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              [html]<thead><tr><td>Western Australian coast, in complexed in the interest, is the first offshore all field development which are operate and is also the first of five more offshore production to more than 10 months, three of which are operated by Santos.</td><td>Several projects in Indonesia – Communication and such as and such associated without the development pipeline at a design phase. These projects are now joined by Jeruk which, subject the commercial, lusues, has early production potent</td><td>Mutineer - Exeter approtiusInteracted autonomic attend autonome ( n terms of reserves, Conversely, at Bayu - Undan, where male sleeping male sleeply progress towards start - up in the first half of 2006, Santor ' fortunes aerit the otheri</td></tr></thead><tbody><tr><td>Our Sole, Kipper and Golden Beach gas assets in the Glppsland Basin, where we recently Increased Increase our Inferesh, and become operator of the strategic Orbost processing plant, are also at the early development stage.</td><td>upgraded Proven plus Probable ( 2P ) gas and liquids reserves by 14 million boe.</td><td>In all, Santos has an impressive and exciting development outlook over the next few years.</td></tr><tr><td>The good news for the Wutineer - Exeter project is that the field has been developed under budget and production is starting three months ahead of schedule.</td><td>PERFORNANCE AGAINSTTARGETSIn last year ' s Annual Report, II foreshadowed a series of</td><td>The achievements in developing Mutineer - Exeter are world class and provide further evidence of the ability of Australian companies to more than hold</td></tr><tr><td>to 2006 perlod. At the time, I highlighted that it was unlikely that all of the targets would be achieved in any one year, and needed to be measured over the long run.</td><td>their own on the global discovery and development stage.</td><td>As projects like Minerva, Mutineer - Exeter and Bayu - Undan emerge from our development pipeline, other projects enter and continue to advance.</td></tr><tr><td>Our performance over 2004 is summarised in the table below, and while not all of the targets were achieved, we are confident</td><td>With contracts in place to supply gas to customers in Western Australia, we expect a mid - 2005 start - up for the 3ohn Brookes project in the offshore Carnarvon</td><td>Position growth flassevere replasment ratio</td></tr><tr><td>Basin, Meanwhile, the Casino gas field off the Victorian coast is on schedule to produce first gas in 2006, just four years after its discovery.</td></tr><tr></tr><tr></tr><tr></tr></tbody>
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