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Summary

2003 Second Quarter Activities Report

Santos gas revenue up 15.5% to $193.5 million

Santos Limited today reported that sales gas revenue in the June quarter rose 15.5% from $167.5 million to a record $193.5 million on sales volumes of 59.0 petajoules (PJ).

A large component of the strong June quarter sales improvement came from the United States where Santos gas sales revenue nearly doubled, reflecting higher production and average realised prices of A$7.52 per gigajoule.

Record June quarter sales gas revenues contributed to a 6.4% first half 2003 increase in total revenue to $716 million, as compared with $673.1 million in the previous corresponding period.

The Companys total second quarter sales revenue was $347.3 million compared with $351.2 million in the previous corresponding period. Total sales volume was 13.8 million barrels of oil equivalent (mmboe) compared with 14.3 mmboe previously. Production was 13.8 mmboe compared with 14.6 mmboe previously.

The solid revenue increase in the first half is pleasing and was achieved despite the 17.5% rise in the realised exchange rate over the period, said Mr Ellice-Flint, Santos Managing Director.

In particular, we welcome the higher revenue contribution from our US gas operations.