Good year for Santos
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Tuesday, 7 March, 2006 - 21:00
AFTER a successful year of exploration drilling, Santos Ltd has unveiled its most dramatic reserves improvement this decade, with the company expanding its crude oil and condensate base well beyond 1995 production rates. The rising reserves level will help maintain Santos’s strong profit performance for the 1995 year, which rose 10.8 per cent before abnormals to $150.1 million. The big improvement in Santos’s oil reserves came mainly from the Undan discovery in the Timor Gap region. Santos also benefited from the expansion of reserves in the Stag field in the Carnarvon Basin off the Western Australian coast.