Santos Limited · ASX:STO
Santos — Investor Day (November 2005)
25 slides from Santos's investor day presentation, Nov 30, 2005
Slide 1: Timor - Bonaparte
Timor - Bonaparte Bruce Wood Vice President Strategic Projects 20 November 2005 Africa Asia Pacific Middle East South & Central America North America ; Global LNG os ee Acknowledument - BP
Slide 2: Asia Pacific LNG
ee Asia Pacitic axetil 19/0. 4980 BARE, Poten atid Pat a u
Slide 3: Bonaparte greenfields LNG
Re en - "Bonaparte 20-30 Tcf Greenfields LNG DING 2 DENG 1 New domestic demand AlcaG a NI domestic
Slide 4: Bayu-Undan and Bonaparte Basin map
a_i Bayu-Undan: Has. Lynedoch: | Caldita tegend WM Santos acreade @ Gil fleld Saas Field = Gil pipeline Gas pipeline
Slide 5: Bayu-Undan and Firebird
Santos 10.6% ConocoPhilips operator 2P reserves 3.8 Icf, 530 mmibbls liquids Capex ~US$2.6 billion total Liquids recycle producing 100,000+ bpd First LNG February 2006 2.3 Mijyr LNG initial capacity Firebird Pro Lah Santos 23% ConocoPhillips Operator » Distance to Bayu-Undan: 19km * Water Depth: 106
Slide 6: Caldita and Evans Shoal
dita Santos 40% ConocoPhillips operator Distance to Evens Shoal: 50k Distance to Darwin: 220km Water Depth: 130m Lar + Santos operator and 40% equity # Distance to Darwin: 320km « Water Depth: 100m Evang Shoal South é
Slide 7: Lynedoch
Santos 40% ConocoPhilips operator Distance to Caldita: Skim Distance to Darwin: 323«m Water Depth: 236m, JV aligament with Caidite ai al ranocePhilij Appraisal well in 2006 1g
Slide 8: Bayu-Undan LNG infrastructure position
« Bayu-Undan LNG infrastructure position « Capture of the next step is undetway - Resources and acreage - Caldita discovery in September 2005 » Firebird drilling, Evans Shoal South in 2006 = Appraisal of Caldita, Lynedoch, Evans Shoal » Successful partnership with ConocoPhillips
Slide 9: Indonesia
Indonesia Gary Christenson President Santos Indonesia 30 November 2005 Area = 1,919,440 km? (1/4 of Australia) Population = 242 million (12 x Australia) GDP = U5$827 bn (125% of Australia) Production > 1,100,000 bopd (200% of Australia) - = 6.6 beigpd (195% of Australia) Basing - Eight basins with o
Slide 10: Oil production declining, net oil importer
Oil production declining at >5%/year, net oil importer since 2004 ) Government committed to increasing oil production High oil prices are: — driving the development of the domestic gas sector _ creating a sense of urgency in the bureaucracy - creating commercial opportunities driving change in the s
Slide 11: Exploration statistics by block
No blocks Acreage (gross) km 14,753 Prospect & Leads Exploration wells Discoveries Exploration success Kangean islands: 4 10,454
Slide 12: Kangean development
* Santos 45% operated, 40.5% after BPMIGAS backan « Capex ~ US$120 million » Development drilling complete + & horizontal oll producers 1 gas injector/producer initial rate approx 10,000 bopd » Gas rates approx 40 - 60 mmefd « Compartmentalised 4 Oil absent on southern flank « Secondary production f
Slide 13: Maleo development
e Santos /5% operated » 2P reserves 241 bc ~ sold to Pi Perusahaan Gas Negara (PGN) » Capex US$75 million » Development concept » converted jack-up (MOPU) _ Uigein to East Java Gas Pipéline 3D seismic interpretation completed * [all Template Structure and MOPU conversion in progress Drilling of 4 ho
Slide 14: Jeruk field
Jae Sea. @ Olfed Cai Field Cal Pipeline Gas Pipeline: Nadi » Santos 45% operated, 40.5% after BPMIGAS back-in * 2owells drilled to date « Shallow water, deep structure (>4500m subsea) « 3D seismic has confirmed gross rock volumes « Joint BPMIGAS/ Santos steering team established « 4 well appraisal c
Slide 15: Over-pressured overburden
over-pressured overburden
Slide 16: fi) jf u E iii
fi) jf u E iii Dee
Slide 17: Jeruk reservoir models and conditions
ae i ae Model 1 » Single ol-water contect Model 2 « Multiple oil-water contacts Reservoir Conditions = Temperdture >165°C = Pressure >9800 psi « Ol > light (32°AP1) but under-saturated in gas - GOR approximately 550 scf/obi - Wexy crude with pour point of approximately 36°C > Asphaltene =10.2% » Ass
Slide 18: Jeruk Appraisal
Jeruk 2 Appraisal Jeruk 2 Re-entry 3D Seismic Acquisition 3D Seismic Processing 3D Seismic interpretation Well Planning Jeruk 3 Jeruk 4 Madura Offshore PSC » Santos 75% » Kujung reef/carbonate buildup « Critical risk is seal 10
Slide 19: Close to Bontang
Close to Bontang » World's largest LNG plant with chronic supply shortfalls « Papalang and Popodi farm-in 2002 Donggala farm-in 2005 Investigating deep water ras for drilling program commencing in the second balf of 2006 » Santos 50%, operator « Water depth 1600m « Appraisal planned for 2H 2006 « Pr
Slide 20: Donggala PSC
« Santos 50%, Dongdala PSC » Water depth 1,742 metres « Miocene sandstone primary objective ite Aman Selatan: 1 Gr cc Teo. » Most active explorer in Indonesia » 8 exploration wells planned in 2006 « Significant domestic gas business Significant Kujung oil business Potentially significant LNG busines
Slide 21: Exploration
Exploration Jacques Gouadain Vice President Geoscience & New Ventures 20 November 2005 > Core areas ©) FOCUS areas Areas OF Interest WE Kees of interest with regional reviews
Slide 22: Egypt and Kyrgyzstan
PON « Farmed in to Gulf of Suez Drilled two offshore wells and one onshore well » Awarded additional onshore block in Western Desert » Review results and fonvard plan ST mit Laren 10 blacks (16,500 km) 4 Acreage predominantly in Fergana Basin - a proven ol and gas province « Field work and geologica
Slide 23: USA Texas state waters
. Based on regional assessment of play potential « Material acreage position established in shallow state waters « Nine well program planned for 2005-2006 « Targets include Wilcox, Frio, Yequa, Vicksburg - all established plays on land JAgU ugar-—Ja SIT
Slide 24: Exploration portfolio by region
CT Target Age: E Oligocene Formation Name: Vicksburg Total Depth: 21,000" Working Interest: LOO% plo Central Australia = Low risk Gas and oll Southern Australia « Growth potential around production hubs « High risk high reward deepwater frontier portfolio, huge prospects Western Australia « Targeung
Slide 25: Investor Seminar
Investor Seminar John Ellice-Hlint Managing Director 30 November 2005 Approach to regional studies: Updateon focus regions: Kyrgyestan, Egypt, USA A Progress ontwe Indonesian development projects Update on Jeruk appraisal progrant ‘Himes Bonaparte exploration and positioning: Extehdina:the base busi