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Reserves statistics

Sales gas (incl. ethane & LNG) PJ

Crude oil mmbbl

Condensate mmbbl

LPG ’000 tonnes

Total mmboe

811 118 328 1,451 437 586 0 192 26 3,949

39 2 0 0 0 30 1 3 0 75

11 0 21 0 5 5 0 0 1 43

1,448 0 1,041 16 390 0 0 0 0 2,895

200 22 85 251 83 136 1 36 5 819

Area Cooper Basin Onshore Northern Territory Offshore Northern Territory Eastern Queensland Southern Australia Carnarvon Basin Papua New Guinea Indonesia United States Total

Sales gas (incl. ethane & LNG) PJ

Crude oil mmbbl

Condensate mmbbl

3,667 -235 328 189 3,949

76 -14 13 0 75

43 -5 2 3 43

LPG

Total

’000 tonnes

mmboe

3,195

774

-307

-61

-257

69

264

37

2,895

819

PROVEN PLUS PROBABLE RESERVES (SANTOS SHARE) BY ACTIVITY

Reserves year end 2005 Production Additions Acquisitions/divestments Estimated reserves year end 2006

PROVEN PLUS PROBABLE RESERVES (SANTOS SHARE)YEAR END 2006 BY AREA

Year end

Production

Additions

Acquisitions/

Year end

2005

divestments

2006

414

-61

62

26

441

774

-61

69

37

819

1,971

0

177

100

2,248

RESERVES SUMMARY (SANTOS SHARE) (mmboe)

Proven (1P) reserves Proven plus Probable (2P) reserves Contingent resources (best estimate)

DEFINING RESERVES

Santos has in place an evaluation and reporting process that is in line with international industry practice and is in general conformity with reserves definitions and resource classification systems published by the Society of Petroleum Engineers (SPE), the World Petroleum Congress (WPC) and the American Association of Petroleum Geologists (AAPG). The definitions used are consistent with the requirements of the Australian Securities Exchange (ASX).

Reserves are defined as those quantities of petroleum which are anticipated to be commercially recovered from known accumulations from a given date forward. Santos reports reserves net of the gas required for processing and transportation to the customer. Reserves reported are based on, and accurately reflect, information compiled by full-time employees of the Company who have the requisite qualifications and experience prescribed by the ASX Listing Rules.

EXTERNALLY REVIEWED BOOKING PROCESS

Santos’ reserves processes and procedures were reviewed by independent expert, Gaffney, Cline & Associates, and found to be ‘appropriate to providing robust estimates of Santos’ reserve position in accordance with international industry practice’.

Santos Annual Report 2006 15

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