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About Us Vision, Values and Leadership. I also thank my fellowDirectors for their support. There are exciting challenges and opportunities ahead andwe appreciate your support as shareholders. Santos made goodprogress in with its growthstrategy. We had our first successes in and we provided further fuelfor the growth engine in The strategy is delivering. We stillhave plenty to do, but we are well on our way.

Most importantly, Santos has the right people to get us there. Good oil and gas companies are differentiated by their ability toget good acreage and good people get you good acreage. Oncewe have the discovery we have the right team to maximise thereturn.

The most critical driver of growth for any oil and gas companyis value-adding reserve replacement; more than replacing eachbarrel produced and doing it with a more valuable barrel. Santos is making solid progress in reserve replacement withincreasing exploration and gas commercialisation success overthe past two years. In , for the first time since , Santos replaced more thanit produced. This is an indication that the Company isdeveloping the growth profile it has needed.

The basic buildingblocks are being put in place. Prices have since tradedsignificantly higher. While high prices reflect Middle East tensions, they also reflectchanges in other demand and supply factors. In Venezuela, oil workers have only recently returned to workafter being on strike for almost six months and the country isyet to get back to full production. Prior to the strike, Venezuelawas producing three million barrels of oil a day, but is currentlyonly producing at around half that rate.

Global oil demand isaround 75 million barrels per day. OPEC has been far more cohesive than many people expected. US crude oil inventories are at the lowest level since ,with import flows failing to keep up with refinery run increases. US natural gas prices have also spiked to historically highlevels for the second time in two years.

This is causing demand destruction inthe US as companies relocate energy-intensive operationsto countries with large supplies of low-priced gas. China is growing quickly and has an immense appetitefor oil. Demand for oil remains strong with China currently importingaround two million barrels of oil a day.

In the immediate term, oil prices will be heavily influencedby the course of developments in the Middle East. Iraq could become a significant producer again but it is likelyto take many years to achieve full potential production.

Oilreservoirs are not like underground storage tanks which can beturned on or off at will. Once production is disrupted, it takesconsiderable time to restore. Iran is still producing less oil thanit was in the s and Russia is still producing less than in thes. While nominal oil prices have been extremely volatile over thepast 30 years, there is a long-term upward trend. Australia has the potential to benefit from higher long-termoil prices.

While we are not a major oil-producer, we do have Santos Annual Report Natural gas is a finite product however, and sale at such cheapprices is not in the interests of future generations. Developments in shipping and pipelines are now reducing thetyranny of distance and Australia also has the competitiveadvantage of low sovereign risk. In a world of higher oil prices,this provides us with the opportunity to become a major supplierof natural gas to world markets and to do so at world prices,which benefits Australia.

Taking advantage of these opportunitieshowever, will require massive investments in infrastructure andan internationally competitive regulatory framework. For its part, Santos is active in commercialising the gas reservesin northern Australia, most recently through its participationin the proposed Bayu-Undan LNG Project.

Thestrong production performance can be attributed to continueddiversification, adding production from new areas to buildon the steady output from the Cooper Basin. Record sales volumes of This increase was largely driven by the strong performance inthe gas business where sales volumes rose by 4. The strong sales revenue was largely driven by the higheroil price in the second half of the year and the record salesvolumes, especially for gas.

There was a combined effortin producing and marketing gas at higher realised margins,despite low gas prices by global standards. The productionoptimisation program involves multidisciplinary teams generatingideas and options for improving production. These opportunitiescan add up to make a significant impact. This initiative has beenfocused on the Santos -operated Cooper Basin. During the year, the Company also undertook a review of itsaccounting policies, particularly as they relate to asset carryingvalues.

Significant explorationsuccess was achieved, including three new major fielddiscoveries. The total exploration program for establisheda mean discovered resource potential of million boe. Otherdiscoveries were made in40southern Australia, PNG25and south Texas — withfour of the six new USdiscoveries already inproduction. Cycle time reduction from discoveryto production is a key imperative for the Company. Santos is also establishing a more balanced explorationportfolio that contains higher reward opportunities.

