Santos Limited · ASX:STO

Santos — Investor Day (February 2016)

109 slides from Santos's investor day presentation, Feb 11, 2016

1. Slide 1: 2012 Investor Seminar

   Insert picture 2012 Investor Seminar 22 November 2012 1

2. Slide 2: Disclaimer & important notice

   Disclaimer & important notice This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which cou

3. Slide 3: David Knox, Managing Director and CEO

   Insert picture Mutineer-Exeter, Carnarvon Basin, Western Australia David Knox Managing Director and CEO 3

4. Slide 4: Delivering 80-90 mmboe of production by 2020

   Delivering 80-90 mmboe of production by 2020 Production Upside potential Aust: Zola, Winchester, Hurricane, Sole, mmboe Pedirka Basin 90 LNG: PNG LNG T3, Browse, Caldita Barossa Asia: Vietnam, Indonesia CSG 80 Likely Likely sanction sanction Aust: Gunnedah 70 LNG: Bonaparte LNG Asia: Peluang 60 50 S

5. Slide 5: 2012 delivery

   2012 delivery Production growth  Production up 10% to 38.9 mmboe to September Earnings growth  Underlying first-half profit up 20% to $283 million Cashflow growth  Operating first-half cashflow up 7% to $728 million Progress on major  PNG LNG 70% complete projects  GLNG 40% complete Material ex

6. Slide 6: Safety performance

   Safety performance A balanced focus on personnel and process safety Personnel safety Process safety TRCFR performance Safety critical compliance long-term trend (employees and contractors) 99.9% 7 20 100% Total recordable case frequency rate 18 6 95% per million hours worked 16 Work hours (million)

7. Slide 7: Our people are the key to delivery

   Our people are the key to delivery 7

8. Slide 8: Today's agenda

   Today‘s agenda Introduction David Knox Funding and Guidance Andrew Seaton LNG Markets Peter Cleary GLNG Upstream Trevor Brown GLNG Downstream Mark Macfarlane Q&A followed by morning tea WA&NT Business Unit John Anderson Eastern Australia Business Unit James Baulderstone Asia Pacific Business Unit Ma

9. Slide 9: Funding and Guidance

   Moomba 191, Cooper Basin, Australia Funding and Guidance Andrew Seaton Chief Financial Officer 9

10. Slide 10: Over $6 billion of funding capacity

    Over $6 billion of funding capacity Balance sheet capacity to fund execution of business strategy and minimise financing risk Available liquidity Debt maturity profile A$ billion A$ million 7 1,800 1.0 Notes mature in 6 2070, with option 0.6 1,500 to redeem in 2017 5 2.1 1,200 4 900 3 2.4 600 2 300

11. Slide 11: 2013-15 Sources and uses of funds

    2013-15 Sources and uses of funds No requirement for additional funding under reasonable scenarios 2013-15 Sources and uses of funds 2013-15 Sources and uses of funds at US$100/bbl oil A$ billion at US$75/bbl oil A$ billion 12 12 $2.9 billion Undrawn facilities Undrawn and cash $1.9 billion faciliti

12. Slide 12: Strong operating cashflow

    Strong operating cashflow Production and revenue growth, focus on cost control  Production growth from producing and sanctioned projects  Increasing proportion of oil in project mix Strong - Chim Sao, Cooper oil, Stag performance revenue - Fletcher Finucane and Dua projects underway  Rising gas p

13. Slide 13: Production guidance

    Production guidance 2013 guidance 53-57 mmboe Production 2013 production influenced by: mmboe 60 53-57  Continued forecast strong 51-55 production from the base 50 47.2 business  Chim Sáo on plateau 40  Start-up of Fletcher Finucane 30 in 2H 2013 (average 6,600 bbl/day net to Santos in first 20 1

14. Slide 14: Capex guidance

    Capex guidance 2013 guidance $4 billion Capex (excludes capitalised interest) 2013 capex guidance drivers: $billion $4 billion  Peak year for GLNG spend 4 $3.5 billion $3.1 billion  PNG LNG includes project 3 cost review increase announced on 12 November 2  EABU includes Cooper Infrastructure Exp

