#1Santos ALASKA INVESTOR VISIT 17-19 September 2023 Santos#22023 Alaska Investor Trip Disclaimer and important notice Santos This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry, and the carbon capture and storage and carbon emissions reduction technologies industries. 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 trends to differ materially, including but not limited to: price fluctuations on any products we produce, store, trade or capture, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, carbon emissions reduction and associated technology risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals, conduct of joint venture participants and contractual counterparties and cost estimates. The forward- looking information in this presentation is based on management's current expectations and reflects judgements, assumptions, estimates and other information available as at the date of this document and/or the date of Santos' planning processes. Except as required by applicable regulations or by law, Santos does not undertake any obligation to publicly update or review any forward looking statements, whether as a result of new information or future events. Forward looking statements speak only as of the date of this presentation or the date planning process assumptions were adopted, as relevant. Our strategies and targets will adapt given the dynamic conditions in which we operate; it should not be assumed that any particular strategies, targets or implementation measures are inflexible or frozen in time. No representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forward looking information contained in this presentation. Forward looking statements do not represent guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond Santos' control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. All references to dollars, cents or $ in this document are to United States currency, unless otherwise stated. The estimates of petroleum reserves and contingent resources contained in this presentation are as at 31 December 2022. Santos prepares its petroleum reserves and contingent resources estimates in accordance with the 2018 Petroleum Resources Management System (PRMS) sponsored by the Society of Petroleum Engineers (SPE). The reserves and resources information in this presentation is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of, Paul Lyford, who is a full-time employee of Santos and is a member of the SPE. Dr Lyford meets the requirements of a QPRRE and is qualified in accordance with ASX Listing Rule 5.41. Conversion factors: 1PJ of sales gas and ethane equals 171,937 boe; 1 tonne of LPG equals 8.458 boe; 1 barrel of condensate equals 0.935; 1 barrel of crude oil equals 1 boe.#32023 Alaska Investor Trip Outline Section Duration Time Speaker Introduction 30 min 09:00-09:30 Anthea McKinnell, & Bruce Dingeman Resource Overview 15 min 09:30-09:45 Mark Ireland Pikka Phase 1 Project 45 min 09:45-10:30 Chris Laing & Pete Laliberte antos Break 15 min 10:30-10:45 Beyond Pikka Phase 1 15 min 10:45-11:00 Mark Ireland Carbon & Sustainability 15 min 11:00-11:15 Lea Souliotis Governance & 30 min 11:15-11:45 Joe Balash Responsible Development Wrap Up 15 min 11:45-12:00 Bruce Dingeman Lunch & Stakeholder 90 min 12:00-13:30 Panel Santos Board and exec slope visit 28 June Santos Santos intos and#42023 Alaska Investor Trip Alaska Site Visit 17-19 September 2023 Sunday, 17 September 2023 Management dinner Anchorage, Alaska Monday, 18 September 2023 Management presentation Stakeholder lunch & panel Anchorage, Alaska Tuesday, 19 September 2023 Pikka Project site tour Alaska North Slope PIKKA UNIT PRODUCTION UNIT TAPS PIPELINE EXISTING PIPELINES ALASKA BOROUGH BOUNDARY • POPULATED PLACE -MAJOR HIGHWAY/ROAD ROAD OTHER INTERNATIONAL BOUNDARY ARCTIC CIRCLE INTERNATIONAL DATE LINE Point Hope SUMMIT 25 50 100 Miles Kilometers 50 100 St. Lawrence Island Hooper Bay Nunivak Island BERING SEA Akutan Unalas Point Lay Kivalina Noalak❤ Kotzebue Utqiagvuk Pikka UFORT SEA Wainwright Argasuk Nuiqsue Deadhorse NPR-A Umiat Sagwon Selawik Anaktuvuk Pass- Tanana Nome Galena Norton Sound Unalakleet Denali, McGrath Emmonak Alakanuk Mountain Village Holy Cross Sleetmure Bethel Kaktovik ANWR Arctic Village 11 Fort Yukon Anchorage Togiak Dillingham Naknek King Salmon Bristol Bay TAPS Kenai Soldoma Nenana Circle Eagle Tok Glennallen Palmer hirier Cordova Yakutat Home Mai Peninsula Seldovia Gulf of Alaska Kodiak Aleutian East Kodiak Island Cold Bay False Pass