This is being achieved through acquiring new high-qualityexploration acreage. During the year, Santos acquired somesignificant deep water acreage in the offshore Otway and SorellBasins, as well as offshore acreage in the Duntroon Basin inSouth Australia and the Houtman Basin in Western Australia. Santos has had three important gas commercialisationsuccesses over the past year.

We have made an important step towards theinternationalisation of our gas business. The subsequentratification of the Timor Sea Treaty by the Governments of EastTimor and Australia was a further milestone for this project.

Another key development, post balance date, was the signing ofa Heads of Agreement on 1 February to supply a minimumof 40 million cubic feet of gas per day gross for up to 10 yearsfrom the Oyong oil and gas field to PT Indonesia Power. Santos continues to negotiate with Australian gas customers foradditional Cooper Basin gas contracts as well as opportunitiesto sell gas from northern Australian resources like Petrel-Tern,Evans Shoal and Indonesian fields.

Further discussion of gas commercialisation achievementscommences on page 20 of the Annual Report. In , Santos added 68 million boe to 1Preserves. This is the first time since that Santos replaced more than it produced. We made progress towards achieving these targets in ,as evidenced by our operational performance.

The Companyhas also raised the bar and now measures reserve replacementperformance, finding costs, and finding and developmentcosts against Proven 1P reserves. In the oil and gas industry, achieving the operational targetswill ultimately deliver the financial targets. Achieving ourstrategic targets over the long term will establish a conveyorbelt that provides a more consistent impact on the bottom line. Sustainability means making economic progress, protecting theenvironment and being socially responsible, all on a foundationof sound corporate governance.

These goals arecomplementary and sustainable practices make good businessand economic sense. For example, well-managed companies are safe companiesin which to work. Safety performance in remained steady, but Santos isconstantly striving to improve. Thesafety and welfare of employees is ofparamount concern and many resourcesare applied to ensure that Santos continues to improve its performancein managing its people. More information about the peopleof Santos and our health and safetyperformance can be found in theSustainability Report on pages 26 to In , Santos intends to define,capture and prepare to report againstthose broader indicators most relevantto the concept of sustainability.

We alsointend to develop indicators that will helpus analyse and understand the widereconomic impacts of the Company. In , Santos introduced an enterprise-wide risk managementapproach that consistently identified and assessed risks that Santos faces. This work directly supports and complements sustainabilityobjectives and will assist in the development of long-term plansand strategies. Many of the elements of sustainability are already wellestablished at Santos and are discussed in more detail on pages26 to 29 of the Annual Report.

While there will be challenges along the way, we have thepeople, the teamwork and the business to become a world-classexploration and production company with a strong growth profile. I thank our shareholders, customers and employees for theirsupport during and look forward to making further solidprogress in the coming year.

Over the past two years, we have established internationalstandard metrics to measure our progress and we have startedto deliver an identifiable profile of future growth projects. This is a long-term journey however, and we are at about thehalfway mark.

New projects under development will come into productionin and In the interim, we are investigating other opportunities toincrease short-term production such as oil optimisation in bothoperated and non-operated developments and early productionfrom small discoveries close to infrastructure. Santos will also be investing heavily in future growth in I am confident that in , further progress in exploration andgas commercialisation will continue to provide the basis forfuture Company growth.

We have:a good Australian base business that generates a strong cashflow to pay dividends and fund growththe technical and financial capacity to facilitate growthan increasing profile of identifiable growth projects, reflectingsuccesses in exploration, gas commercialisation andacquisitions. Rod RaynerRod originally joined Santos in to develop the Jackson oil fields andpipeline. After further experience inthe petroleum industry, he rejoined Santos in Paul MoorePaul joined Santos in August Before joining Santos he worked forFletcher Challenge Energy for 11 yearsand prior to that for ShellInternational for nine years.

