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1997 Fourth Quarter Activities Report

Fourth Quarter Highlights

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

  • Production volume increased by 8.9% to 10.7 million boe
  • Sales volume increased by 4.0% to 10.3 million boe
  • Sales revenue decreased by 5.2% to $196.4 million

Full Year Highlights

Full year highlights compared with 1996 are summarised below. Each category represented a full year record for Santos.

  • 6.8% increase in sales revenue to $778.5 million
  • 7.8% increase in sales volume to 41.3 million boe
  • 4.8% increase in production volume to 41.1 million boe

Comment by Mr Ross Adler, Managing Director:

The fourth quarter results contributed to making 1997 another record year for Santos in revenue, production and sales volumes.

During the year a 65% exploration success rate was achieved compared with a 57% success rate in 1996.