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Third quarter production up 6% and record quarterly sales revenue

  • Santos today announced a 6% lift in third quarter production to 13.5 million barrels of oil equivalent (mmboe) and record quarterly sales revenue of $851 million
  • Quarterly crude oil production of 2.6 million barrels was the highest in four years and 6% above the previous quarter due to strong production from Chim Sáo and higher Cooper Basin oil production.
  • Gas production of 58 PJ (10 mmboe) was 3% above the corresponding period, with record production from the Carnarvon Basin partially offset by lower Cooper Basin and Indonesian gas production.
  • The average gas price of $5.46/GJ was up 19% on the corresponding period, primarily reflecting higher Indonesian gas prices following the favourable Maleo price review, the commencement of production from Reindeer in Western Australia and stronger LNG sales volumes from Darwin LNG.
  • Sales revenue of $851 million for the September quarter was 15% higher driven by higher sales volumes and higher gas prices. 2012 year-to-date sales revenue of $2.3 billion is also a record.
  • Production guidance for 2012 is maintained at 51 to 55 mmboe.

Key activities during the period

  • Moomba-191 shale well was connected to the Moomba infrastructure and has been flowing gas at a stabilised rate of 2.7 mmscf/day.
  • Crown-1 exploration well drilling ahead in the Browse Basin, offshore Western Australia.
  • Farm-in agreement executed with Central Petroleum for Santos to earn up to a 70% interest in
    13 permit/application areas in the Amadeus and Pedirka Basins. Santos will be the operator of all permits under the agreement, subject to Central Petroleum successfully renewing the relevant permits.
  • Approval received from the Vietnamese Government for the Dua field development. First oil is expected in the first half of 2014.
  • The PNG LNG and GLNG projects remain on track for first LNG in 2014 and 2015 respectively.
  • Santos purchased a 3.31% interest in the Combabula CSG field in Queensland from Tri-Star Petroleum and swapped gas with APLNG for delivery at Fairview.

Santos Chief Executive Officer David Knox said that strong performance from the base business had driven another lift in quarterly production and record sales revenue.

“The third quarter demonstrates the growth in our base business. The quarter also stands out for the highest quarterly sales revenue in the company’s history.”

“The PNG LNG and GLNG projects remain on track for first LNG in 2014 and 2015 respectively,” Mr Knox said.

1 Prior period sales volume and revenue has been restated due to the change in accounting treatment for third party crude oil purchases and sales. Refer to footnote on page 4.