15. Slide 15: LNG Markets

    LNG Markets Peter Cleary VP Strategy & Corporate Development 15

16. Slide 16: Santos vision and strategy

    Santos vision and strategy LNG markets Dual channel strategy LNG channel Domestic channel Strong Focused Australian Asian A leading base growth energy company in Australia and Asia A leading gas producer in high-growth markets 16

17. Slide 17: Santos has equity in fully contracted LNG projects

    Santos has equity in 3 fully contracted LNG projects DLNG PNG LNG GLNG Contracted to Contracted to Contracted to 2023 2034 2035 3.3 mtpa Santos share of long-term, oil-linked contracts in place 17

18. Slide 18: LNG Pricing: Henry Hub-linkage vs oil-linkage

    LNG Pricing: Henry Hub-linkage vs oil-linkage US$/mmBtu Oil-linked LNG 20 at US$120/bbl 18 16 14 $3 12 $1 $3 Oil-linked LNG at 10 US$80/bbl 8 $6.50 6 4 2 0 2020 Forecast Liquefaction Other Shipping Traditional Priced LNG Source: Henry Hub 2020 forecast provided by PIRA; ―Other‖ includes Pipeline & F

19. Slide 19: New sources of supply will be required to meet robust global demand for LNG

    New sources of supply will be required to meet robust global demand for LNG Contestable Market ~50 mtpa ~180 mtpa Global LNG Demand New trains required to (mtpa) ~12 ~45 meet anticipated demand1 500 400 300 200 100 0 2000 2005 2010 2015 2020 2025 Pacific Basin Demand Atlantic Basin Demand Global Con

20. Slide 20: US LNG exports are not expected to overwhelm the market

    US LNG exports are not expected to overwhelm the market mtpa Asia Pacific LNG Supply/Demand 350 300 Contestable ~140 250 Market mtpa 200 US LNG Contracted 30-40 mtpa 150 Sabine Pass 100 Contracted LNG Supply 50 0 2020 2025 20 Source: Wood Mackenzie and Santos analysis

21. Slide 21: New regions of supply are emerging

    New regions of supply are emerging Norway 1 Russia 4 1 Greenfield Canada 3 Brownfield North Africa United States 5 Other Middle East 1 1 12 Qatar 1 5 West Africa 7 2 3 2 6 5 Greenfield Malaysia 3 Indonesia East Africa 3 PNG 1 . 2 South America 3 3 12 1 1 Australia Number of Operating Liquefaction Pr

22. Slide 22: Australian LNG must address cost inflation

    Australian LNG must address cost inflation New Australian LNG projects are 80% more capital intensive than operating Australian LNG projects Capex intensity (including upstream) US$m/mtpa 3,500 $3,016 3,000 $2,693 2,500 +80% 2,000 $1,680 Cost 1,500 inflation $1,212 Regulatory must be Productivity Co

23. Slide 23: Santos' LNG customers & partners

    Santos‘ LNG customers & partners PNG LNG Bonaparte LNG Darwin LNG GLNG 23

24. Slide 24: GLNG Upstream

    GLNG Upstream Trevor Brown VP Queensland 24

25. Slide 25: GLNG Upstream overview

    GLNG Upstream overview Strong acreage position  Fairview, Roma, Arcadia, Scotia GLNG project areas  670 landowner agreements with 300 landowners in place Arcadia Area  34,000 hectares of land owned - Used for key development activities and environmental offsets Fairview Area  480 wells drilled t

26. Slide 26: Compression capacity and gas purchases

    Compression capacity and gas purchases Investment in upstream facilities provides 890 TJ/day of compression capacity by end 2015; gas purchases to date provide a further 265 TJ/day GLNG net share compression capacity at the end of 2015 and gas purchases TJ/day Compression capacity Gas purchases 1,20