Production optimisation programadded 75 TJ per day of gross gascapacity. Successful five-well oil exploitationprogram in Jena region. Continued development of Bayu-Undan liquids project. Start up and production of coalseam methane gas from Scotia.

Acquired operatorship of EvansShoal in Timor Sea. Exploration and appraisal of theMutineer and Exeter fieldsestablished 2P reserves of mmbbl gross. Acquisition of acreage in HoutmanBasin. Drilled nine operated wells. Optimise gas exploration andexploitation. Maximise value of facilities andinfrastructure. Gas commercialisation. Ongoing development of Bayu-Undan liquids project.

Development of Kuda Tasi andJahal oil fields. Maximise recovery and accelerateproduction from existingproducing oil fields. Fast-track development of Mutineerand Exeter fields. Identify and evaluate prospectswith potential as satellite tie-backsto Mutineer and Exeter fields. He came to Santos following 27years of experience with MIM. Production mmboe 2. Successful bidder on deep waterexploration blocks in Victorian offshoreOtway and Sorell Basins.

Development studies confirmed Oyong asa commercial gas discovery. Successful farm-in to East Java acreage. Bentu Memorandum of Understandingsigned for sales of 30 mmscfd of gas overa year period. Successful integration of Esenjayacquisition. Work progressed to optimise reserves andproduction of rework and recompletionoperations. Continue Heytesbury as low costproducer. Exploitation of adjoining gas markets,leveraging where appropriate off existinginfrastructure and joint venturerelationships.

Exploration strategy in Indonesia to addgas reserves in core East Java area andincrease oil exploration in conventionaland frontier areas. Focus on oil exploration close toinfrastructure in PNG. Commercialise the to BCF Maleogas field. Grow top quartile US team in Houstonand Adelaide. Feed exploration with Woodbine and othersignificant resource opportunities.

Acquire producing properties in coreareas. Optimise exploitation reserves andproduction in Frio and Wilcox leveragingrobust US gas. Added million boe of mean discovered resource potential. Santos had its most successful exploration results for manyyears in A total of 18 exploration wells were spudded. Twelve of the 18wells encountered hydrocarbons, with nine of the discoveriesconsidered to be commercial or to have a high probability ofcommercialisation.

The commercial potential of the remainingthree is being assessed. A total of 27 million boe was added to Proven 1P reserves. The guiding principles for new exploration opportunities are:material opportunities with the potential for at least million boe on a prospect or program basisrobust projects which are economic in a low-price environmentlocations which have the advantages of existing infrastructureand proximity to existing marketsopportunities where Santos can exploit its proven competitiveadvantagesflexibility due to a high degree of discretionary activitypartnerships which provide a clear strategic advantage.

Wildcat exploration opportunities now make up the Santos exploration portfolio. In , the pool of projects from which aportfolio of prospects could be selected was limited. In Australia, Santos now hasthe largest exploration portfolio by area of any company. Santos successfully acquired the rights to explore two deepwater permits in the Otway Basin and two deep water permits inthe Sorell Basin in Tasmania in This is true frontierexploration and exposes the Company to the possible discoveryof new petroleum provinces with significant upside.

Why explore in deep water? Deep water petroleum provincesgenerally offer large field sizes with high production rates. Whencoupled with attractive fiscal terms, deep water fields providereal growth potential. Rapid improvements in exploration and developmenttechnology during this time have led to an improvedunderstanding of oil and gas fields in deep water basins alongcontinental margins. While still expensive, the risks and costsassociated with deep water exploration and development areimproving.

Main photograph: Offshoredrilling, Exeter oil field,Carnarvon Basin. Santos alsoplans to drill two additional wells in the Otway Basin in waterdepths close to metres. These wells will be drilled inpartnership with Unocal, a cost-efficient and experienced deepwater explorer and driller. In preparation for the offshore OtwayBasin exploration drilling program, 2, kilometres of twodimensional and square kilometres of three dimensionalseismic was acquired during November and December These frontier blocks are high risk but have high impactexploration potential.

