22. Investments in Controlled Entities (continued) Notes (a) Place of incorporation (b) Disposal of controlled entities (c) Acquisition of controlled entities During the financial year Santos Petroleum (NZ) Limited was removed fr om the New Zealand Companies Register. During the financial year the following controlled entities were acquired and their operating results have been included in the statement of financial performance from the date of acquisition: ACT – Australian Capital Territory NSW – New South Wales QLD – Queensland SA – South Australia VIC – Victoria WA – Western Australia  BER – Bermuda MAL – Malaysia PNG – Papua New Guinea SING – Singapore UK – United Ki ngdo m USA – United States o f America The financial impacts of the acquisitions on the Santos Group and th e Company are summarised below: Fair value of net Beneficial Purchase assets at time  Name of entity Date of acquisition interest acquired consideration of acquisition % $million $million Sesap Pty Ltd 12 February 2004 100 – – Novus Australia Resources NL 1 September 2004 100 92.2 92.2 Novus UK (Kakap 2) Ltd 1 September 2004 100 35.1 35.1 Consolidated Santos Ltd 2004 2003 2004 2003 $million $million $million $million Fair value of net assets acquired Cash (1.7) 1.3 (1.4) 1.3 Other (2.4) 10.3 (2.3) 10.3 Exploration and development expenditure 131.4 12.4 95.9 12.4 127.3 24.0 92.2 24.0 Purchase consideration Cash consideration paid 110.6 24.0 92.2 24.0 Amount payable after balance date 16.7 – – – 127.3 24.0 92.2 24.0 During the financial year the following controlled entities were registered: Santos Direct Pty Ltd Santos Brantas Pty Ltd Santos Egypt Pty Ltd Santos (Donggala) Pty Ltd Annual Report 2004 71