27. Slide 27: Fairview: world-class CSG asset

    Fairview: world-class CSG asset Fairview field is amongst the world‘s best in terms of reservoir properties Fairview - Depth vs Permeability 10000.00 DST Fairview -SG production P10 SG60 P90 1000.00 Expon. (P1) Expon. (DST_ed) Expon. (P10) P10 Expon. (P90) 100.00 Permeability (mD) 10.00 Pony Hills E

28. Slide 28: Fairview

    Fairview Efficient de-watering and strong gas rates F001 F118 F176 28

29. Slide 29: Fairview production performance

    Fairview production performance Average flow rate 1.4 TJ/day per well  Development wells drilled - 290  Currently producing - 159  Current capacity - 220 TJ/day  Average gas rate building - 1.0 TJ/d (2010) > 1.3 (2011) > 1.4 (2012) Fairview well performance as of 1 November 2012 29

30. Slide 30: Roma: on trend with other CSG fields

    Roma: on trend with other CSG fields Santos has a long history operating in the Roma area  Conventional gas >50 years Surat Basin Coal - Gas Content Fairway  CSG pilots >8 years  Geological trends are well understood − gas content − thickness − permeability  On trend with APLNG & QCLNG key devel

31. Slide 31: Roma geology well understood

    Roma geology well understood Roma field is comparable to other CSG fields on the Surat Fairway NET COAL GAS CONTENT COAL DEPTH PERMEABILITY PRODUCTION Core holes Corehole Wells Image logs >100 wells providing Development wells Desorption data Seismic DST data dynamic data & Pilot wells flowtest deve

32. Slide 32: Roma pilot data

    Roma pilot data Early pilot production is confirming good gas flow potential Initial Pilot Locations Water Gas  14 multi-well pilots in NE where 1st phase development is underway  9 additional pilots to be added in west & centre 2013-14  Data used to calibrate gas & water type curves for reserves

33. Slide 33: Manny Sessink, Drilling and Completions

    Insert picture Manny Sessink General Manager Drilling and Completions

34. Slide 34: Drilling: rigs and wells

    Drilling: rigs and wells Drilling capacity secured to meet forecast well requirements  Current rig fleet of eight drilling rigs and four completion rigs - Commissioned two new drilling rigs in third quarter 2012 - Commissioning eighth drilling rig and fourth completion rig  Rig fleet fit-for-purpo

35. Slide 35: Drilling: cost efficiencies

    35 of: in 2012 and time core designs drilling approach, well types to a few has led to a factory Significant time and cost increasing operational to be achieved as a result performance both cost efficiencies are continuing  Defined groups of wells  Significant reduction in 1,200 1,800 0 600 $000 R

36. Slide 36: Roma and Fairview development

    Roma and Fairview development Arcadia Area GTP Acceleration Fairview Area HCS-5 CS2 QGP CS3 PCS HCS-4 CRWP Roma Area RUGS Existing facilities HCS-2 Acceleration Sanctioned at FID Wallumbilla Acceleration HCS: hub compressor station QGP: Queensland Gas Pipeline PCS: pipeline compression station CRWP:

37. Slide 37: Fairview surface facilities

    Fairview surface facilities  420 TJ/day gross compression Arcadia Area Acceleration Scope: capacity sanctioned at FID, in addition Total wells ~70 to 140 TJ/d existing gross capacity GTP  Additional ~70 wells from acceleration projects Acceleration Fairview Area HCS-5  Two Hub compressor stations

38. Slide 38: Fairview Hub 4

    Fairview Hub 4  HCS-4: 250 TJ/day gross capacity  Combined gas processing, compression and water treatment  Hub construction underway - Overall construction 15% complete - Bulk earthworks >75% complete, piling >40% complete - First foundation concrete pours in September for the Multi Media Filtra

39. Slide 39: Fairview Hub 4

    Fairview Hub 4 35ML pond construction of spillway, Commencement of driven piles for NCS compressors transfer pump sump in background 39 Multi Media Filtration concrete pour – Water Desalination

