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Summary

Santos today announced that proved and probable (2P) hydrocarbon reserves increased to 1,406 million barrels of oil equivalent (mmboe) as at the end of 2012. This represents a 2P reserves replacement ratio of 180% and provides a reserves life of 27 years based on 2012 production of 52.1 mmboe.

Santos today announced that proved and probable (2P) hydrocarbon reserves increased to 1,406 million barrels of oil equivalent (mmboe) as at the end of 2012. This represents a 2P reserves replacement ratio of 180% and provides a reserves life of 27 years based on 2012 production of 52.1 mmboe.

2012 continued Santos’ consistent track record of reserves growth – the company has increased reserves in eight of the past nine years whilst producing over 480 mmboe in the same period.

Chief Executive Officer David Knox said Santos’ growing reserve position, combined with existing infrastructure, leaves the company strategically well placed to supply the growing demand for natural gas in Australia and Asia.

Reserve additions in 2012 were driven by strong growth in Cooper Basin gas reserves and include Australia’s first shale gas reserves booking from the successful Moomba-191 well. Reserves growth was also recorded in Cooper Basin oil, Queensland CSG, the Carnarvon Basin and Vietnam.

2P reserves grew by 94 mmboe before production. The key movements in reserves were:

  • 35 mmboe addition in the Cooper Basin from work program success, technical studies and production performance within the gas (31 mmboe) and oil (4 mmboe) assets.
  • 31 mmboe addition in Queensland CSG from increasing Santos’ interest in the Combabula field and growth in GLNG reserves.
  • 26 mmboe net addition in the Carnarvon Basin driven by upward revisions on John Brookes, Barrow Island, Stag and Spar, partially offset by a downward revision of Reindeer.
  • 9 mmboe addition in Vietnam due to an upward revision of Chim Sao reserves from successful drilling results and strong production performance, combined with the sanction of the Dua tie-back development.
  • 12 mmboe reduction in Bayu-Undan reflecting updated reservoir modelling.

After deducting 2012 production of 52 mmboe, Santos’ year-end 2P reserves were 1,406 mmboe, 42 mmboe higher than 2011. The organic (excluding acquisitions and divestments) 2P reserves replacement ratio was 136%.

On a proved (1P) basis, year-end reserves were 663 mmboe, 14 mmboe higher than 2011. This represents an organic 1P reserves replacement ratio of 124%.