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Summary

2002 Second Quarter Activities Report

Oil and gas producer, Santos Ltd, is pleased to report a 7.4% jump in production in the 2002 second quarter.

Total production was 14.6 million barrels of oil equivalent (mmboe), up from 13.6 million boe in the 2001 second quarter.

This growth reflects a 10.9% increase in natural gas production. Gas production increased in all Santos producing areas, particularly the Cooper Basin and the United States. Condensate and LPG production rose in line with the increase in gas production.

There were also two significant exploration successes during the quarter, the Exeter 1 oil discovery in the Carnarvon Basin offshore Western Australia and the Maleo 1 gas discovery offshore East Java.

Managing Director Mr John Ellice-Flint said

Santos achieved good production and exploration results during the quarter. This marks further progress towards achieving our strategic targets.

Sales revenue declined by 17.0% to $351.2 million compared with the 2001 second quarter, largely as a result of a 16.7% fall in realised oil prices.

Total production for the first half was up by 4.5% compared with the 2001 first half, with a 3.0% increase in sales volumes. Total first half sales revenue remained strong at $673.1 million, 10.4% below the record of $751 million in the first half of 2001, notwithstanding a 20.9% reduction in the average realised oil price.