40. Slide 40: Fairview Hub 5

    Fairview Hub 5  HCS-5:170 TJ/d gross capacity  Combined gas processing, compression and water treatment  Hub construction underway - Bulk earthworks commenced, cut and fill >80% completed - Underground pipeline installation underway - Hub access road constructed - Overhead power pole installation

41. Slide 41: Roma surface facilities

    Roma surface facilities Arcadia Area  145 TJ/d compression capacity sanctioned at FID, including 75 TJ/d GTP Acceleration RUGS injection / withdrawal capacity Fairview Area HCS-5  Additional ~250 wells and 280 TJ/d QGP CS2 CS3 compression from acceleration PCS HCS-4 projects CRWP  One Hub compres

42. Slide 42: Roma Hub 2

    Roma Hub 2  HCS-2: 145 TJ/d capacity (including RUGS injection / withdrawal)  Combined gas processing, compression and water treatment  Hub construction underway - Overall Construction 10% complete - Bulk earthworks >85% complete - Underground pipeline installation Roma Hub 2 camps commenced - Co

43. Slide 43: Brisbane Operations Centre

    Brisbane Operations Centre  O&M Philosophy - centralised control, high level of automation, smaller hubs, minimise driving - Minimise ongoing disturbance to land holders and community - Reduce operational costs - Consistent performance  24/7 monitoring and operations of all upstream assets includi

44. Slide 44: On track for first LNG in 2015

    On track for first LNG in 2015 Milestone Date Long lead procurement commenced Q1 2011 First access to site Q2 2011 Commenced hub compressor stations Q1 2012 Roma water production system mechanical Q4 2013 completion Compressor station mechanical completion Q4 2013 44

45. Slide 45: GLNG Downstream

    GLNG Downstream Mark Macfarlane VP GLNG OPL 45

46. Slide 46: Pipeline, Plant and Port

    Pipeline, Plant and Port BOWEN BASIN Rockhampton Gladstone CURTIS SPRINGSURE ISLAND Caliope Oombabeer Biloela ROLLESTON Banana Bauhinia Moura Bundaberg ARCADIA VALLEY Maryborough TAROOM INJUNE 0 100 WANDOAN WALLUMBILLA Kilometres ROMA SURAT Brisbane 46 BASIN

47. Slide 47: Gas transmission pipeline

    Gas transmission pipeline  420 km of 42" pipe  35,000 joints  All pipe manufactured and shipped  Peak workforce of 1,300 on pipeline by April 2013  Pipeline completion Q2 2014 100-km 47 of the mainland pipeline right of way has been cleared and graded as at November 2012

48. Slide 48: 70 km of pipeline strung along right of way

    70 km of pipeline strung along right of way Clearing and grading Pipe unloading Pipe stringing 48 Beveling

49. Slide 49: 1,000 joints have been welded

    1,000 joints have been welded Welding preparation Welding Welded 49 pipe on right of way

50. Slide 50: Pipeline marine crossing

    Pipeline marine crossing &— Pestina waypoint GUNG Gas Transmasicn Pretine Proposed Comirucoon ‘Accows Track LEG Precosed Work Pas Pipeline Right of Way (ROW) Gm Marre Crossing SE Aros of imoreat

51. Slide 51: Pipeline marine crossing

    Pipeline marine crossing 51

52. Slide 52: Marine crossing – installation sequence

    Marine crossing – installation sequence 52

53. Slide 53: Curtis Island – May 2011

    Curtis Island – May 2011 53

54. Slide 54: Curtis Island – December 2011

    Curtis Island – December 2011 54

55. Slide 55: Curtis Island – October 2012

    Curtis Island – October 2012 55

56. Slide 56: Curtis Island October 2012

    Curtis Island 31 October 56 2012

57. Slide 57: 1,344 room accommodation complete

    1,344 room accommodation complete  Capacity for future staged expansion to 2,208 rooms  Curtis Island site workforce peaks at 2,050 in Q2 2014 31 October 57 2012