King Gove Sand Point Santos#52023 Alaska Investor Trip Santos is a global energy company Market capitalisation¹ ~A$ 25.7billion Disciplined operating model Targeting 2023 free cash flow breakeven < $35/bbl² Capital management framework Targeting sustainable returns to shareholders and gearing between 15-25% Strategic competitive advantage enables low-cost CCS hubs Moomba CCS targeting first injection in 1H 2024 Major projects in execution Moomba CCS, Barossa and Pikka Phase 1 Production into the 2040s Targeting 100-140 mmboe NORTH AMERICA Pikka Canada Alaska 0 50 100 Km Bedout Bäsin 1 Dorado Dili S Bayu-Undan 2 Santos NORTHERN AUSTRALIA 5 PAPUA NEW GUINEA Papua LNG TIMOR-LESTE *Barossa Darwin S Darwin LNG plant McArthur/ Beetaloo Basin PNG LNG plant Northern Territory South Nicholson Basin WESTERN AUSTRALIA Western Australia Amadeus Basin Diversified portfolio of high-quality, long-life gas and liquids assets Western Australia, Northern Australia and Timor-Leste Eastern Australia and PNG Western Northern Hub Australia 1 Australia 2 Cooper Basin Queensland & 3 NSW Papua New 4 Guinea 5 Perth S Oil FPSOS and Asset type offshore gas to Offshore gas field to LNG Onshore fields to domestic gas, liquids and LNG Onshore field to LNG domestic supply 0 250 500 Km Reservoir Shallow water, Conventional Conventional Unconventional Conventional S Santos Office Santos Acreage Fixed-price LNG, liquids Product market domestic gas and Domestic gas, liquids LNG LNG, liquids Gas Pipeline Oil Pipeline liquids Port MoresbyS Queensland GLNG plant 4 3 RomaS BrisbaneS COOPER BASIN Moomba South Australia QUEENSLAND & NSW New South Wales (NSW) Narrabri S Port Bonython SydneyS AdelaideS Canberra Victoria Melbourne Tasmania Hobart Santos 1. As of 15 August 2023. 2. Free cash flow breakeven is the average annual oil price at which cash flows from operating activities (excluding hedging) equals cash flows from investing activities. Forecast methodology uses corporate assumptions. Excludes on-off restricting and redundancy costs, asset divestitures and acquisitions, major project capex and lease liability payments. 5#62023 Alaska Investor Trip Alaska in the Santos Portfolio World-class asset in OECD country with internationally competitive investment environment • Project Phase 1 final investment decision (FID) taken August 2022 Alaska is a material part of the Santos resource base Pikka 2P Reserves 2C Resources Committed to net-zero project (Scope 1 and 2, equity share) Alaska (2) Alaska (2)- 165 438 1,745 mmboe 3,280 mmboe • Alaska creates portfolio • diversification (product and geography) in an OECD(1), business friendly environment Material, liquids-rich asset in existing leasehold position - Presents opportunities for further growth in gas, carbon capture and abatement Phase 1 cash flows will fund future opportunity set and return cash flow to corporation and shareholders Flexibility in pace of portfolio maturation 1 Organization for Economic Cooperation and Development 2 Year-end 2022 reserves (2P for Pikka Phase 1) and resources (2C for Alaska) Santos portfolio STO net M Papua New Guinea PNG LNG Timor-Leste Barossa Dorado Moomba Brisbane Narrabri Parth Australia Horseshoe Alaska Quokka O Office locations ° Operated faction O Non-perated facilities Development projects Planned project location Planned carbon capture and storage Sentoe operated exploration acreage Non-operated exploration acreage Of postres -Gas pipelnes Santos#72023 Alaska Investor Trip Welcome to Alaska An attractive place to find and develop oil Supportive Business Environment • • The oil and gas industry remains the single most important economic engine in the state The oil industry has been the largest state taxpayer for over 40 years Santos team highly experienced in operating in the Alaskan regulatory environment Well-Established Super Basin: Emerging Play- Fairways Material Discoveries with Low Development Cost Extensive Infrastructure In- Place · • One of the world's most active conventional oil basins Over 18 billion barrels of oil produced to date Several emerging play-fairways position the basin for a resurgence in appraisal and development activity Significant discoveries in the Nanushuk with USGS estimates >6 billion barrels yet-to-find Application of advanced technologies have lowered development costs and reduced environmental impact Increase in pre-FID activity by main operators Major supply base at Deadhorse on the North Slope connected to year- round road support (aviation, camps and