Annual Report 200458
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2004
Consolidated Santos Ltd
2004 2003 2004 2003
7. Receivables $million $million $million $million
Trade debtors 181.5 144.3 72.8 88.1
Sundry debtors 228.2 29.1 131.1 12.6
Less provision for doubtful debts (0.6) (1.7) (0.5) (0.7)
Amounts owing by controlled entities:
Non-interest-bearing – – 455.2 359.1
Interest-bearing – – 990.0 636.4
Tax related balances owing by controlled entities – – 269.1 314.8
409.1 171.7 1,917.7 1,410.3
The interest-bearing amounts owing by controlled entities are for loans made in the 
ordinary course of business on normal market terms and conditions for an indefinite period.
8. Inventories
Petroleum products 82.4 73.7 44.8 35.9
Drilling and maintenance stocks 44.4 45.9 16.1 18.9
Less provision for obsolescence (9.5) (7.2) (2.1) (1.6)
117.3 112.4 58.8 53.2
9. Other Assets
Current
Prepayments 18.3 14.3 7.7 7.4
Deferred loss on commodity hedges 3.2 – 2.3 –
21.5 14.3 10.0 7.4
Non-current
Other 2.9 1.1 – –
10. Exploration and Development Expenditure
At cost 6,175.3 5,613.1 1,950.7 1,859.4
Less accumulated depletion (2,965.0) (2,667.8) (1,044.9) (955.8)
3,210.3 2,945.3 905.8 903.6
Movements during the year
Areas in which production has commenced
Cost at the beginning of the year 5,190.6 5,108.8 1,752.4 1,624.3
Expenditure incurred during the year 399.2 277.5 161.7 92.6
Acquisitions 146.0 19.5 – 1.6
Disposals (53.1) (16.0) (99.8) –
Foreign currency translation (34.2) (231.6) – –
Expenditure transferred from areas in the exploration and development stage 107.2 36.3 38.8 33.9
Expenditure transferred from plant and equipment 60.7 – 17.6 –
Expenditure written off during the year (16.3) (3.9) – –
Cost at the end of the year 5,800.1 5,190.6 1,870.7 1,752.4
Less accumulated depletion (2,965.0) (2,667.8) (1,044.9) (955.8)
2,835.1 2,522.8 825.8 796.6
Areas in the exploration and development stage
Cost at the beginning of the year 422.5 424.2 107.0 118.0
Expenditure incurred during the year 66.1 109.6 16.4 29.0
Acquisitions – 0.4 – –
Disposals – (17.7) – –
Foreign currency translation (0.4) (1.9) – –
Expenditure transferred to areas where production has commenced (107.2) (36.3) (38.8) (33.9)
Expenditure written off during the year (5.8) (55.8) (4.6) (6.1)
Cost at the end of the year 375.2 422.5 80.0 107.0
Total exploration and development expenditure 3,210.3 2,945.3 905.8 903.6
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