Both wells encountered good quality oil-bearing reservoirsections. Norfolk 1 encountered a metre net hydrocarbon column inAngel Formation reservoirs. Subsequent appraisal by the Norfolk2 sidetrack well, and the Mutineer 2 and Mutineer 3 appraisalwells, confirmed a substantial, partially stratigraphically-trappedaccumulation in the Angel Formation sand in communicationwith hydrocarbons previously encountered in Mutineer 1 andPitcairn 1.

The Proven and Probable 2P reserve estimate for theMutineer field is 75 million barrels of oil. The Exeter 1 well encountered an metre oil column in goodquality Angel reservoirs. A subsequent appraisal well, Exeter 2,penetrated the top reservoir 40 metres deeper than Exeter 1 andencountered 9 metres of net oil pay.

Appraisal of the eastern partof the structure by Exeter 3 in November failed to encounterhydrocarbons in the principal sands. The Proven and Probable 2P reserve estimate for the Exeter field is 45 million barrels of oil. The Mutineer and Exeter discoveries will be jointly developedwith first production planned for During the year, two unsuccessful exploration wells, Immortelleand Bligh, were drilled in the Carnarvon Basin while oneunsuccessful well, Mallonee, was drilled in the Bonaparte Basin.

Offshore Australia — southern marginsIn the offshore Otway Basin, Casino 1 intersected a metre gascolumn and, after reaching a total depth of 2, metres, wasplugged and abandoned. The rig was then moved to drill Casino 2,which was plugged and abandoned at 2, metres, havingpenetrated two hydrocarbon reservoirs. Initial evaluationsuggests that the discovery cannot commercially support astand-alone development and options for development utilisingnearby infrastructure are being pursued.

The well has been suspendedpending completion as a future gas producer. In the Cooper Basin in south-west Queensland, the Dartmoor 1well tested a coal seam methane play in the Epsilon Formation. While the well encountered a thick coal seam development asprognosed, subsequent testing and fracture stimulation of thecoal was unsuccessful, demonstrating low permeability.

The well was tested and achieved a flowrate of 14 mmscfd. The resource potential of the discovery is inthe range billion cubic feet. Appraisal drilling by Maleo2 successfully confirmed the size and reservoir potential. TheMaleo 2 well test flowed gas at A closed chamberdrill stem test was conducted in the Iagifu Sandstone reservoir.

An oil volume of United StatesIn the US, eight exploration wells were drilled with six successes. Exploration in included a mix of pre- and post-Esenjayexploration wells with a good success rate. The Poole 2, St Joe 1,Crocker Perkins 2, Remmers 6, Steele 1 and Neimeier 1 wellswere all completed as gas producers and four are currentlycontributing to production. The McCarn 1 and Hamman-Anderson wells did not encounterhydrocarbons and were plugged and abandoned.

The Company plans to drill a total of three wells in the OtwayBasin, four wells in the Carnarvon Basin, one well in theGippsland Basin, 11 exploration wells in onshore Australia, twowells in Indonesia, one well in Papua New Guinea and four wellsin the United States.

In addition, 4, kilometres of twodimensional and 2, square kilometres of three dimensionalseismic will be acquired. Bayu-Undan wellhead platform constructed and installed. Mutineer and Exeter oil discoveries delineated. Development planning for Oyong commenced.

Production optimisation increasing productionfrom existing wells in the Cooper Basin. Reduced average drilling costs. Thismeans that the resources must be flexible so they can be easilymoved from project to project to facilitate speedy evaluation anddevelopment of exploration discoveries. Appraisal of the Mutineer and Exeteroil fields was completed during the year, and included the drillingof the Norfolk 2, Mutineer 2 and 3, and Exeter 2 and 3 wells. This appraisal program confirmed that the combined Mutineerand Exeter oil fields hold reserves of between 75 million boe 1P and million boe 3P.

