Santos Limited · ASX:STO
Santos — Non-Deal Roadshow (June 2006)
16 slides from Santos's roadshow presentation, Jun 27, 2006
Slide 1: ASX/Media Release
ASX/Media Release Media enquiries Investor enquiries Kathryn Mitchell Brooke Pedersen +61 8 8218 5260 / +61 (0} 407 979 982 +64 8 8224 7227 / +61 (0) 400 250 027 kathryn.mitchell@santos.com brooke.pedersen@santas.com 27 June 2006 Santos Presentation to European Investors From Tuesday 27 June 2006, S
Slide 2: European Investor Briefings June/July 2006
Cee. a , Wy European Investor Briefings dJune/july 2006 Western f , Australia / , Legend a Exploration Production: Eastern ‘Australia
Slide 3: Santos at a glance
« Market capitalisation: ~AG7.3 billion (ASX top 40) # Employees: 91600 « 2005 tolal shareholder return: 50% « Proven plus probable reserves: 774 mumboe @ 31/12/05 Crude oi 14.3 mmboe Condensate KZ Condensate 4.2 mimibos Z l AS34670 fina | EBITDAX
Slide 4: Core areas growth strategy
Tax change j Moomba\_ incident “~~ Identify , New Core Areas Asia; Middle East, USA Mature i Emerging Core Areas indonesia, Timon Bonaparce. PNG io Enhance oe Existing Core Areas Eastern and vestern Australta 2003 2005 2007 2009 2011
Slide 5: Gas production and reserves
ee # NO Lin Gas production 8 reserves «cbstablished lntrastructire: Exploitation opportunities: Western Austral « Asset: diversipy *« Established infrastructure « AC Gane position Li TN Australia's largest domestic gas producer Established infrastructure position Conventional and coal seam gas asset
Slide 6: Growing exploration opportunity base
« Growing exploration opportunity base » Otway ~ Casino/ Henry acceleration, low risk follow up 2007 drilling » Sorell + high risk, LNG Scale deepwater portfolio — possible : 2007 drilling | Gippsland < Kipper gas porell Basin field plus éxploration upside Exploration, exploitation and EOR project u
Slide 7: Early drilling results encouraging
» Early results are encouraging » Three rigs operational > 7 days spud to spud « Initial 26 wells drilled 25 successful (96%) « 7 weils on-line Berrilya 65% Santos Acreage Ol Pipeline » Cararyon Basin high value Opportunities « Extensive acreage position Strategic infrastructure Legend ‘EB Saptes ac
Slide 8: Western Australia and Papua New Guinea assets
Hee Mutineer Exeter oil {S1O 34%, operator) ~ Production rate increased from 35k to 55k bbi/day > Further development wells to be drilled 3D seismic survey John Brookes Stag oil (STO 67%) continues to perform well e John Brookes gas (STO 45%) uneontracted Capacity Papua Mew Guinea Gas & Ot 4: S01 mi
Slide 9: LNG and Northern Australia gas projects
» 10,6%, ConocoPnilips operated 2P reserves 2.8 Icf, 509 mmbbis liquids (gross) » Capex ~USS3.6 billion (gross) « Liquids recycle producing 100,000+ bod « First LNG February 2006 3.5 Mt/yr LNG initial capacity » Strategy to prove up ae gas resource for LNG CoaocaPhilips (Op) expansion Evans Shoal So
Slide 10: Indonesia development projects
1p Dull » Strong acreage position in prospective basins “Hui Aman discovery: Bontang short gas Good prospect inventory Development Projects Maleg and Oyong in progress: East Java , aaa » Santos 40.5%, Operator « Shallow water (42m), deen structure (>4500m subsea) Kujung carbonate » Appraisal program
Slide 11: New country entry
eu Country entry, Zhgellsin 2006 in -shatlow state svat 5-wells.in 2H 20g Production 10
Slide 12: Drilling activity and production
Biting Ackiaty 2001 2002 2003 2004 2005 2006 Ll] Santos Gperated Offshore 1G Non Onerated Offshere ©] Santos Operated Onshore: i Nov Operated Onshore aes ON OFICR. 2004 2005 2007 Australian Gas) Australian Ol = mf Bayitindan Indonesia 1i
Slide 13: Summary of growth options
» Growing production profile « Active development portfolio » Multiple gas commercialisation options = 2,0 billion boe of contingent resources * Attractive appraisal opportunities » Jeruk, Jimor/ Bonaparte LNG, Hiu Aman « Material exploration program ~ ~ 20 wildcats in 2H 2006 12
Slide 14: Reserve replacement and EBITDAX growth
A LUI S Reserve Replacement Ratio * 210% target EBITDAX growth p.s. 13
Slide 15: Safety performance: injury frequency
HTT TAArY up 37% TRCER - Injury Frequency (12 month rolling average) Fall Year 2002 8 “s For year ZinT A Full Year 2004 6 m Pu Full Year 2005 A SN TRCFR oe SPX PP SF SI PH I SP SF LP SS SPSS oe en SS Po ghey Sey ew a Month / Year | 12 month Rolling Average 2008 Target 14
Slide 16: Forward looking statements
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 could cause actual results or tre