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Production in line with 2008 guidance

  • 2008 production of 54.4 mmboe was within the Company’s guidance range.
  • December quarter production of 13.6 mmboe improved by 3% compared to the September quarter following the reinstatement of production from John Brookes in September.
  • 2008 Cooper Oil production increased by 19% compared to the previous year, even though December quarter production was impacted by adverse weather conditions.

2009 production guidance

  • 2009 production is expected to be in the range of 53 to 56 mmboe.

Record Annual Sales Revenue

  • 2008 sales revenue of $2.8 billion was a record for the Company.
  • December quarter average portfolio gas price of $4.74 per gigajoule was 23% higher than the December quarter of 2007, primarily due to higher realised ethane and LNG prices.
  • December quarter average realised oil price of A$89.81 per barrel was 19% lower than a year earlier, due to lower international oil prices offset by a weaker A$/US$ exchange rate.

Key activities during the period

  • Appointment of Bechtel as downstream FEED contractor for Gladstone LNG.
  • Transfer of Santos’ interest in the Brantas PSC in Indonesia, including the Banjar Panji-1 well, to a company associated with the project operator.
  • Oil discovery with the Fletcher-3 exploration well in the Carnarvon Basin offshore Western Australia.
  • Successful completion of $300 million off-market share buy-back.
  • US$585 million Sino Iron gas sales contract signed in early January, with gas to be supplied from the Reindeer project in Western Australia.