Slide 1: Disclaimer & Important Notice
4 Agua 2004 Disclaimer & Important Notice Santos
Slide 2: Program
Program Meeting the Challenge
Slide 3: Safety - Recordable Injuries Reduce
Safety - Recordable Injuries Reduce ee 2E03 Auerane ipreds Santos
Slide 4: Results Reflect Moomba
Results Reflect Moomba Half Year +
Slide 5: Value From New Assets
Value From New Assets Meeting the Challenge
Slide 6: 1H 2004 Production
1H 2004 Production Joh Halt 2003 Stage 2 : ; )) Brage 5 A « Storage gas | : As fullgas 17] + RBA 3 Jar (100 () S00 7i/d || professing )) resumes Tey + of atoo., |) petty P| May | « Storage + j oA 6 LRBrebulld A « Liguids at field Ges 4 Jan ; ‘ TO% (00) f fi
Slide 7: East Spar
East Spar Santos .
Slide 8: Cost Management
Cost Management Technology
Slide 9: Moomba Hub
Moomba Hub Peter Wasow ” POEL pancal iiCer
Slide 10: Sales Revenue
Sales Revenue Ty ogo 3/7 REET Santos 10
Slide 11: Netback
Netback (Coouoieble tens Depreciation, Depletion & Amortisation ho kee 1i
Slide 12: yh ios 1s
yh ios 1s Esa, joration | Beyuunaan lauds j y Bayu-Undan LNG 66 Bie jj Cooper Gas Devt 64 ee ],, Moomba LRP Rebuild seh j Southern Aust Kore «ie Santos 12
Slide 13: Cash Flow & Net Debt
Cash Flow & Net Debt 1) psig BB oe FUELS more equi oves capital structy Santos 13
Slide 14: International Accounting Standards (IFRS)
International Accounting Standards (IFRS) No Gteane IFRS half year IPRS full year industry standard, reports induding reports — including available comparatives | comparatives Q SGrandfathering”. “Grandfatharing’ yi. exposure draft issued Issued a5.a ED6 standard? Meeting the Challenge Onn Riicer 7)
Slide 15: Developing New Assets
Developing New Assets Bayu-Undan Minerva Sole yi» Petrel-Tern Golden Beach 4» Evans Shoal Kipper 42 » Indonesia exploration (7 » Otway exploration US exploration Egypt exploration Onshore Aust oil Otway exploration Onshore Aust gas 15
Slide 16: Bayu-Undan
Bayu-Undan 16
Slide 17: John Brookes — Varanus Hub
John Brookes — Varanus Hub » Major faciines _ Gontracts in place « Platform fabrication commenced Santos 17
Slide 18: Indonesian Gas
Indonesian Gas _ Malco » Gas securitisation issu Healing completion, Planned project sanction 30/04, Production 2 inmboe Hie d i Banat £ PEC LSIEy Brantas PSC (189 Santos 18
Slide 19: Meeting the Challenge
Meeting the Challenge Building a portfolio of opportunities Drilling the y new opportunities yy Santos 19
Slide 20: Basin Excellence
Basin Excellence Leader in technical » East Java Total’ understanding d Establish substantial” » Kutel acreage position li cue Suez r Souther Margins commercial isk to” @ strong portfolio » Timor Select partners with? oe complementary skills TAS Galtot Mexico Santos 20
Slide 21: Exploration Focus
Exploration Focus Sampang PSC Jerk 1 Top: Kuyung: ai
Slide 22: North Bali I PSC
North Bali | PSC eh ape | .Op Kajung Limeston: Exploration Focus Makassar San 22
Slide 23: Exploration Focus
Exploration Focus i Noel Z Proposed . Amrit 1 Santos . 23
Slide 24: Exploration Focus
Exploration Focus Gulf of Suez ve | op ‘ can ie BP Edfu discovery: 7 Be | f : 2 j j 80 mmbo ; 2000 BS ee ; y khetren Khefren: + Santos . 24
Slide 25: Meeting the Challenge
Meeting the Challenge “Technology _ Creating value from new assets Development projects Exploration Meeting the Challenge Managing Duccor 25
Slide 26: Prices & Exchange Rates
Prices & Exchange Rates Santos
Slide 27: Cost Definition
Cost Definition wi Santos
Slide 28: 2004 First Half Results
2004 First Half Results Santos
Slide 29: Capitalised Exploration & Development at June 2004
Capitalised Exploration & Development at June 2004 1 Gem iencialieatics tetas Ink Kipper, Kas fiass | One cent moveme fier tex movement of AG? million movement of AS3 million Santos
Slide 30: Upcoming Exploration
Upcoming Exploration Tatget mike: 3: Quarter daltiag mimtion) Expected £6 ‘unvisked = GBs Popodi PSC y. Middle Miocene y ae Santos .
Slide 31: Otway Offshore
Otway Offshore Gulf of Suez ~ Osage 1X