text: Santos added 57 million boe of 
  Proven (1P) reserves which 
  represents 121% of 2004 
  production. 
  
  reserves and 134 million boe of 
  2P reserves being moved from 
  undeveloped to developed, 
  significantly increasing the value 
  of reserves. 
  
  • Maleo – sufficient progress 
  
  The shift in Santos’ focus since 
  2001 is evidenced by the 
  reduction in onshore reserves and 
  the corresponding increase in 
  offshore reserves over time, as 
  shown in the charts below. This 
  trend can be expected to 
  continue as the central Australian 
  fields mature and new projects 
  move through the development 
  conveyor. 
  
  with commercialisation resulted 
  in the booking of 19 million 
  boe of 1P and 27 million boe 
  of 2P reserves. 
  
  Proven reserves at the end of the 
  year, after 47.1 million boe of 
  production and after divestments, 
  were 348 million boe, compared 
  with 338 million boe at the end 
  of 2003. 
  
  • Acquisitions and divestments – 
  a net increase in 1P reserves of 
  12 million boe and 2P reserves 
  of 22 million boe from the 
  acquisition of certain Novus 
  Petroleum assets and an 
  increase in Patricia-Baleen 
  equity, with negligible 
  movement due to divestments. 
  
  • Cooper Basin – poorer than 