A production test of the Mutineer 3well flowed at 6, barrels of oil per day during testing andconfirmed that high production rates can be expected from thehorizontal production wells being planned. Studies are now underway to determine the best possibledevelopment option. Fast-track development screening studieswere conducted and concluded during the second half of and the project has reached the pre-tender stage.

Followingcompletion of appraisal drilling and interpretation of results,it is now contemplated that a floating production system is themost likely option. Based on the Proved and Probable 2P reserves of million barrels, the field is expected to havea 10 to year life. To further enhance the project, a number of near-fieldexploration prospects Tintagel, Plymouth and Adams , allwithin 10 km of the Mutineer oil field, are being progressed.

This liquids-rich gas field is located in 80 metres of waterapproximately km north-west of Darwin, and km southof Suai, East Timor, in the Joint Petroleum Development Area. The field is estimated to contain 2P reserves of millionbarrels of recoverable liquids condensate, propane and butane and 3. Participants in the Bayu-Undanfield are ConocoPhillips The first phase of the Bayu-Undan project, the liquids strippingand lean gas recycle, was initiated in November The firstphase involves offshore production of gas and separation ofcondensate and LPG from the gas, which is then reinjected backinto the underground reservoir.

The field development involves 16 development wells currentlybeing drilled , three fixed platforms currently being installed and a floating storage and offloading FSO unit. From the FSO,liquids will be loaded into shuttle tankers for export.

Firstproduction is expected in April Main photograph: Wellheadplatform being delivered to thefirst stage of the Bayu-Undanliquids and gas development,Timor Sea. Total of PJ gross of new gas contracts signed. Signing new contracts for gas reserves is a key growth driver for Santos. Major new sales weresecured for the Cooper Basin, Indonesia and southern Australia.

PT Indonesia Power will purchase the entire recoverable gasreserves, estimated to be in excess of 90 billion cubic feet,from the offshore Oyong field in East Java. Santos has an Total production however, did not meet original projections, largely driven by unexpected field decline inpre-acquisition assets and less-than-expected drilling resultsacross a number of operated and non-operated wells.

The project already has 60 PJ under contract withproduction due to commence in March , giving Santos its first offshore gas revenue stream in Victoria. In January , Santos announced it was not a party to thenew Heads of Agreement for the PNG Gas Project as a resultof the inability to reach agreement with the operator, ExxonMobil,on new terms governing interaction between the participants. Santos remains committed to achieving a resolution of thecommercial issues for eventual re-entry into the project.

These resourcesare not booked as reserves, but are under active considerationfor future contracts. Left: Wellhead platform, Bayu-Undan liquids project. Main photograph: Section ofMoomba ethane treatment plant. Barbara Jinks, Project Leader,Scotia. Wildcat exploration contributed 27 million boe toProven reserves 1P. In , Santos madesignificant progress towards achieving this aim by adding 68million boe net of Proven 1P oil and gas reserves.

The Company also added to its contingent resources —hydrocarbons that have been discovered, but are not yet booked. At the end of , Santos had 1, million boe of contingentresources, adding 43 million boe for the year. Reserves are defined as those quantities of petroleumwhich are anticipated to be commercially recovered fromknown accumulations from a given date forward.

Santos reports reserves net of the gas required for processing andtransportation to the customer. Reserves reported arebased on, and accurately reflect, information compiled byfull-time employees of the Company who have therequisite qualifications and experience prescribed by theASX Listing Rules. Record sales gas and ethane production of PJ. United States gas production almost doubled to 10 PJ. Thestrong performance was driven by strong demand from gasusers and a full months implementation of the gasoptimisation program.

Surat Basin and Denison Trough experienced an increase inproduction of 1. Production is expected toincrease gradually from the Scotia gas field. In the United States, gas production almost doubled over theyear to 10 PJ, resulting from the inclusion of production fromthe Esenjay acquisition, a full year of contribution from theRunnells and Henderson gas fields and additional productionfrom successful drilling in late and LPG productionremained steady in at , tonnes 2.

