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Summary

2003 First Quarter Activities Report

Australian oil and gas company, Santos Limited, today reported its highest ever first quarter revenue.

The record total sales revenue of $368.7 million for the three months to 31 March 2003, driven by higher gas sales and increased prices for all products, was 14.5% stronger than the $322.0 million for the previous corresponding period.

The latest result was 9.9% higher than the Companys previous best first quarter revenue of $335.6 million achieved in 2000.

The record revenue for Santos reflected stronger world oil and liquids prices during the quarter, coupled with exceptionally strong gas prices realised in the United States.

Gas sales volumes rose by 5.4% in the latest March quarter with across the board contributions from the Groups Australian and US operations.

Total production for the period of 13.0 million barrels of oil equivalent (mmboe) was steady compared with 13.1 mmboe for the corresponding period of 2002.

Total gas production was a record 53.3 petajoules (PJ), up 4.9% from 50.8 PJ in the previous corresponding period. This off-set lower oil production of 2.6 million barrels for the quarter compared with 3.1 million barrels from the first quarter 2002.

Santos Managing Director, Mr John Ellice-Flint, said the latest first quarter performance reflected the Companys ongoing success in increasing its gas business from an increasingly wider pool of developed projects.

It is a solid start to the 2003 year. The results, which benefit from high world oil and gas prices, provide a sound base for our full year outlook, he said.

Mr Ellice-Flint also released Santos forward exploration program for the year.