Santos Increases First Quarter Production and Revenue

Santos reported increased production volumes and revenue for the first quarter of 2006. Total production for the three months ended 31 March 2006 rose 10.4% to 13.8 million barrels of oil equivalent (mmboe) from 12.5 mmboe in the previous corresponding quarter.

Sales volume totalled 13.9 mmboe compared with 13.6 mmboe in the previous first quarter. Sales revenue was up 33.5% from $465.9 million to $621.8 million, reflecting another period of higher average prices received for all products.

"It is pleasing to report higher first quarter production, especially as our Western Australian oil production was impacted by cyclone activity," Santos' Managing Director, Mr John Ellice-Flint, said today.

"On the other hand, Western Australian gas production was up strongly, reflecting the start-up of the John Brookes field in September last year," he said.

"New projects coming on stream and more stable production from some of our established operations are expected to enhance group results throughout the remainder of the year. "At the same time, the market outlook for natural gas and crude oil augurs well for Santos as we continue to benefit from historically high oil prices," Mr. Ellice-Flint said.

Second quarter operations will include the first full quarter of gas output from the Casino field offshore Victoria and liquefied natural gas sales from the Bayu-Undan project both of which commenced production ahead of schedule in January 2006.

Other new projects coming on stream for Santos during 2006 include the Oyong and Maleo oil and gas projects in Indonesia and production from the new Cooper Basin oil program.


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