The decline in condensate and gas production from East Sparwas a result of the payback of the Harriet Joint Venture gas bankof 2. In , the Legendre oil field reported a fullyear of production versus seven months in the previous period. Oil production from the Cooper Basin remained steady during and is an indication of newer producing fields offsettingthe effect of natural field decline.

Importantly, Santos has been able to maintain peak liquidsand oil production over the past three years roughly coincidingwith the peak in crude oil prices. This study, which was undertaken by an independent specialistworking in the area of sustainability, is being used to prioritiseand address the immediate and longer-term sustainabilityobjectives in a coordinated way.

This is a long-term process, but onethat will yield some immediate benefits. Internally, Santos has created a structure to support itssustainability objectives. A new position has been created, Manager — Sustainability,and a high-level multidisciplinary stewardship team has beenestablished to drive this issue forward. Santos is committed to an intelligent, informed and measuredresponse to the challenges sustainability poses and intendsto use this approach to create long-term shareholder value.

The following report is an overview of the activities relatingto sustainability in the areas of social responsibility andenvironmental management that were undertaken in Corporate governance is covered in detail on pages 30 to It incorporates the health and wellbeing of employees, theobligations to the people in the community and the needto play our part in the ongoing development of the communitiesto which we belong.

The policy describes our commitmentto achieve this vision through the ongoing systematic approachto health and safety management. Environment, Health and Safety Management Systems:development of company-wide Environment, Health andSafety standardsformation of a centralised Environment, Health and Safetyshared services team to support Business Unitsdevelopment of Environment, Health and Safety leadperformance indicators. Safety performance Santos investigates and reports all incidents, near misses andhazards for both employees and contractors.

One of the keymeasures of safety performance is the total recordable casefrequency rate TRCFR which is defined as the number ofrecordable cases medical treatment injuries and lost timeinjuries per million hours worked. This performance canbe attributed to a deterioration in contractor safety performancein , following four years of improvement.

Santos is not satisfied with this result and will continue to workon improving the safety performance of employees andcontractors. Employee demographicsThe total number of permanent employees rose slightly in to 1, as a result of growth in some areas of the business. Santos faces the industry-wide challenge of developing aworkforce to meet the future needs of the Company and ofresolving gender inbalance in technical and professional roles.

The School will providegraduates in a discipline that is vital to the future of Santos and the oil and gas industry. The Company hasinitiated a range of ways to attract and retain more femaleprofessionals to help increase diversity in the workforce. Theseinclude the successful recruitment of female graduates intohistorically male-dominated professional roles and the provisionof flexible work practices and part-time arrangements foremployees.

A particularly pleasingimprovement in this area occurred in the geoscience categorywith a positive shift from This improvement is the result of a number of initiativescommenced during the year to attract and retain quality talentin the Company, including an extensive review of employmentand remuneration policies.

Performance evaluationThe performance of all salaried staff and some wages staff islinked to the achievement of performance objectives. Executive remuneration is now benchmarked to the marketand has short and long-term incentives linked to individualand Company performance. Training and developmentCareer development for employees has been a major focusduring and is integral to the employment relationship.

Employees take responsibility for their career development bytaking part in an annual development review process and theformulation of individual development plans. Attention is focused not only on the development of technicalcompetencies, but also of competencies that relate to behavioursuch as communication and negotiation. Santos actively encourages continuing education and learningthrough study assistance and study leave.

The Company alsooperates a mentorship program which, during , wasextended from the graduate program to be available to allemployees in all disciplines of the business. Graduate program Santos conducts a graduate program which provides highqualitygraduates with career path planning and opportunitiesfor growth within their first years at Santos.

Forty graduates participate in the three-year program, whichprovides the development needs for this talented group offuture leaders. Work undertaken in this area in included liaison activitiesin the Otway Basin in Victoria and ongoing work with specificIndigenous communities.

