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Summary

2001 Third Quarter Activities Report

Third Quarter Highlights

The third quarter was a solid one for the Company in terms of production, sales and exploration.

Total production was 14.7 million barrels of oil equivalent, slightly below the 2000 third quarter.

Sales revenue was $375 million, 4% below the 2000 third quarter reflecting a 2.4% drop in the realised oil price and a 1.9% fall in sales volumes.

Oil production was 13.5% above the 2001 second quarter due to increased production from the Legendre oil field.

Third quarter production and sales were adversely impacted by the Moomba incident that reduced production by 0.523 mmboe. The Company still expects to be in a position to recognise recoveries from insurance claims in the full year results.

Santos’ exploration efforts continued to deliver encouraging results especially in the Cooper Basin with the Wellington 1 and Crowsnest 1 discoveries.

John Ellice-Flint
Managing Director