58. Slide 58: Material offloading facility

    Material offloading facility 31 October 58 2012

59. Slide 59: LNG Train 1

    LNG Train 1 31 October 59 2012

60. Slide 60: LNG Tanks

    N 4 Ss, i oO Q fe) oa) s) oO soy (oa)

61. Slide 61: LNG Tank B

    LNG Tank B 31 October 61 2012

62. Slide 62: Module yard, Batangas

    Module yard, Batangas Fin fans Propane condenser steelwork Placement 62 of pipework onto LNG jetty modules

63. Slide 63: On track for first LNG in 2015

    On track for first LNG in 2015 Milestone Date First Curtis Island works May 2011 First permanent structural concrete for February 2012 Train 1 propane refrigeration compressors First concrete LNG tanks – LNG Tank B July 2012 First module arrives Q1 2013 Pipeline completion Q2 2014 First commissioned

64. Slide 64: Western Australia & Northern Territory Business Unit

    Fletcher 5 clean-up, Carnarvon Basin Western Australia & Northern Territory Business Unit John Anderson VP Western Australia & Northern Territory 64

65. Slide 65: WA&NT – delivery today/growth for tomorrow

    WA&NT – delivery today/growth for tomorrow  Highest ever production from Carnarvon Basin, driven by Reindeer and Spar Domestic  Winchester and Zola to be drilled in Gas 2013, success will offer multiple growth options  Fletcher Finucane development on Carnarvon budget, on schedule for first oil i

66. Slide 66: Record Carnarvon gas production

    Record Carnarvon gas production Gas production up 50% in 2012 to highest ever of 49.5 PJ to end Q3 Santos Carnarvon gas production PJ/Qtr Varanus Island 18 15  Strong production from John Brookes and Halyard well 12  Considering follow-on projects 9 − Spar 2 tie-back project 6 − John Brookes low i

67. Slide 67: Zola and Winchester: early 2013

    Zola and Winchester: early 2013 Winchester Winchester  Santos 75% and operator WA-323-P  Exploration drilling Q1 2013  Ensco 109 jack-up John Brookes  Shallow water (60-80m)  Material prospect with potential high Varanus Island Indian Spar liquids WA-13-L Ocean  On success case, multiple devel

68. Slide 68: Carnarvon Oil: Fletcher Finucane

    Carnarvon Oil: Fletcher Finucane Project is over 65% complete and on schedule for first oil in 2H 2013  3 well, subsea tieback to Mutineer Exeter FPSO - FPSO will undergo dry dock during Q1 2013  Average gross production rate of 15,000bbl/day in the first 12 months  Fletcher 5 development well co

69. Slide 69: Darwin LNG/Bayu-Undan

    Darwin LNG/Bayu-Undan Continued strong production and cashflow…  Successfully completed shutdowns in 2012 - Improved operability and reliability - 5% increase in gross gas production Q3 2012 v Q3 2011 taking advantage of previous system enhancements  Land available for Darwin expansion, with gover

70. Slide 70: Northern Australia: key part of Santos' future

    Northern Australia: key part of Santos‘ future Caldita Barossa unlocked in June 2012 with SK E&S farmin for up to US$520 million; BLNG environmental approval achieved Caldita Barossa (Santos 25%)  New Asian partner and Korean energy major, SK E&S  SK E&S will fund up to US$520 million in appraisal

71. Slide 71: Browse: Crown success unlocks material play

    Browse: Crown success unlocks material play Crown discovery located in close proximity to existing and proposed LNG projects; Santos farmin to adjacent permit WA-408-P  Significant gas discovery at Dufresne Bassett West Crown-1 Argus − Well-positioned in close WA-274-P proximity to existing and WA-