warehousing) Trans-Alaska Pipeline System connects North Slope to Valdez Marine Terminal with over ~500 MBOPD of current excess capacity All infrastructure to Valdez export terminal is open access Source: Company disclosures, Wood Mackenzie, IHS, USGS, AOGA Santos#82023 Alaska Investor Trip Pikka is a world class conventional asset Surrounded by infrastructure Santos National -Petroleum Reserve-Alaska (NPRA) Pikka Nuiqsut Quokka Horseshoe TAPS Deadhorse 30 Miles STO COP ENI HILCORP UNITS OTHER STO/REP Leases Deadhorse: Robust contractor capability; North Slope field services hub Open access Trans- Alaska Pipeline System (TAPS) Valdez Marine Terminal (VMT) accessed via TAPS 8#92023 Alaska Investor Trip Alaska Asset Overview Asset Details Pikka 2013: Pikka field discovered 2017: Horseshoe discovery confirmed giant oil field across Nanushuk-3 fairway 2018: Initial acquisition completed, and Operatorship assumed 2019: Option for additional interest exercised, completed Pikka Phase 1 appraisal 2020: Successful early civil works (gravel lay) and exploration program 2021: Santos/Oil Search Merger 2022: Pikka Phase 1 FID 2026: Pikka Phase 1 first oil Alaska North Slope units Nuiqsut Horseshoe ☐ Santos Units ☐ Santos Leases 1. Operating Capabilities Deeply qualified team with experience in remote, Arctic, technically demanding operations 2. World-class safety and environmental performance in highly-regulated regime 3. Aligned indigenous stakeholders and community Quokka TAPS Santos 0 10 20 30 Miles 9#102023 Alaska Investor Trip Alaska Leadership World class development has attracted high calibre talent with substantial Alaska experience Wanda Lewis Kollin Fencil SVP Operations Bruce Dingeman VP People & Culture bp EVP & President Alaska ConocoPhillips bp TALISMAN Cobalt ENERGY Santos HSES Production Operations Supply Chain Drilling & Completions Cindy Bailey Barr Senior Community Affairs Advisor bp A ARMSTRONG Mark Ireland SVP Subsurface & Exploration ConocoPhillips REPSOL Chris Laing Project Director Infrastructure Delivery Engineering Construction Project Services Stephen Luna SVP Legal ExxonMobil Johnathan Boyce SVP Finance, Digital & IT BHP Matt Elmer Senior Project & Operations Advisor ConocoPhillips Denbury Lea Souliotis SVP Commercial, Strategy, & Planning Joe Balash SVP, Government Affairs 10 10#112023 Alaska Investor Trip Building the team through disciplined hiring Focus on experience, capability, likely fit, and alignment with culture & vision 120 CURRENT DIRECT HIRES 383 CANDIDATES INTERVIEWED 458 CANDIDATES PRESENTED 847 CANDIDATES PRE-SCREENED 259 Total Team Includes: 120 Alaska Employees 131 Contractors 8 Secondees Further supported by strong capabilities from Australia. 4,621 CANDIDATES SPOKEN WITH (TELEPHONE CONVERSATIONS) All as of June 2023 9,690 CANDIDATES CONTACTED (EMAIL / VOICEMAIL) Santos 11#122023 Alaska Investor Trip Highly Experienced Alaska Team Team staffed with Alaska operations veterans . Santos has one of the leading teams focused on the North Slope Nanushuk Operations Pad (NOP) overview Santos . - New world class development project has attracted high calibre talent with substantial development and production experience ⚫ 120 local employees; 79% Alaska hires (as of June 2023) Senior management team with 147 combined years of international oil and gas experience and over 391 combined years of US/Alaska experience • Demonstrated ongoing technical and operational success on the North Slope In first two drilling seasons, 4 wells, 7 penetrations delivered on time and under budget, zero LTIs; twice broke 40-year record for earliest drilling start on the North Slope - Civil program complete; major construction (fabrication and field. construction) underway Polaris Camp 168 beds Orion Express Camp 401 beds GEOFF AND F Focus on execution readiness for winter 2023/24: • Extensive company experience in environmental and social stewardship Currently ~200 contractors on the slope • Ramping to >1,000 by year end 12#132023 Alaska Investor Trip Environmental Protocols and Standards Across the North Slope • Responsible development is important to local communities, the State of Alaska and North Slope oil and gas operators • Authorizations required from multiple federal, state, and local regulatory agencies - Most undergo public review and stakeholder engagement prior to authorization • All off-pad activity requires pre-approval - - Access to tundra is limited by season and requires approved low-impact vehicles Single-season ice roads