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2002 Third Quarter Activities Report

Record quarterly performance

The three months ended 30 September, 2002, have proved a strong growth period for Santos Limited, including:

  • The highest ever production and sales for any quarter
  • Production up 3.4% to record 15.2 million barrels of oil equivalent (mmboe) – the first time quarterly output has exceeded 15 million barrels.
  • Sales volumes up 6.3% to a record 15.3 mmboe
  • Revenue for the quarter up 8.1% to $405.4 million – second highest quarterly revenue in the Company’s history, fuelled by higher oil prices and record sales volumes
  • Highest quarterly gas production for two years from the Cooper Basin due to ongoing production optimisation efforts and improved field management
  • YTD for nine months to 30 September, 2002:
    • Production 42.8 mmboe (41.2 mmboe previously)
    • Sales volumes 42.5 mmboe (41.0 mmboe previously)
    • Sales revenue $1,078.5m ($1,126.3m)