72. Slide 72: Crown-1 gas-condensate discovery

    Crown-1 gas-condensate discovery Preliminary contingent recoverable resource estimate 0.5-5 TCF  Large, simple Jurassic fault block structure  Wireline logging: Crown to Treasury Seismic Transect - 61 metres net gas pay in Jurassic-aged Montara, Plover and Malita sandstones Crown-1 Treasury - Pres

73. Slide 73: Browse Basin – exploration follow-up

    Browse Basin – exploration follow-up The Browse inventory presents material exploration running room for Santos… Dufresne Prospect ―D‖ Bassett West Prospect Prospect Astrolabe Prospect Grande Prospect WA-274P Crown 0.5 – 5 TCF Lasseter Prospect Treasury-1 Proposed Luxor Contingent Recov Resource 0.6

74. Slide 74: Winchester – Carnarvon Basin

    Winchester – Carnarvon Basin Echo/Yodel Goodwyn Dockrell Winchester-1 Parker-1 Sculptor Rankin Wilcox-2 Pemberton Dixon Wilcox-1 Wheatstone Iago Parker-1, 1979, TD 4737, Abandoned without evaluation due to operational difficulties Wilcox Winchester Proposed Well Location Winchester Prospect, Carnarv

75. Slide 75: WA&NT – delivery today/growth for tomorrow

    WA&NT – delivery today/growth for tomorrow Proven track record of delivery while generating future growth opportunities  EBITDAX margin 75% WA&NT EBITDAX (excluding asset sales)  Crown success $million  Carnarvon gas production 2012 up 50% 800 Delivery  Caldita Barossa unlocked 700  Fletcher Fi

76. Slide 76: Eastern Australia Business Unit

    Tindilpie 6-well pad during fracture stimulation "SIMOPS", July 2012 Eastern Australia Business Unit James Baulderstone VP Eastern Australia 76

77. Slide 77: Key 2012 Delivery

    Key 2012 Delivery  Santos 2011 reserves booking of 330 PJ/68 mmboe, highest booking since 1997 Cooper Gas  Significant progress towards U.S. style gas development with first 6 well transition on track pad online which will produce 15 mmscf/day  Moomba infrastructure upgrade plans well developed 

78. Slide 78: EABU Key Themes

    EABU Key Themes 1. Cooper Gas transition 2. Delivering Cooper Oil 3. Central Australia unconventional resources 4. NSW program 78

79. Slide 79: EABU positioned to capture new market opportunities

    EABU positioned to capture new market opportunities Unlocking Santos‘ extensive Step-change in gas demand Increased gas prices Eastern Australia resources Eastern Australia gas demand Eastern Australia gas Santos‘ Eastern Australia supply costs (ex-field)1 Resource Footprint $/GJ PJ/a 3 fold demand

80. Slide 80: Cooper Gas transitioning

    Cooper Gas transitioning Higher volume, lower cost business through… Upstream Infill Development Multi-well pad drilling technology – 4 rigs by 2014 SIMOPS approach to drilling, completions Enabled through multi-well pad drilling technology and SIMOPS and connections 75 30% production growth to 2

81. Slide 81: Transforming development and production delivery

    Transforming development and production delivery ‗Factory style‘ field development and production cost reductions… 10 Ave. cost per well ($2012M) 25+% drilling cost Developing pad drilling and SIMOPS capabilities reductions by 2015  Tindilpie 6 well pad on-line from October 2012 5  Cowralli 16 wel

82. Slide 82: Cooper Infrastructure Expansion Program

    Cooper Infrastructure Expansion Program Flexible ‗Phase 1‘ to match field development pace comprising… Cooper Infrastructure Expansion Program Phased Field Compressor Station Expansions  Big Lake (7,200hp)  Daralingie (3,200hp)  Moomba North (7,200hp)  Gidgealpa (14,400hp)  Tirrawarra (7,200hp)

83. Slide 83: EABU Key Themes

    EABU Key Themes 1. Cooper Gas transition 2. Delivering Cooper Oil 3. Central Australia unconventional resources 4. NSW program 83

