text: • the farm-out of a 25% 
  
  interest in the VIC P/51 
  block containing the Callister 
  prospect to Mitsui & Co 
  subsidiary Mitwell Energy 
  Resources. 
  
  These farm-outs continued the 
  trend of risk-sharing with quality 
  partners. 
  
  **ADDING MATERIAL PROSPECTS**
  Santos is now in a position that 
  exploration success in 2004 and 
  good acreage management has 
  created future options that will 
  ultimately translate into greater 
  value for the business in 2005 
  and beyond. 
  
  The addition of the Donggala PSC 
  gives Santos a particularly strong 
  presence in the Kutei Basin and 
  covers a highly prospective trend, 
  while adding to the Company’s 
  growing Indonesian operations. 
  
  This has been achieved by 
  focusing on ‘basin excellence’. 
  This means becoming a technical 
  leader in basins, within our focus 
  areas, entering early where 
  possible to keep entry costs 
  down, balancing the commercial 
  and the technical risks and 
  selecting the right co-venturers. 
  
  Other exploration acreage 
  portfolio management and 
  activities during 2004 included: 
  
  • the award of exploration permit 
  
  T/36P in the Sorell Basin, 
  offshore Tasmania 
  
  Annual Report 2004 