text: In Australia, our increasing focus 
  on the potential of offshore areas 
  will see Santos drill three wells 
  off Western Australia in 2005, 
  one off southern Australia and 
  two wells off northern Australia. 
  We will also drill two wells 
  onshore in Queensland and one 
  onshore in Victoria. 
  
  The discovery of oil and gas 
  at Hiu Aman in the Kutei Basin, 
  offshore East Kalimantan, has 
  provided a strong start to our 
  2005 exploration program and 
  we look forward with anticipation 
  to further work on that 
  significant find. Santos has a 
  50% interest in the discovery. We 
  believe this region of Indonesia 
  is very promising and Santos 
  expects to drill four wells in the 
  Kutei Basin in 2005. 
  
  **BIGGEST DEVELOPMENT**
  **YEAR YET**
  I am pleased also to report 
  that 2004 was a record year for 
  development with six projects 
  advancing through the pipeline. 
  
  Santos has an exciting 
  exploration program for 2005: one 
  that I believe holds the highest 
  resource potential of any program 
  in the Company's 50-year history. 
  
  5  Annual Report 2004 