84. Slide 84: 2012 Cooper Oil Delivery

    2012 Cooper Oil Delivery Refined Cooper Basin Oil strategy delivering with best production year since 2009 Sustained production growth…  Creation of a dedicated Oil Asset Team in 2011 3 Production (Mmboe) delivering results  Greater than 100% reserve replacement underpins 2 sustainability 1  Exte

85. Slide 85: EABU Key Themes

    EABU Key Themes 1. Cooper Gas transition 2. Delivering Cooper Oil 3. Central Australia unconventional resources 4. NSW program 85

86. Slide 86: Capturing unconventional reservoir opportunities

    Commercialising world class unconventional resources across Central Capturing Australia unconventional reservoir opportunities  Substantial unconventional contingent and prospective Substantial resources across the Central Australian Basins(1) Amadeus/ resources  U.S. technology & learnings are be

87. Slide 87: Australia's first shale gas reserve booking

    Australia‘s first shale gas reserve booking Moomba 191 is an extraordinary result…  Dedicated shale well commissioned on Santos EUR Estimates YE 12 28 September 2012 Bcf 1P 2P 3P  Initial flow rate >3 mmscf/d Accessed OGIP 2 4 9  First month average flow rate of Ultimate Recovery 1.5 3 7 2.7 mmsc

88. Slide 88: Comprehensive Cooper Basin unconventional program

    Comprehensive Cooper Basin unconventional program targeting our most prospective play types Prioritising two significant resource plays… Moomba REM Shale  Combination of vertical and horizontal wells to optimise well and frac design  Horizonal wells will be drilled with differing lengths and fract

89. Slide 89: Central Australia's further unconventional potential

    Central Australia‘s further unconventional potential Mereenie and North Mereenie Northern Territory unconventional reservoir potential Alice Springs  Significant unconventional recoverable Nth Mereenie Block prospective resource Mereenie  Core acquisition and fracture stimulation Amadeus Queenslan

90. Slide 90: EABU Key Themes

    EABU Key Themes 1. Cooper Gas transition 2. Delivering Cooper Oil 3. Central Australia unconventional resources 4. NSW program 90

91. Slide 91: A robust investment opportunity

    A robust investment opportunity Represents East Australia‘s largest onshore uncontracted 2P volumes… Queensland Reserves and resource(1): Goondiwindi PEL 6  1,427 PJ 2P PEL Moree 427 PEL 428 New South Wales Acquired interest PEL Narrabri PEL 434 238 Gunnedah  3,531 PJ 2C in 2009 & 2011 PEL 450 Coo

92. Slide 92: 2012 progress enables forward program

    2012 progress enables forward program Strong progress from legacy issue management to development planning… before after Legacy issues dealt with in 2012  Legacy integrity issues being resolved  Government policy enacted enabling license extension and development  Community engagement to address

93. Slide 93: Bohena focussed development plan

    Focussed development plan Two phase project1 based initially around the mature Narrabri asset…  Commercialise 1,500 to 2,500 PJ resource  Early gas sold into Wilga Park Power Station Bohena Phase 1 and/or domestic market via CRP Tintsfield  Production ramping from 2017 to reach >100 lateral pilot

94. Slide 94: Eastern Australia – leveraging the past to capture the future

    Eastern Australia – leveraging the past to capture the future Transitioning to a new low cost EA EBITDAX Cooper regime, leveraging existing $million (excluding asset sales) Basin infrastructure, resource base 800 and rapidly growing market 700 Utilising learnings from the 600 U.S., extensive resourc

95. Slide 95: Asia Pacific Business Unit

    Insert picture Asia Pacific Business Unit Martyn Eames VP Asia Pacific

96. Slide 96: Asia Pacific – delivery in 2012

    Asia Pacific – delivery in 2012 Focus on three core countries; Indonesia, Vietnam and PNG  Wortel delivered in January 2012 on budget Indonesia  Farm in to additional South Sumatra CSG licences  Chim Sáo producing > 25,000 bbls/day Vietnam  Dua oil project sanctioned, first oil on track for 1H 2

