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Total sales revenue for Santos Limited for the 12 months to 31 December 2003 was virtually steady at $1,465.0 million reflecting higher average prices across most products, despite the 26% appreciation in the Australian dollar against the US dollar in the twelve months to the end of the December quarter.

In its Activities Report for the December 2003 quarter, Santos today announced:

  • Total full year sales revenue of $1,465.0 million, which was one per cent less than the $1,478.4 million in the previous 12 months. December quarter sales revenue was $362.5 million compared with $399.6 million in the previous corresponding quarter
  • A 15.7% drop to $A41.47 per barrel in the average realised crude oil price for the latest December quarter – down from $A49.17 per barrel in the previous corresponding quarter and due to the exchange rate
  • Record annual gas and ethane sales revenue of $720.8 million – up 9.3% on the previous year’s $659.6 million, including the benefit of continuing high US gas prices
  • In line with previous guidance to the market by the Company, total 2003 production of 54.2 million barrels of oil equivalent (mmboe) compared with 57.3 mmboe in 2002. December quarter production was 13.0 mmboe compared with 14.4 mmboe in the previous corresponding quarter.

Managing Director Mr. John Ellice-Flint commented: “Record gas and ethane revenue for the year was a particularly good result. Otherwise these numbers are in line with expectations.”

Also during the December quarter, Santos achieved significant progress on its new growth projects, including:

  • Bayu-Undan where significant commissioning milestones were achieved and first production is on track for April this year
  • Mutineer-Exeter oil field development (Santos 33.4%) which was sanctioned by all joint venturers. Major contracts have now been awarded for the project
  • In the Casino gas field in the Otway Basin, significant progress was
    made on the commercialisation of the field
  • In the John Brookes gas field in the Carnarvon Basin, the Thomas Bright 2 well was drilled, successfully appraising the southern area of the field.