and pads are used for exploration & construction • All fuel/chemical storage and transfer areas require secondary containment, regardless of tank size • Air quality/emissions, waste storage/disposal, and water use are strictly regulated Detailed plans guide waste management, wildlife interaction, water discharge, spill prevention and response • Wildlife have the right-of-way - Strict wildlife non-interference policy, includes complete avoidance of denned bears and nesting migratory birds Reference: North Slope Environmental Field Handbook (2020) provides a basic overview of environmental issues on the North Slope and how Operators minimize the effect of operations on the environment Santos 13#142023 Alaska Investor Trip Emphasis on Safety and Environmental Proactive EHS culture focused on planning, monitoring leading indicators & thorough incident reviews with prompt action • Strong safety and environmental management plan in place • Strong safety culture supported by: • Strong leadership - Engaged and involved employees & contractors - Training/contractor summits - Proactive hazard identification and mitigation Reporting Environmental performance starts with the mitigation hierarchy with goal of no net loss: 1. Avoid 23 2. Minimise 3. Mitigate Leadership Safety Meeting, North Slope Santos "Duck pond" for parked vehicle Caribou grazing near infrastructure 14#152023 Alaska Investor Trip Alaska is the right place for responsible development Santos Pikka C exploration drill site during (above) and 18 months after (below) Alaska and the North Slope have some of the strongest environmental standards in the oil and gas industry - Robust permitting process is the foundation of the North Slope's strong environmental credentials and performance - ESG compliance is baked into the process . The North Slope is a mature basin with existing and underutilized infrastructure · - Is a 'project footprint only' development, not a "frontier" development - adds production to a stable and well-regulated operating area By producing oil in the North Slope of Alaska we are: - Managing climate change transition risk - Ensuring oil is produced at a low GHG emissions intensity and with the highest environmental standards - Supporting local communities and indigenous people Exploration & construction conducted in 90- 120-day winter window using ice roads and pads that leave no trace 15#16Santos 2023 Alaska Investor Trip Community and Stakeholder Alignment Santos is committed to meaningfully contribute to the future strength and prosperity of the communities where we operate, building deep, long-lasting relationships with positive intergenerational benefits. • Strong stakeholder support aligned through royalty and land use agreement, high local content . . Started from a position of listening to and learning from our communities / stakeholders Partnering with community and stakeholders to focus on responsible development • Relationships built on consistent engagement and trust • Delivery on commitments • Focused, targeted approach to SD&I (supplier diversity and inclusion) • Multiple touchpoints recognizing the complex web of inter-relationships across Slope entities and communities 16#172023 Alaska Investor Trip Net Zero Commitment Commitment for Pikka Phase 1 to be net-zero (Scope 1 and Scope 2 emissions, equity share) from first oil • Optimize projects for lower emissions intensity • Develop portfolio of offset opportunities to enable net zero development - Partnering with Native Corporation on • improved forestry project Generate high-quality carbon offsets Alaska positioning to be a global decarbonisation leader - Santos joined a consortium in 2022 to pursue CCS projects in Alaska leveraging federal funding Santos EHSS AWARD 2023 Decarbonisation Alaska Net Zero Commitment Alaska Director's Award in Decarbonisation for first Santos project with net zero commitment at FID Santos Sen. Lisa Murkowski@lisamurkowski Aug 11 Great news: U.S. Department of @ENERGY has announced that a world- class consortium here in Alaska will receive an award from our bipartisan infrastructure law to demonstrate the viability of an Arctic Direct Air Capture Hub Testing Ground. energy.gov Project Selections for FOA 2735: Regional Direct A... Project Selections for FOA 2735: Regional Direct Air Capture Hubs - Topic Area 1 (Feasibility) and Topic.... 21 13 8 53 o 4,978 Sen. Lisa Murkowski@lisamurkowski Aug 11 Congratulations to ASRC Energy Services, Santos, Repsol, and Storegga― can't wait to see what their good work holds for this project and our state. 