text: is also located in relatively 
  shallow water with infrastructure 
  nearby, creating options for 
  early production. 
  
  Production is expected to rise 
  in 2005 when, as usual, our 
  financial performance will be 
  subject to oil prices, exchange 
  rates and interest rates. These 
  factors have a significant effect 
  on our bottom line. A US$1 per 
  barrel change in the oil price 
  equates to a A$16 million change 
  in net profit after tax in 2005. 
  
  Bayu-Undan is currently stripping 
  liquids and re-injecting the gas 
  pending tie-in of the pipeline to 
  Darwin in May 2005 for future 
  LNG production. The onshore LNG 
  facilities are more than two-thirds 
  complete. With a gross production 
  of 19 million barrels, 22% above 
  expectations for the year, we were 
  pleased with the performance of 
  Bayu-Undan and look forward to 
  a full year contribution from this 
  exciting project in 2005. 
  
  At Santos, we are proud that an 
  Australian company took on that 
  challenge and succeeded, and I 
  congratulate the exploration and 
  drilling teams on a great effort. 
  With the Jeruk discovery behind 
  us, Indonesia is at the forefront 
  of our international exploration 
  efforts. With eight wells planned 
  in the region for 2005, Santos is 
  currently the most active explorer 
  in Indonesia. 