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Annual General Meeting


The Santos Annual General Meeting was held inAdelaide today with the Chairman Mr John Uhrig AO and the Managing Director Mr Ross Adler AO addressing shareholders.

Mr Uhrig outlined the significant achievements made by the Company in 1998 notwithstanding the impact on financial results of low oil prices. Mr Adler addressed the Companys growing gas business in Australia and the other opportunities available to the Company.

On the outlook for 1999 Mr Uhrig commented:

We had a good first quarter, with significant increases in production and


We expect the growth in production to be maintained.

This year production and sales volumes are expected to exceed 50 million boe for the first time.

Revenue also depends on oil prices.

During the first three months of 1999 West Texas Intermediate Crude averaged US$ 13.17 per barrel. This was almost 9 percent below the average price during the first quarter last year.

However since then oil prices have increased and in the last few days WTI has reached its five year average level of US$18.50 per barrel.

This compares with its average price of US$ 20.60 in 1997 and US$ 14.43 in 1998.

Oil prices have increased very quickly and no-one can be certain about whether they will be maintained.

However the recent improvement in prices, if maintained, provides us with a positive outlook for the remainder of the year.