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Summary

1998 Third Quarter Activities Report

Third Quarter Highlights

The following results were achieved compared with the 1997 third quarter:

  • Sales revenue increased by 2.6% to $211.3 million
  • Sales volume increased by 11.6% to 12.5 million boe
  • Production volume increased by 17.8% to 12.3 million boe

Comment by Mr Ross Adler, Managing Director:

It is pleasing that sales revenue has increased despite lower oil prices.

The substantial increase in production and sales volumes reflects a range of growth projects which commenced production during the second and third quarters.

During the quarter production commenced from the Elang/Kakatua/Kakatua North oil fields in the Timor Gap. The Stag and SE Gobe oil fields commenced production during the previous quarter and supply of gas commenced to Mt Isa.

During the quarter, the average oil price realised by Santos was US$12.99 per barrel (A$21.47), down 34.8% and 18.9% respectively compared with the corresponding period in 1997.