Slide 1: Bayu Undan CUQ Floatover
Bayu Undan CUQ Floatover
Slide 2: East Java
East Java Santos
Slide 3: Underlying Profit & Cash Flow Up
Underlying Profit & Cash Flow Up Hall Year 30 June 2003 2002 Oil Price Remains Strong 3 e 3 * $ag-98.°°°SuI OB oo Yan=9922°5 Ju1-99- 252 Jani-00 ON Jean-O2 2 SesO2 SS Jaii-O Soi erg tim
Slide 4: Significant Operational Achievements
Significant Operational Achievements Halt Year 30 June 2003 2002 Bayu Undan Project
Slide 5: Bayu Undan DPP Loadout
Bayu Undan DPP Loadout Offtake, Tanker:
Slide 6: Contracting More Gas
Contracting More Gas Oyong Bayu LNG John Maleo Casino Brookes Cooper Basin e Strong base busin Substantial value t “Targeting
Slide 7: Oil Production
Oil Production Acquisitions cha reholder val » Leverage compet
Slide 8: Santos
Slide 9: Sales Grow
Sales Grow / : oo _ os Gas Liguid Liquid volumes prices volumes 0 1% Half 2002 1% Half 2003 Santos .
Slide 10: Production Cost Falls
| Production Cost Falls Increases. Savings PEHalt 2062: 1 Half 2003, Productian Cost Production: Costs Santos
Slide 11: Improvement Program Delivers
Improvement Program Delivers _ Aug 2 i Commitment Jun i DD&A Asi Halfe 280 Ralf aA Halt 266. 2092 003
Slide 12: EBITDA Steady, Exploration Costs Up
EBITDA Steady, Exploration Costs Up oo Volume ee 16. 0) Royaities Ex & bag & PRRE 3 : Other aa _ ) 0) ie Variance faa eit After Tax Bae 2 GORA other S Half 2002 * Half 2002
Slide 13: Continuing FCF Strength
Continuing FCF Strength 30.6.99 39.6.00 30.6.01 36.6.02 30.6.03 FFO/debt 60% Ting 25% Strong ratios é cash flow Understand value
Slide 14: Exploration
Slide 15: Forward Exploration Program
Forward Exploration Program Kutei Basin
Slide 16: Kutei Basin
Kutei Basin LEGEND: y Santos Acreage: 27 BE Frospect: East Java
Slide 17: Offshore Otway & Sorell Basins
Offshore Otway & Sorell Basins Offshore Otway Callister LEGEND: Santas Acreage LGas held ‘BA Praspect:
Slide 18: Carnarvon Basin
Carnarvon Basin Wanaea Carnarvon Basin
Slide 19: Cooper Basin
Cooper Basin
Slide 20: Portfolio of Growth Options
Portfolio of Growth Options
Slide 21: Prices & Exchange Rates
Prices & Exchange Rates Realised Oil Prices (USD/bb}) 28.63 AUD/USD Exchange Rate fier hedgi Bealised Oil Price (AUD/O USA Gas Price {USD/mct) Australian Gas Prices (AUD/g}) 2.94
Slide 22: Cost Definition
Cost Definition Cost of Sales Production.Costs Pipeline Tartis Royalties inventory Movement D, D&A Cost of Saies
Slide 23: Capitalised Exploration & Development at June 2003
Capitalised Exploration & Development at June 2003 Hides Gas i PNG Gas Project Papua Exploration : includes Bilip oil: discovery Evans Shoal: Gas f Commercialisation activity Otway Basin ; includes Casing discovery and espwater exploration permits USA Gulf Coast ploration leases acquired with seniay
Slide 24: 2003 First Half Production
2003 First Half Production (83) ey Aust Gas USAGas Camanvon fied — & Spar Ol Decline Cocoer Basin Condensate ist Half 2002 2003 First Half Results Gross: Profit: Profit-on Sale of Non-Current Assets Other Revenue Net Profit after Tax before Write Downs Write: downs (after:tax) Net Profit after Tax
Slide 25: 2003 First Half Capital Expenditure
2003 First Half Capital Expenditure Exploration Australia: Overseas: Delineation Australia Overseas: Development @) Australia Overseas Total Exploration, Delineation Development Expenditure Sates ANG TK BSSety os