97. Slide 97: Indonesia – established business

    Indonesia – established business Strong base business in East Java with increased margins and incremental growth Indonesia  Wortel gas project delivered in Net entitlement production mmboe January 2012 on budget 8 − Oyong/Wortel combined gross production 7 90 mmscf/d gas and 2,200 bbl/day oil  Inc

98. Slide 98: Indonesia - unconventional growth

    Indonesia - unconventional growth Farm-in to two additional CSG licences in 2012; South Sumatra CSG drilling program to commence in 1H 2013  Leverages Santos‘ CSG experience in Australia and operating experience in Ogan Komering Indonesia II Belida  Licences located close to the South Sumatra-West

99. Slide 99: Vietnam - high margin oil business

    Vietnam - high margin oil business Chim Sáo on plateau; Dua on track for first oil in 1H 2014 Chim Sáo (Santos 31.875%) Gross average daily Chim Sáo oil production  Gross oil production rate bbl/day >25,000 bbl/day for last seven months  Cargoes achieving premium to 25,000 Dated Brent  Reserve in

100. Slide 100: Vietnam - significant exploration upside

     Vietnam - significant exploration upside Active exploration program underway in the Nam Con Son and Phu Kanh basins S Arbitrary Line Hon Khoai N Block 13/03 (Santos 65%, operator)  >1,000km2 3D seismic acquired in 2Q 2012  Hon Khoai well planned for 2H 2013 Top Reservoir  Water depth 89 metres 

101. Slide 101: PNG LNG on track for first LNG in 2014

     PNG LNG on track for first LNG in 2014 Capacity increased to 6.9 mtpa; gross capital cost estimate increased to US$19 billion due to FX impacts and logistics challenges  Project is 70% complete - Drilling underway on the first two production wells - Mobilisation of second drill rig is underway - Of

102. Slide 102: PNG LNG – Potential expansion

     PNG LNG – Potential expansion Existing infrastructure can support potential future expansion  Potential areas for expansion are being Train 3 Location assessed - Hides development drilling underway  Plans are being developed to drill Hides Deep in 2014 (Santos 24% equity) - Optimal access to proje

103. Slide 103: PNG LNG — upstream progress

     PNG LNG — upstream progress 103

104. Slide 104: PNG LNG — LNG plant site

     PNG LNG — LNG plant site 104

105. Slide 105: Asia Pacific – growth and margin expansion

     Asia Pacific – growth and margin expansion Strong track record and material growth Asia Pacific EBITDAX (excluding asset sales)  Wortel delivered $million 2012  Chim Sáo on plateau 200 Delivery  1H EBITDAX up 270%  EBITDAX margin 78% 150  Peluang FID in early 110 100 2013 46 175  Vietnam/Indon

106. Slide 106: Wrap-up

     Insert picture Mutineer-Exeter, Carnarvon Basin, Western Australia Wrap-up David Knox Managing Director and CEO 106

107. Slide 107: 2012 Investor Seminar

     Insert picture 2012 Investor Seminar 22 November 2012 107

108. Slide 108: 2013 exploration schedule

     2013 exploration schedule Well name Basin / area Target Santos Interest Timing % Winchester-1 Carnarvon Gas 75 Q1 Dufresne-1 Browse Gas 30 Q1 Cooper Unconventional – 5 well program Cooper Gas 66.6 Q1 – Q3 Cooper NFE – 4 well program Cooper Gas Various Q1 – Q4 NSW CSG – 4 well program Gunnedah CSG Va

109. Slide 109: Contact information

     Contact information Head office Adelaide Andrew Nairn Ground Floor, Santos Centre Group Executive Investor Relations 60 Flinders Street Level 10, Santos Centre Adelaide, South Australia 5000 Direct: + 61 8 8116 5314 GPO Box 2455 Email: andrew.nairn@santos.com Adelaide, South Australia 5001 Telephone

Santos — Investor Day (February 2016) on 6ix