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              [html]<thead><tr><td>On top of exploration and new ventures growth opportunities, Santarials has a large inventory of component of completely controlled to pas contracts. These fields, known as contingent resources, represent significant opportunities</td><td>Gas swapping will commence in 2005 and could continue untils the country countries. A second gas swap, from easies to partners and specialists through three states and folint ventures, expanding mark horizons for partners and horizons f</td></tr></thead><tbody><tr><td>Each year Santos works towards connercialising these fields by finding new gas contracts or extending existing contracts so that they can be booked as Proven ( SP ) or Proven plus Probable ( ZP ) reserves.</td><td>EXPANDED CASTNO CONTRACTENHANCES VALUEThe commercialisation of the Casino gas field in the Otway Basin, offshore southern Austra</td></tr><tr><td>Santos ’ contingent gas resources are largely located offshore southern Australia and Western Australia, in the Bonaparte Basir offshore northern Australia and onshore Papua New Guinea.</td><td>continued during 2004 with an increase in the quantity of gas being sold under the initial ter sheet signed in September 200 with TXU for 293 P2. weeks</td></tr><tr><td>Santos continued to deliver on gas commercialisation during 2004, commercialising 27 million boe during the year. Santos also achieved positive contract price reviews for gas sales that were well above the indexed level.</td><td>in 0ctober 2004, the joint vent announced an extension to the original Gas Sales Agreement to supply up to 420 FO of gas, ane possibly another 305 P2, over 1 years for the Victorian or South Australian markets.</td></tr><tr><td>Uni20UE ENERGY HUBS DELIVER GAS SNAPS ANDS ANDS Assessment most lessortant gain concernant gain concernances / alisation achievements for the year were the innovative gas swaps agreements that were since of the supports activity of the</td><td>The Casino contracts are unique in that the reserves have been therapy. There interventions with the been the fully appraised to confirm the quantity of gas available. This has allowed the joint venture on the and mean field exploration pr</td></tr><tr><td>Sartios and the sther South African annumental actival search and a country and a could searches and a country to supply the stiller partly ’ s different states via the Moods and activities and activities and the participants and their acta</td><td>discovered will be taken, thered significantly reducing the risk. This shortens the time from discovery to production and delivers profilts to Santos and its shareholders sooner.</td></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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