text: **DEVELOPMENT CONVEYOR**at 31 December 2004 
  Percent complete 
  Bayu-Undan 
  Liquids 100% 
  Minerva 100% 
  100 
  
  90 
  Bayu-Undan LNG Pipeline 82% 
  Mutineer-Exeter 89% 
  80 
  
  70 
  Bayu-Undan LNG 67% 
  60 
  
  50 
  John Brookes 44% 
  40 
  
  30 
  Casino 25% 
  20 
  
  10 
  Oyong, Maleo, Jeruk, Sole, Kipper, Golden Beach 
  0 
  Project Lifecycle 
  
  Wickham Point, Darwin, has been 
  laid in readiness for a planned 
  shutdown around May 2005 to 
  enable the tie-in of the offshore 
  facility. 
  
  Jeruk and Santos’ surrounding 
  interests was initiated in late 
  2004. In addition, a focused 
  multi-disciplinary team has been 
  assembled to assess all 
  development options, including 
  the potential for early production. 
  
  Onshore progress has been steady 
  with the total LNG project 67% 
  complete at year end and on 
  target for first LNG production to 
  commence in the first half of 
  2006, ramping up to more than 
  3 million tonnes per year by 2009. 
  
  Santos' development conveyor 
  is functioning well, with the 
  number of significant projects 
  in the pre-development and 
  development stages at a 
  record level. 
  
  Following the discovery of oil at 
  Jeruk, Santos is moving rapidly to 
  evaluate the significance of the 
  field and development options. To 
  this end, a 3D seismic survey over 