text: • Onshore Australia – revisions 
  due to positive reservoir 
  performance and development 
  results in onshore Australia 
  added 18.5 million boe of 
  1P reserves. 
  
  The replacement of Proven 
  reserves exceeded Santos’ total 
  group production for the third 
  year in a row, with the 
  replacement rate for Proven 
  reserves averaging 130% over the 
  past three years: a good result 
  and in line with international 
  best practice. 
  
  expected performance in some 
  tight gas fields and the 
  integration of results from 
  some previously unsuccessful 
  fracture stimulations resulted 
  in a 2P reserve reduction of 16 
  million boe. 
  
  Proven plus Probable (2P) 
  reserves increased by 54 million 
  boe prior to production, or by 7 
  million boe after production 
  which represents a reserves 
  replacement rate of 114%. 
  
  • Bayu-Undan – excellent results 
  
  from development drilling 
  program in the Bayu-Undan 
  field added 7 million boe of 
  1P and 14 million boe of 2P 
  reserves. 
  
  The 2004 reserves figures do not 
  include any potential reserve 
  bookings for the Jeruk oil 
  discovery in the Sampang PSC in 
  East Java or the Hiu Aman oil and 
  gas discovery in the Donggala PSC 
  in the Kutei Basin, offshore East 
  Kalimantan. 