17 4 ihl 2,217 3 11 Consortium application selected for award of federal funds to assess feasibility of direct air capture in the Arctic 17#18Resource Overview World Class Resources in a Mature Petroleum Province 5622 3 18 Santos#192023 Alaska Investor Trip Santos Nanushuk Geology - Unlocking Value in Brookian Clinoforms Excellent development opportunity across major Nanushuk trends with additional satellite reservoirs Nanushuk Depositional Model - Massive Topset Reservoirs 15+ Nanushuk Fairways across Santos Acreage • . • • Nanushuk reservoirs found in topset deposits of enormous Brookian clastic clinoforms from western NPRA to the Santos core position Sediments derived from west (Chukotka) and south (Brooks Range) filled the Colville foreland basin and buried organic-rich source rocks Up to 33% porosity in Nanushuk sands with permeability up to 1 Darcy Discovered Nanushuk fields exhibit modest API gravities, generally 24°- 40° 15+ laterally continuous Nanushuk fairways underpin enormous potential across Santos acreage Clinothem Depositional Setting and Deposits Setting Nanushuk Coastal-alluvial plain Lowstand shelf margin Torok Deposit proximal distal Marine slope. to basin floor Slope aprons and basin- floor fans LCU and PSU-GRZ condensed section Ancestral Brooks Range EDW Composite section location map סלר Coalescing BFF lobes Chukotka Chukchi Platform Herald Arch Slope apren 300 km (200 mi). Colville foreland basin isolated BFF lobe LSM North Nanushuk topsets aufortian strata Ellesmerian strata pre- Beaufort rift shoulder (Barrow arch) Rocks Older than Lower Cretaceous Clinothem. Beaufortian & Okpikruak Beaufortian Ellesmerian Www Pre-Mississippian basement From Houseknecht, 2019 Nanushuk-Torok Clinoforms Across the North Slope Petroleum Province Stirrup(1) Pikka Mitquq East Pikka Satellites Pikka Mitquq Nan 5 Nan 7 Nan 8 Nan 9 Nan 2 Nan 3 Nan 10 West Topset deposition from west to east Nan 0 Willow W. Willow Qannik Narwhal Stirrup 1 (1) Projected into the A-A' section line. GMT-2 Alpine GMT-1 50 miles Nan 6 Nan 5 Fan Mitquq 1ST Qugruk 3 " 11 Alpine C Mitquq 1 Pikka Unit Quokka Unit se a i Pka Fairway Horseshoe Unit NPRA State Lands Quokk Fairway Terminal Nanushuk STO Units Nanushuk Fairways 10 Miles 19#202023 Alaska Investor Trip Nanushuk Fairway Proven play fairway with developments in progress and further running room Santos/Repsol . Pikka Santos Portfolio and Offset Activities US Geological Survey estimates >6 billion barrels yet-to-find Discovered in 2013 with the Qugruk-3 (Q-3) well, completed appraisal in 2019 Phase 1 initial drill site and processing facilities Phase 2 additional permitted drill sites Quokka - Discovered in 2020 (Mitquq) Horseshoe Discoveries in 2017 (Horseshoe) and 2020 (Stirrup) Offset operator • Qannik (CD2) • . • First oil in 2008; 6 producers, 3 injectors Narwhal (CD4) Appraised in 2019 (1 producer and 1 injector) following Q-3 and Pikka appraisal success. Planning additional wells in CD4. Potential new drill site (CD8) as tie back to CD4. Coyote Appraised in 2021 following Mitquq discovery in 2020; Currently producing from 2-well EOR pilot drilled in 2023 and advancing new 11 well development Willow Appraised in 2018 following Q-3 success; Pending development Willow Qannik (CD2) ors S hoe air a y Horseshoe Unit Narwhal (CD4) NT 4-6 Fairway Santos Terminal Nanushuk Coyote Pikka Unit Fairway Quokka Quokka Fairway Unit STO Units Nanushuk Fairways 5 10 Miles NPRA State Lands 20 20#212023 Alaska Investor Trip Pikka Phase 1 Exploits High Reservoir Quality Highly appraised reservoir underpins robust Phase 1 economics · • • Pikka Phase 1 targets the heart of the Nanushuk 2/3 reservoirs Greatest net pay with up to 140' (~43m) in the Nanushuk 2/3 reservoirs across the NDB development area - Excellent resource density with 397 MMbbl gross (165 MMbbl net) of 2P reserves Nanushuk 2/3 is fully appraised at Pikka with excellent control of reservoir properties and deliverability – 7 nearby appraisal wells with log data - 5 wells with core data around the NDB laterals - 4 flow tests constrain deliverability around the Phase 1 area of interest Strong per well recoveries expected across the Phase 1 footprint underpin a capital-efficient development plan Development drilling commenced June 2023 5992000 6000000 6008000 6016000 5952000 5960000 5968000 5976000 5984000 5936000 5944000 Santos Pikka is Fully Appraised with Logs, Core Data, 1512000 1520000 1528000 NT3 