Mereenie agreement finalisedWhen Santos acquired its interest in the Mereenie field in theAmadeus Basin, Northern Territory, it inherited an agreementwith the traditional owners of the Mereenie area. During , Santos negotiated with the traditional ownersthrough the Central Land Council to renew and update thisagreement. The Central Land Council was pointed in its viewthat the original agreement had not met all its goals. The new agreement seeks to remedy this situation and thereforereflects a more concerted effort by Santos to address the issueof Indigenous employment.

The focus will be to build capacityin the community that will allow employment to occur. As this licence is a pre-existing right, the agreement focuseson cultural heritage protection and, in particular, includes theemployment of a number of full-time Cultural Heritage Officersfrom the Wangkamurra community. After some initial adjustments in , the development ofprocedures has allowed the agreement to work well in During , Santos expects to formalise its Indigenous policybased on our learning experiences over the past four years.

Participating in Otway Basin communities Santos has been operating in the onshore Otway Basin in theWestern District of Victoria for three years in a community thatis largely sustained by high-intensity dairy farming. Over this time, Santos has acquired 1, km of seismic data,drilled 12 gas wells and constructed a gas processing plant atHeytesbury.

Around 12 PJ of gas is produced here each yearwhich supplies more than the total gas demand in westernVictoria. Excess gas is sold into the greater Victorian network. This has involved dialogue with more than landownersresulting in specific agreements to allow for remediation andcompensation for the temporary disturbances that accompanysuch activity.

During , Santos drilled four wells and laid around 30 km ofgathering lines to enable gas to be processed at the HeytesburyPlant. In, this included the support for the Port Campbell Surf LifeSaving Club, the provision of a fitness track and equipment atthe Nullawarre Primary School, an infant incubator for thenursery at the Timboon Hospital and a new data projectorfor the Timboon P School. This is largely achievedthrough a comprehensive sponsorship program that isundertaken in the various geographic locations to which Santos is connected.

In , this program included support for a diverse rangeof activities. School of Petroleum Engineering and Management,University of AdelaideIn , the first intake of 25 students was admitted to theSchool of Petroleum Engineering and Management at theUniversity of Adelaide to commence the Bachelor degree course. This was an important milestone for the School as was theoccasion of the mid-year opening event at which the PrimeMinister, The Hon.

John Howard, officiated. Circus Oz is a resourceful, talentedgroup which demonstrates the great benefits of teamwork. Over a number of weeks, more than young men participatedin a rugby union training program to develop their skills. Activities such as this can provide ongoing opportunities for theyoung people who participate, as well as help them to developskills that can be applied to other areas of life.

During , there were a numberof good examples of the Company responding to this challenge. Santos employees led the development of a solar poweredair compressor used to power safety and production controlinstruments installed on gas wellheads. By using these aircompressors, Santos has reduced gas consumption andgreenhouse gas emissions as well as decreasing operatingcosts. The benefits of this environmentally-friendly technologywere acknowledged by the South Australian Chamber of Minesand Energy which awarded Santos with the EnvironmentalExcellence Award.

Santos is contributing to and participating in research projectsassociated with its exploration and production activities toidentify opportunities to further reduce the impact of theseoperations. Oil spill prevention remains a key focus for the Company.

During the year, a number of strategies were developed to drivecontinuous improvement in the areas of oil pipeline and flowlineintegrity, storage tank maintenance, suspension orabandonment of depleted oil wells and upgrading of oilproduction facilities.

Work commenced to merge the existing Business Unitenvironmental management systems into a newly developedsingle company-wide Environment, Health and SafetyManagement System, consistent with the requirements ofinternational standard ISO This involved the integrationof environmental management activities with health and safetyin order to create a consistent set of standards.

To date, Santos has focused on gathering data tocompile an accurate emissions profile as well as investigatingalternatives for reduction. Of the fossil fuels, natural gas is the lowest greenhouse gasemitter. Renewable energies and the development of clean-burningfuels such as hydrogen are moving ahead but are unlikely todominate over the 10 to year horizon. Consequently, naturalgas is seen to have a bridging role towards a lower greenhousegas emitting energy industry.

