text: INSIDE 
  
  CHAIRMAN’S REVIEW 
  **2**Stephen Gerlach comments on Santos’ 
  
  CAPTURING AND 
  DELIVERING GROWTH 
  **18**Progress on Santos’ development projects 
  and gas commercialisation highlights. 
  
  performance in 2004. 
  
  2004 ACHIEVEMENTS 
  2005 AND BEYOND 
  **3**Key achievements in 2004 and three-year 
  performance, plus what to look for in the 
  near-term future.  MANAGING OPTIONS 
  **22**Strategic projects, portfolio management 
  activities and reserves movements 
  in 2004. 