Depth (feet - SSTVD) -3900.00 -3950.00 -4000.00 -4050.00 -4100.00 -4150.00 -4200.00 -4250.00 -4300.00 -4350.00 -4400.00 -4450.00 -4500.00 -4550.00 -4600.00 -4650.00 -4700.00 -4750.00 -4800.00 -4850.00 -4900.00 -4950.00 -5000.00 -5050.00 NDB Area Appraisal NT 2/3 Appraisal 4000 and Strong Flow Tests 1536000 1544000 COLVID RIVU 504 P PKKAB ST1 NDC Phase 2 COLVILLE R004 1552000 1560000 1568000 IGRUK 2 4000 Qua NDA Phase 2 POKA 1576000 350 41 Nanyshuk wells 2 Alpine wells NDB Phase 1 0 5000 10000 15000 20000ftUS 1:132037 OBERON 1 6016000 6008000 6000000 5992000 5984000 5976000 5968000 5960000 5952000 5944000 5936000 1512000 21 1520000 1528000 1536000 1544000 1552000 1560000 1568000 1576000#22Pikka Phase 1 Development Overview Santos wwwwwww 0 000 O D Q 22#232023 Alaska Investor Trip Pikka Development Map COLVILLE RIVER ND-B NUIQSUT Santos PIKKA NPF NOP OOOGURUK QUOKKA SOUTHERN MILUVEACH PIKKA GRAVEL ROADS BUILT PIKKA GRAVEL ROADS PERMITTED STP PIPELINES EXISTING GRAVEL PAD GSP PIPELINE PIKKA PIPELINES EXISTING GRAVEL ROAD EXISTING PIPELINES PRODUCTION UNIT KUUKPIK BOUNDARY THREE-MILE OFFSHORE LIMITS NPR A BOUNDARY NIKAITCHUQ TIP STP MILNE POINT KUPARUK RIVER PRUDHOE BAY OIL SEARCH (ALASKA), LLC A SUBSIDIARY OF SANTOS LTD PIKKA DEVELOPMENT PIKKA PROJECT OVERVIEW 00.51 ELE Mies W Kilometers ° 1 2 4 GCS: NAD 1983 StatePlane Alaska 4 RPS 5004 Feet DATE: 5/16/2023. REV: 1.0. By: JB Project: AP-DEV-ALGN-GEN Pikka projectOverview Layout: AP DEV-GEN-M ProjectVicinity Project Location Santos 23#242023 Alaska Investor Trip Pikka Phase 1 Development Concept Pikka Phase 1 builds out initial processing facility, drill site, seawater treatment plant and operations pad Colville River Boat Launch shject Line 6 Waterject Line 10" utase Line 24" Gas Line a TOSA ower and Fiber 4 Development Schematic(1) G&I 5 NPF ND-B Pipelines, 2 Facilities 1 Nanushuk Drillsite B (NDB) 2 Nanushuk Processing Facility (NPF) 43 producer/injector wells Modular design approach with 80 MBOPD processing capability 3 Seawater Treatment Plant (STP) 100 MBWPD capacity expandable to 150/200 MBWPD 4 Pipelines Over 100 miles of oil, gas, and water pipelines 5 Grind and Inject (G&I) 6 Operations Pad (NOP) 7 Tie-In Pad (TIP) OSA P NOP 6 NPF to TIP Pipelines MC7903 Sales Of 14port Seaware Line 16 Gase 8 ENI OPP STP Pipelines Gas Line 6 Seawater Line 16 Third-Party Fibe OSA STP KRU CPF3 3 Mustang Mustang Road Spine Road Tie-In Pad (TO1) 7 KRU CPF2 Sales Oil Tie-In 12- Hot Tap/ e-in Platform (102) PIC/KTC Fiber Kuparuk Pipeline Extension (1) Kuparuk River Unit (KRU), operated by ConocoPhillips, and ENI facilities shown for reference only. Tarn-Meltwater Road to DS-2P Gos Spur sine 12 Spine Road Santos KRU CPF1 To Deadhorse TO PSI Fuel Gas Tie-In (103) Oliktok Gas Line 24 24#25Asset Geography and Development Overview 2023 Alaska Investor Trip Pikka Phase 1 Project Overview The right project at the right time in the right location Key Metrics Development plan First oil Nameplate capacity Expected plateau duration 2P Reserves Optimised using existing pipeline capacity, single small footprint drilling pad and electrified field operations 2026 80,000 barrels of oil per day gross ~5-6 years 397 mmbbl gross pre-royalties 165 mmbbl Santos-share at 51% interest (net of 18.67% royalties) Permitted Pads Built Pad NOP NPF Built Roads Permitted Roads Pikka Pipelines Pikka Unit Nanushuk Pay Alpine C Pay. Pikka Phase 1 Wells NPRA State Lands US$2.6 billion gross (2022 real) Capex to nameplate capacity US$1.3 billion Santos-share at 51% Annual opex in production Forecast IRR Lifecycle breakeven oil price interest ~US$150 million gross ~19% @ US$60 per barrel long-term oil price (2022 real) ~US$40 per barrel NDB Pikka Unit Santos N 0 2.5 5 Miles Phase 1 gravel pads and roads are built and All key permits are in place 25#26• 2023 Alaska Investor Trip Facilities Design & Logistics Approach Phasing & standardized truckable design reduce cost and risk Project costs reduced through: Standardized truckable NPF ~US$200m savings vs. typical North Slope sealift design Route Overview • Driven by standardization of design and equipment . 