text: <html>
          <head> <meta charset="UTF-8">
          <style>
          table, th, td {
              border: 1px solid black;
              font-size: 10px;
          }
          </style> </head>
          <body>
          <table frame="hsides" rules="groups" width="100%%">
              [html]<thead><tr><td>The diversification of Saritos ( includes ), and the results, number of new higher nargin producing assets such as the difficulties, and there was progression, because there was progression, the Cascino gas field offshore southere infu</td><td>reservol : for later use as participants with compared to the project. The liquids are loaded onto a floating Storage and Offoading factility. Santax has a 10.4 % Strategies and the factors. Santaxially and the project. The project. The pa</td><td>Named the MDDEC Wortiure 11.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.1. 1.</td><td>Age, year</td></tr></thead><tbody><tr><td>Outside Australia, Sartos has abust a core business in Lindonesia but a core business in Lindonesia and and antibiotics and antibiotics and antibiotics and antibiotics and antibiotics and antibiotics and antibiotics. Santages and and</td><td>The other project that commenced production during the year was the Minerva gas. Field in the Otway Basin offshore Victoria which started up in December.</td><td>which are expected to provide initial peak plateau ext production of production of the production of the wells are fitted with dual electric submersible pumps and are supported further by seabed to the processed by the processes. There wi</td><td>belt moving in terms of presence and social coord ward ward over to deperations our first offshore operated project, Matiner - Exeter, ahead and wa ' s continue to pregnancy and wa ' ll continue to pregnancy and wa ' ll continue to pregnancy an</td></tr><tr><td>deepwater and high pressureservoirs ) and functional leadership in the areas of reservoir and production engineering.</td><td>While Santos ' share of production is only 10 %, the project has greater significance for Santas because it has enabled the commencement of direct - to -</td><td>Santas, with the assistance of external experts and other members of the joint venture, assessed the risk of reserve uncertainty against the</td><td>unveral other new affihaye developments, targeted to be on stream during 2005 - 06 - PAUL M0089 : Vice President Development Projects</td></tr><tr><td>BAYU - UNDAN AND MINERVACOANMISS10NEDThere has been considerable progress on all of these projects</td><td>Cusulines inalinessing cirruuginSantas Direct. MUTINEER - EXETERCOMANISSIONING</td><td>incremental. value to be created by a fast - track development and decided to proceed with the development, which was designed</td><td>vICE FTESIUEITIL Development Projects and Technical Services</td></tr><tr><td>during 2004 with two projects being commissioned : Bayu - Undan liquids and Minerva gas.</td><td>Another important project for Santos is the Mutineer - Exeter oil fields development.</td><td>to provide substantial flexib to cope with a wide range a production rate and reserve outcomes.</td><td>by the end of the year. This is a significant achievement considering the field was only discovered in late 2002.</td></tr><tr><td>Bayu - Undan started liquids production in April 2004 and was ramped up during the year to meet an increased design throughput of 1.1 billion cubic feet per day of raw gas. This resulted in liquids production cesulted in liquids production</td><td>Despite disappointments regarding the size of reserves during development and appraisal drilling, the construction and connection of the fields proceded at a rapid pace with the project 89 % complete by</td><td>The project will core on stream earlier than expected, delivering strong cash flow in this high oil price environment. Coupled with this, the project will cost at least 10 % less than budget.</td><td>considering the med was only only only the blood. The $ 200 ml Elion development commenced following the granting of the necessary Board approvals as well as the finalisation of a larger Gas Sales</td></tr><tr><td>more than 100.000 barrels per day. This excellent performance generated production for the year of 19 million barrels – 22 % above expectations.</td><td>year end. The conversion of the state - of - the - art Floating Production Storage and Offloading facility</td><td>CASIN0 AND 30HN BR00KESSANCT30NEDWhile two projects came into production, Santos added two more to the development.</td><td>Agreement with TXU. Gas production is expected to start in the first quarter of 2006. All formal environmental premotic bronchosteronal premoter</td></tr><tr><td>The liquids project involves extracting and processing wet gas to remove condensate, propane and butane ( Siquids ) before re - injecting dry gas back into the</td><td>shlpyard in Singapore in December 2004 with no lost time safety incidents despite a massive workforce completing over two million work hours.</td><td>conveyor with the sanctioning of the Casino and John Brookes gas projects during the year. Casino was formally sanctioned in October and was 25 % complete</td><td>granted for the project by the Commonwealth Government. The use of existing onshore facilities and a low environmental impact design have been integral to</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
          </table> </body> </html>