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Summary

1997 First Quarter Activities Report

First Quarter Highlights

The following results were achieved compared with the 1996 first quarter:

  • Sales revenue increased by 22.5% to $181.3 million (first quarter record).
  • Sales volume increased by 15.0% to 9.2 million boe (first quarter record).
  • Production volume increased by 6.8% to 9.6 million boe (first quarter record).
  • 60% success rate from exploration and appraisal wells spudded.

Comment by Mr Ross Adler, Managing Director:

Strong sales revenue, sales volume and production results were achieved by Santos in the 1997 first quarter in comparison with the 1996 first quarter. The results achieved represented first quarter records for Santos. The reported results fully incorporate all activities in respect of the petroleum interests of WMC acquired (subject to the grant of all requisite approvals) with effect from 1 January 1997.

Expenditure on exploration and development during the quarter increased to $109.5 million, a 75.8% increase compared with the 1996 first quarter, reflecting the substantial growth and development program which Santos has in place. Of this expenditure $84.3 million was spent on development projects, reflecting development activity in South West Queensland associated with new gas contracts, an increased development program in the South Australian portion of the Cooper/Eromanga Basins, and the commencement of the Stag oil field development project in the Carnarvon Basin.