Slide 1: Important Notice
Important Notice
Slide 2: IS
IS
Slide 3: Delivering on the Strategy
Delivering on the Strategy Santos 2004 Performance Headlines _FY Dividend Sales Revenue $1,501million 47.4 mmboe
Slide 4: Delivering on the Strategy
Delivering on the Strategy (37) i One-off ‘Operating. gains thems
Slide 5: Behind the Headline
Behind the Headline asset sales Tax consolidation Write downs Restructuring : Santos Production Exceeds Guidance (0.9) Basia Camarvon = Basity Oliay. Other Baye Gadan te iy Acquisitions Moombs incident:
Slide 6: Production Costs
Production Costs 6 ‘Stock (16) [ | Wote-of yk. z insurance Cost Incident 204 Accounting Savings 1 changes New. Production (UD —— comes, Volume, Produ Baye Paso Bie dion Unden& f Rovaliios pie Costs Acguisilions
Slide 7: Depreciation, Depletion & Amortisation
Depreciation, Depletion & Amortisation Cy ES Lt a poe Volume — Reseive bee wien REVISIONS joni Coots (2003) & other Moomba Incident Oth a. ioe (31) Working [| Capital Moomba Tngident
Slide 8: Capital Expenditure
Capital Expenditure [2s iwels | 46 wells, 7: Discoveries: Mutineet Exeter, | | Cooner Basin, MutineerExeter, USA, Other Bayi Undan UNG, ‘ ‘Cooper Basin, Mutineer-Exeter, USA Petru John Brookes, Casing, Oyong, Bayu-Undar; John: Brookes; a | Couper eagpmeént teplacement i Baleen, Legendre, | po | Moom
Slide 9: Proven Reserves Up
Proven Reserves Up Production Additions ACQUISINONS
Slide 10: Two Projects Sanctioned
sae WO Projects Sa nctioned rebing TACK (Gr 10 2006 dart up Santos Portfolio Optimisation 10
Slide 11: 2004 Exploration ~ 44% Success Rate
2004 Exploration ~ 44% Success Rate Khefien 8 Peer: 2. Oe pandions RG Hebe srltora': A Reman: Rr 1g TA: Hector LYanqtie 1 > Morse! Bi Metres Jeruk is Strategically Significant of if 4 La « Constrained flow of 7500 barrels of oil per day from DST 1 at the top of the reservoir L 4 antas il
Slide 12: Organisation Efficiency Enhanced
Organisation Efficiency Enhanced Reshucture iness Improvement | > J Implemented — Initatwes Commenced Savings Se) | Opex $9m Capex $29m a Tees 8 he oe a 5) Opex $23m Capex $57m 7 e7émi anos 2004 A Good Operating Performance 12
Slide 13: Delivering on the Strategy
Delivering on the Strategy (Pre-deill Estimate) 13
Slide 14: Active 2005 Exploration Drilling
Active 2005 Exploration Drilling East Java © iG, Herbras, Banjar Pant nm trough |. Santos Indonesia Core Area Established 14
Slide 15: Santos Development Conveyor
Santos Development Conveyor yy Bn ING a pipeline 62% j Bayu-lindan LNG 67% é of Te! dohn Brookes 44% tt Oyong; Maieo, Jeruk, Sole, Kipper, Golden Beach: 15
Slide 16: What Happened at Mutineer-Exeter?
What Happened at Mutineer-Exeter? Post Sanction Record Development Continues a 16
Slide 17: Gas Commercialisation Delivers
Gas Commercialisation Delivers 7
Slide 18: Delivering on the Strategy
Delivering on the Strategy Santos New Exploration Options VAALOS 18
Slide 19: Appraisal & Follow Up Exploration Added
Appraisal & Follow Up Exploration Added loppdi PSC =. Bd Haksasa:t Donggaia P: Papalang: PSC. 19
Slide 20: Crystallising Future Growth
Crystallising Future Growth Jeruk early production) | * Petrel-Tern Vs Hides Casino Ticbacts # vans Stoel * Indonesia exploration Sole « Indonesia exploration 7) « Obway exploration Golden Beach 4 Hig Arman - PONOW- ps | « Egypt exploration 4 6 Otway: exploration e Kipper ‘US exploration ‘Onshore: A
Slide 21: Key Messages
Key Messages anos antes 21
Slide 22: Moomba Incident Impact
Moomba Incident Impact | lost evenues (net ct royaities) Tax effect IMPACT AFTER TAX 22
Slide 23: Prices & Exchange Rates
Prices & Exchange Rates Realised Oil Prices (USD/bbl) 36.11 29.01 AUD / USB Exchange Rate 0.6967 1) Gabiey Nee j Realised Oil Price (AUD/bbI). : Australian Gas Prices (AUD/Gj) Santos Other Revenue Angurarice Recovery SGRA Expenses: Borrowing Costs Income Tax 23
Slide 24: Capital Expenditure
Capital Expenditure Total Exploration, Delineation & Development Expenditure 24
Slide 25: Cost Definition
Cost Definition cost of sales NSIS 25