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The Maleo gas project offshore East Java – Santos’ first offshore operated gas field outside Australia – started production in September 2006.

During 2006, Santos drilled 108 wells under the Cooper Basin Oil Project. A 79% success rate saw 47 wells brought on-stream with an average duration from discovery to production of about 60 days.

the review of development scenarios and the resolution of commercial and technical issues which may potentially impact the viability of any development.

OYONG BACK ON TRACK

JERUK DISAPPOINTS

Extensive reservoir analysis of the Jeruk oil discovery, offshore East Java, established that the upside recoverable oil resource for the field was most likely to be less than 50 mmbbl.

Opportunities to commercialise Jeruk are being examined in discussions with the Indonesian Government. However, plans for additional appraisal drilling were placed on hold in 2006 pending

The Oyong oil and gas project, also offshore East Java, is expected to achieve first oil production by mid- 2007. The start-up date was delayed due to the need to re-tender the contract for the production barge.

With an 80% Indonesian content in the Floating Storage and Offtake vessel contract, the Oyong project is a good example of Santos’ sustainability policy and commitment to local communities.

The second phase of the Oyong project, which will supply gas to electricity generators in East Java via a new pipeline, is expected to come on-stream in late 2008.

Santos Annual Report 2006 19

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