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19-04-2012 01:59:00

Santos 1Q Revenue Jumps 50% After New Projects Go Live

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SYDNEY -(Dow Jones)- Santos Ltd. (STO.AU) on Thursday reported a 50% jump in first-quarter revenue compared to a year earlier, as the launch of new projects in Australia, Indonesia and Vietnam coincided with higher oil and gas prices.

Revenue for the three months to March 31 rose to A$754 million from A$501 million, beating a UBS forecast of A$721 million.

The start-up of the Reindeer project in Western Australia state in December, Indonesia's Wortel project in January, and Vietnam's Chim Sao project in October helped push oil and gas output up to 12.4 million barrels of oil equivalent, from 11.0 million BOE a year earlier.

Santos maintained its annual production guidance of 51 million-55 million BOE.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

(END) Dow Jones Newswires

April 18, 2012 19:59 ET (23:59 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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