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Summary

2001 First Quarter Activities Report

First Quarter Highlights

The following results were achieved compared with the 2000 first quarter:

  • Sales of gas and ethane increased to a new first quarter record of 50 petajoules.
  • Gas and ethane production increased by 0.8% to 51.7 petajoules.
  • Crude oil production fell by 0.7 million barrels, mainly due to shut-ins, with sales also impacted by timing of liftings.
  • The average realised oil price increased by 19.4% to A$51.15 per barrel.
  • Sales revenue decreased by $7.1 million to $328.5 million.

Santos’ Managing Director, Mr John Ellice-Flint said:

“Production of 12.9 million barrels of oil equivalent in the first quarter of 2001 establishes a solid base for Santos to build upon for the full year.”

“Gas production and sales remain strong. Oil production and sales were lower in the first quarter reflecting shut-ins and remedial work at the Stag and Thevenard Island oil fields together with the timing of liftings. The shortfalls are expected to be caught up in the subsequent quarters.”

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