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Summary

1997 Second Quarter Activities Report

Second Quarter Highlights

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

  • Sales revenue increased by 4.0% to $194.9 million
  • Sales volume increased by 6.0% to 10.6 million boe
  • Production volume increased by 4.5% to 10.3 million boe
  • 64% success rate from exploration and appraisal wells spudded.

Comment by Mr Ross Adler, Managing Director:

Increases in sales revenue, sales volume and production volume results were achieved by Santos in the 1997 second quarter in comparison with the 1996 second quarter. These results continue the upward trend in the company’s performance.

Sales revenue and sales and production volumes for the first half of 1997 were all higher than those for the corresponding period in 1996. Production volume for the first half increased 5.6% to 19.9 million boe, sales revenue increased by 12.2% to $376.2 million and sales volume increased by 10.0% to 19.8 million boe.

Expenditure on exploration and development during the quarter increased by 61.7% to $160.1 million, reflecting the substantial growth and development program which Santos has in place. Exploration expenditure of $51.9 million and development expenditure of $108.2 million increased by 81.5% and 53.7% respectively.

During the first half of 1997, $269.6 million expenditure on exploration and development was incurred representing a 67.1% increase. Exploration expenditure increased by 56.4% to $77.1 million with development expenditure increasing by 71.9% to $192.5 million.

The company achieved a 64% success rate from the exploration drilling program undertaken during the quarter. The first half success rate was also 64%.

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