14' x 130' x 16' x 90-ton modules . Facilities built in Canada and then transported via barges and trucks to Alaska development site Project execution risk reduced through: • Contracting (EPF(1) lump sum) • Utilizing proven and standard equipment / designs . Truckable modules Sea • Increasing seasonal transport window from 1 month to 10 months • Reducing peak activity levels • River lift modules increasing fabrication window up to 3 months • Leveling workforce needs Installing modules that are trial fit in fabrication yard (1) Engineering, Procurement, Fabrication 0 200 400 Miles UNITED STATES Fairbanks Nome Anchorage Seward -SEALIFT ROUTE GROUND TRANSPORT ROUTE MACKENZIE RIVER ROUTE Yukon Inuvik Whitehorse Juneau Gulf of Alaska Great Bear Lake Santos Northwest Territories Yellowknife Great Slave Lake Alberta Prince Rupert British Columbia Vancouver Lake Athaba Edmonton Calgary 26#27Santos 2023 Alaska Investor Trip Technology has allowed reduction of drill site footprint Alaska North Slope Reduced Footprint Pikka NDB 65 Acre Gravel Pad (1970) 24 Acre Gravel Pad (1980) 21 Acre Gravel Pad (2020) Drilling Area Accessible from Pads ~ 3 sq. miles (~8 sq km) 7 sq. miles (~18 sq km) 2 22 sq. miles (~57 sq km) 27 27#28• 2023 Alaska Investor Trip Rig Specifications & Upgrades Fully enclosed & heated for Arctic Drilling Rig • • • Kuukpik-Parker joint venture Built 2011, Full cantilever design 1800 horsepower drawworks. Max hookload 750,000 lbs 13-5/8" 5000 psi blowout preventer (BOP) 3x3516C-HD Caterpillar engines 2 x 1600 horsepower mud pumps • 3 modules, each with a moving system • Offline pipe handling capability Santos Purpose built upgrades for Pikka Phase 1 include: • Tier 4 equivalent exhaust system Pipe skate upgrade for 5-7/8" drill pipe • Finger boards for 5-7/8" drill pipe • TDS11SAE top drive (55,000 ft lb continuous torque top drive) Rig move May 2023, crossing Miluveach Bridge 28#292023 Alaska Investor Trip Pikka Project Update Drilling has commenced. Project remains on schedule and budget. Project on schedule Project attributes Net Zero¹ development Crude pricing Completed major contracting & issued purchase orders under awarded contracts totaling over $1 billion through June 2023 Drilling commenced in June ▶ Onsite 2022/23 winter construction activities completed ► Pipeline orders placed, materials are being delivered and fabrication is underway Fabrication of fluid processing, seawater treatment, drill site, camp and grind and inject modules progressing ► Community projects in progress ► Standardised, modular facility design ► Alaska, Canada, Indonesia fabrication sites Fit for purpose electrified drilling rig Installation and commissioning: tendering complete Low intensity project ranking in top quartile of projects globally Executed agreement with Alaska Native landowner to secure nature-based carbon offsets Consortium DAC2 CCS³ Hub application selected for award of federal funds Oil transport utilizing existing open access common carrier pipelines Trades based on Alaska North Slope marker (slight premium to Brent) 123 Santos Scope 1 and 2 emissions, equity share Direct Air Capture Carbon Capture and Storage 29#302023 Alaska Investor Trip Pikka Phase 1 Project Photos Rig crossing bridge 30 April NOP: Nanushuk Operations Pad NDB: Nanushuk Drillsite B VSM: Vertical support member Rig tire change 4 May CAT Unloading heavy VSMS 25 June Board on NDB 28 June NOP Comms Tower 8 August Santos 30#312023 Alaska Investor Trip Midstream Overview Pikka volumes will be transported on existing open access midstream infrastructure with available capacity Pikka Transportation and Marketing Costs Actual 2018-22 Expected Comments Pikka Avg 1 Feeder $0.55 $0.30 2 TAPS/VMT $5.10 $5.10 3 Quality Bank ($0.22) ($0.60) 4 Marine $3.33 $1.50-3.30 NS average includes all feeder pipelines; Pikka as modelled based on Kuparuk tariff only (5-year average) Based on 5-year average Pikka quality expected to be higher than overall blend Marine rate assumes export to Asia via Suezmax tanker, compared to US West Coast via Jones Act vessel Other $0.18 $0.18 Pipeline & marine losses (imperfect mixing / evaporation) Total $8.92 ~$6.50-8.30 TAPS Throughput (MBOPD) 2,500 2,000 1,500 1,000 500 TAPS Daily Throughput TAPS current capacity of 1.14 MMBOPD has sufficient spare capacity to accommodate additional volumes from Pikka development 0 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 Santos Pikka Oil Transportation Infrastructure 0 5 10 20 Miles Pikka Unit Expected Crude Pipeline Route (Built) Other Crude Pipelines (Built) Pikka Crude Pipelines (Permitted) KTC pipeline has sufficient ullage for Pikka production volumes NPF KTC Feeder PS-1 NPRA State Lands Quality banks at each connection point. 