Going forward Santos is at the beginning of what will be a disciplined journeytowards greater levels of sustainability. The priority in is to focus on developing a data collectionmethodology and systems to improve understanding of majorissues.

Work isalready underway in areas such as energy efficiency, water use,supply chain and materials management, as well as policyformulation in the areas of Indigenous relations, ethical conductand human rights. The Board guidelines are reviewedby the Board on an annual basis and as required. To assist in the effective execution of its responsibilities, theBoard has established a number of Board Committees includinga Nomination Committee, a Remuneration Committee, an AuditCommittee, a Finance Committee and an Environmental andSafety Committee.

All Committees are chaired by, and comprisedonly of, non-executive Directors, except for the Environmentaland Safety Committee, which includes the Managing Directoras a member. The Board guidelines prescribe that the Board isto meet at least eight times a year, including a strategy meetingof two days duration.

Under the Board guidelines, it is the responsibility of theNomination Committee to devise the criteria for, and reviewmembership of, and nominations to, the Board. The primarycriteria adopted in selection of suitable Board candidates is their1 Statements for future years will report against the yet to bepublished best practice recommendations of the ASX CorporateGovernance Council, as referred to in Listing Rule 4. When a Board vacancy exists or where it is considered that theBoard would benefit from the services of a new Director withparticular skills, the Nomination Committee has responsibilityfor proposing candidates for consideration by the Board and,where appropriate, engages the services of external consultants.

Prior to appointment, each Director is provided with a letterof appointment which, inter alia, encloses a copy of the Boardguidelines. The expectations of the Board in respect to aproposed appointee to the Board and the workings of theBoard and its committees are conveyed in interviews with theChairman and access provided to appropriate executives inrelation to details of the business of the Company. The Board guidelines prescribe that Directors are to retire at thefirst Annual General Meeting after reaching the age of 72 yearsand not seek re-appointment.

The Board guidelines were revised in February to provide:that non-executive Directors are to be appointed on the basisthat their nomination for re-election as a Director is subject toreview and support by the Board and that there should beappropriate circumstances justifying re-election after a specifiedperiod of service as a Director; and that the contribution of theBoard and of individual Directors are the subject of formal reviewand discussion on a biennial and annual basis, respectively.

Information in respect to indemnity andinsurance arrangements for Directors and senior executivesappears at page 41 of this Annual Report. The role of the Audit Committee is documented in a Charter,approved by the Board, which Charter was revised in December in line with contemporary best practice. The Committee is required to meet at least three times per year.

The Audit Committee Charter clearly identifies those servicesthat the external auditor may not provide, those that may besupplied and those that require specific approval of theChairman of the Audit Committee, in consultation with othermembers of the Committee. Minutes and recommendations of the Audit Committee aredistributed at the next Board Meeting. TheCommittee also has responsibility for formulating and monitoringcompliance with treasury policies and practices and themanagement of credit, liquidity and commodity market risks.

These include the maintenance of: BoardCommittees; detailed and regular budgetary, financial andmanagement reporting; established organisational structures,procedures, manuals and policies; audits including internaland external financial, environmental and safety audits ;comprehensive insurance programmes; and the retentionof specialised staff and external advisors.

The aim is to provide the AuditCommittee of the Board and the newly formed Executive RiskManagement Committee assurance that major business risksfacing the Company have been consistently identified andassessed, and that active management plans and controls arein place for the ongoing management of these risks.

Independentvalidation of controls is undertaken by internal audit as partof its risk based approach. External reviews are alsoundertaken as necessary. These include: annualbudgets; detailed appraisal and review procedures; levels ofauthority; and due diligence requirements where assets arebeing acquired.

Monthly actual results are reported against budget and,where applicable, revised forecasts for the year are preparedand reported to the Board. Speculative transactions areprohibited. Further details relating to financial instrumentsand commodity price risk management are included in Note32 of the Financial Report. The Boardreceives regular reports on the performance of each businessunit and on exploration, development, finance, liquidsmarketing, safety, government, investor relations andenvironmental matters.

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