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Summary

2003 Third Quarter Activities Report

Santos Limited today reported that total sales revenue rose 2.2% to $1102 million in the nine months ended 30 September 2003 from $1078 million in the previous corresponding period.

Total sales volumes in the third quarter of 2003 were steady at 15.3 million barrels of oil equivalent (mmboe) compared with the previous corresponding quarter.

Total production for the three months was down by 5.3% driven by lower gas production and total revenue declined by 4.7% primarily due to lower realised AUD oil prices.

Sales gas and ethane sales volumes and revenue were a record for any quarter in the Companys history with quantities increasing by 1.7% to 64.1 Petajoules (PJ) and revenue by 6.6% to $196.1 million.

Continued success in the oil optimisation program drove a 13.3% increase in oil production to 2.9 million barrels when compared with the second quarter of 2003.

The increase in oil production is particularly pleasing with total production increasing for the third consecutive quarter, said Santos Managing Director, Mr John Ellice-Flint.

This was largely due to the successful Legendre North infill development well and ongoing oil initiatives in the Cooper Basin.