1997 Third Quarter Activities Report
Third Quarter Highlights:
The following results were achieved compared with the 1996 third quarter:
- Sales revenue increased by 10.3% to $205.9 million.
- Sales volume increased by 7.7% to 11.2 million boe.
- 67% success rate from exploration and appraisal wells drilled.
Comment by Mr Ross Adler, Managing Director
Increases in sales revenue and sales volume were achieved by Santos in the 1997 third quarter in comparison with the 1996 third quarter.
Sales revenue and sales and production volumes for the three quarters to the end of September 1997 were all higher than those for the corresponding period in 1996. Production volumes for the nine months to the end of September were 3.4% higher than in the corresponding period in 1996. Sales volumes were 9.2% higher and sales revenue was 11.5% higher. These results highlight the company’s positive performance.
Exploration and development expenditure during the quarter increased by 39.8% to $128.6 million. Exploration expenditure of $37.4 million and development expenditure of $91.2 million increased by 9.4% and 57.8% respectively over the equivalent prior year’s period.
Total spending on exploration and development for the nine months to the end of September 1997 was 57.2% higher than for the corresponding period in 1996. Exploration expenditure increased by 37.1% to $114.5 million with development expenditure increasing by 67.1% to $283.7 million.
Santos’ exploration drilling program undertaken during the quarter achieved a 67% success rate. An overall success rate of 65% was achieved during the first nine months.