an 8.5% increase from 1995.

$123.9 million was spent on exploration and development in the 1996 fourth quarter which represented an 86.6% increase from the corresponding period in 1995.

Full year exploration and development expenditure increased by 107.4% to $377.2 million, which reflects the accelerated exploration programme in the South Australian section of the Cooper/Eromanga Basins, development activity in Queensland and the development of the East Spar production facility in the Carnarvon Basin.