Annual Report 2004 93
INSIDE
Santos Ltd ABN 80 007 550 923
CHAIRMAN’S REVIEW
2 Stephen Gerlach comments on Santos’
performance in 2004.
2004 ACHIEVEMENTS
2005 AND BEYOND
3 Key achievements in 2004 and three-year
performance, plus what to look for in thenear-term future.
MANAGING DIRECTOR’S
REVIEW
4 John Ellice-Flint reviews Santos’ 50th year,
where the values embodied in the greatexplorers of yesteryear are shaping Santos today.
THE WORLD OF SANTOS
8 Locations of Santos’ global exploration,
development and production activities.
ANALYSING FINANCIAL
PERFORMANCE
10 Putting the numbers in perspective and
explaining the 2004 financial results.
LEVERAGING BASE BUSINESS
12 Production results for 2004 plus a review
of activities that are creating value inSantos’ base business.
CREATING OPPORTUNITIES
15 Exploration strategy, results and acreage
acquisitions, 2005 program and newventure opportunities.
CAPTURING AND
DELIVERING GROWTH
18 Progress on Santos’ development projects
and gas commercialisation highlights. 
MANAGING OPTIONS
22 Strategic projects, portfolio management
activities and reserves movements in 2004.
SUSTAINABILITY 
26 Sustainability activities undertaken in
2004, including safety and environmentalperformance, employees and communities.
CORPORATE GOVERNANCE
29 Details of the main corporate governance
practices Santos has in place.
DIRECTORS’ AND SENIOR
EXECUTIVES’ REMUNERATION
37 Remuneration details for Directors and 
key executives.
BOARD OF DIRECTORS
41 Directors’ biographical details.
GROUP INTERESTS
42 Santos licence areas and percentage
interests.
10 YEAR SUMMARY 
44 Statistical summary of financial
performance.
DIRECTORS’ STATUTORY
REPORT
47 Directors’ shareholdings, meetings,
activities and emoluments.
FINANCIAL REPORT
50 Statements of financial performance,
financial position and cash flows andnotes to the financial statements.
STOCK EXCHANGE 
AND SHAREHOLDERINFORMATION
90 Listing of top 20 shareholders, analysis 
of shares and voting rights.
INFORMATION FOR
SHAREHOLDERS
92 Annual General Meeting, final dividend,
shareholder enquiries and informationresources for shareholders.
GLOSSARY
93 Most frequently used terms explained.
BACK COVER
Corporate directory
Cover photograph: 
Close-up of spinning Kelly Bushing (KB) on the drill floor of an exploration rig. 
Page 1 photographs (top to bottom):
Inspection of coiled tubing drilling activities, Cooper Basin, central Australia; installation of mid water arches, Mutineer-Exeter oil fields, Carnarvon Basin, offshore Western Australia; siteinspection and liaison with contractors, offshore Western Australia; inspection of MODEC Venture11 Floating Production Storage and Offloading facility, Jurong Shipyard, Singapore.
GLOSSARY
barrel/bbl
The standard unit of measurement for all
production and sales. One barrel = 159 litres or 35 imperial gallons.
bcf
Billion cubic feet, a billion defined as 10
9, on
average 1 bcf of sales gas = 1.055 petajoules.
boe
Barrels of oil equivalent. The factor used 
by Santos to convert volumes of differenthydrocarbon production to barrels of oilequivalent.
bopd
Barrels of oil per day.
contingent resources
Those quantities of hydrocarbons which are
estimated, on a given date, to be potentiallyrecoverable from known accumulations, butwhich are not currently considered to becommercially recoverable. Contingent resourcesmay be of a significant size, but still haveconstraints to development. These constraints,preventing the booking of reserves, may relateto lack of gas marketing arrangements or totechnical, environmental or political barriers.
the Company or Santos
Santos Ltd and its subsidiaries.
DD&A
Depreciation, depletion and amortisation of
building, plant and equipment, exploration and development expenditure.
delineation well
Comprises two categories: near-field