2002 First Quarter Activities Report
This is a good start to the year. Sales revenue was $322 million, close to the 2001 first quarter. Higher oil production and sales largely offset the impact of sharply lower oil prices and a record cool summer.
Oil prices have moved higher over the last two months.
Sales volumes increased by 9% to 13.0 million barrels of oil equivalent (boe). Total production was also 13.0 million boe, 1.4% higher than the 2001 first quarter. Oil production was 17% higher.
The Norfolk-1 oil discovery in the Mutineer complex, in the Carnarvon Basin, was another first quarter highlight. Appraisal drilling of the complex is currently underway.
For further information, contact:
Graeme Bethune, General Manager Finance and Investor Relations on (08) 8218 5157 or 0419 828 617.
Santos stock symbols: STO (Australian Stock Exchange), STOSY (NASDAQ ADR)
For a full copy of this report use the download feature below