3 Final quality bank valuation at VMT TAPS 4 NPF: Nanushuk Production Facility KTC: Kuparuk Transportation Co. PS-1: TAPS Pump Station 1 VMT: Valdez Marine Terminal 2 TAPS 31#32Beyond Pikka Phase 1 Santos 32 32#332C Gross Oil Resources (MMBO) 1,600 1,400 1,200 1,000 2023 Alaska Investor Trip Santos Pikka, Horseshoe, Mitquq, and Stirrup Discoveries Pikka was the largest North American onshore oil field discovery in 30 years at the time of discovery, with strong Santos-led follow-on exploration success Santos Alaska Gross 2C Resource History Exploration Wells 416 (Gross) 173 (Net) 450 (Gross) 177 (Net) 112 (Gross) 46 (Net) 1,082 (Gross) 438 (Net) -397 (Gross) -165 (Net) 800 500 (Gross) 600 208 (Net) 400 200 0 Acquisition Pikka 2019-2022 Additions Quokka 2020-2022 Additions Horseshoe 2019-2022 Additions Pikka Phase 1 2P Reserves YE2022 2C ** STO Units Nanushuk Fairways STO Discovery Exploration well on acreage Exploration well off acreage Pikl ai Stony Hill Terminal Pikka Unit Pikka C Nanushuk Coyote/Palm Qugruk 3 Mitquq 1/ST 1 Pikka B Putu Quokka Unit orsesho Fairway Horseshoe 1/1A e Horseshoe Unit • • • The Pikka field was discovered in 2013 with the Qugruk-3 well encountering significant pay in Nanushuk 3 Horseshoe discovery in 2017 confirmed a giant oil discovery across the entire Nanushuk-3 fairway Successful appraisal of Pikka underpinned by 21 penetrations in the Nanushuk 2/3 with a robust geologic dataset to constrain reservoir properties, including Pikka B and Pikka C appraisal wells successfully drilled and flow tested by Santos in 2019 • Successful 2020 exploration season, with the Mitquq and Stirrup discoveries • Added 563 MMBO (223 Net) 2C resource from Mitquq-1 and Stirrup-1 exploration wells and Placer acquisition Stirrup 14 M · Significant additional upside prospective resources remain to be appraised Quokka Fairway 0 5 10 Miles NPRA State Lands#34• 2023 Alaska Investor Trip Santos Significant, Long-Term Development Potential Flexible and self-funding development pipeline to develop three Pikka-scale units • Material resource in stable regulatory environment, with strong stakeholder support STO Units Gross Resource by Unit Pikka Phase 1 first oil planned for 2026, 397 MMbbl gross 2P reserves (165 MMbbl net) • . - 519 MMbbl gross (215 MMbbl net) remaining 2C in the Pikka Unit Future phases leverage Phase 1 infrastructure to deliver compelling economic returns allowing for self-funding growth while returning cash to corporation Ongoing appraisal and permitting activities will feed development pipeline Alaska Supply Portfolio Production Nanushuk Fairways STO Discovery 2P: 397 MMbbl¹ 2C: 519 MMbbl1 Horseshoe Fairway Pikka Terminal Nanushuk Unit irwa Y Quokka Unit Quokka Fairway Pikka Phase 2 (2C volumes) Further upside in additional phases Horseshoe Unit 2C: 112 MMbbl¹ Pikka Phase 1 1. Gross resource and reserves, as at 31 December 2022. 2C: 450 MMbbl¹ 0 5 10 Miles NPRA State Lands#352023 Alaska Investor Trip Scalable Facility Concept Reducing initial capital requirements and breakeven for subsequent phases • Expansions leverage Phase 1 infrastructure • Roads and pipelines Seawater treatment plant • Pad Space for Facility expansion (shown on right) Development Schematic Phase 1 Processing Facility Concept (Future Phases): Design once build multiple Install module designs that have already been installed on the North Slope in Pikka Phase 1 • Up to 20% cost savings • • Minimize North Slope work Minimal footprint increase 40-80 MBOPD expansions or new processing plants with duplication of the Pikka Phase 1 Plant Phase 2 Santos 35#36Carbon & Sustainability Santos 36#37Santos 2023 Alaska Investor Trip Investing in Advantaged Assets over the Energy Evolution Santos' Alaska assets are highly economic, low emissions projects that are globally competitive • Oil & gas investments required to meet expected demand over the upcoming decades, even in an energy transition • Wood Mackenzie defines "advantaged" resource based on resilience (low cost), sustainability (low emissions), predictability (low risk) and timeliness (early payback) . Santos' Alaska assets are advantaged based on these criteria Minimize intensity and do the most economically compelling projects first Offset remaining carbon emissions Source: Wood Mackenzie, Defining Advantaged Resources, July 2023 Resilience (breakeven) and sustainability (emissions intensity) of undeveloped fields Emissions intensity (kgCO₂e/boe) 60 Potentially advantaged 50 50 40 30 30 20 20 10 Advantaged STO • Alaska 0 0 10 20 30 assets 40 Commercial disadvantaged 50 Sub-commercial disadvantaged Oil field Gas field 60 70 80 90 Breakeven (10%, Brent US$/boe) 37#382023 Alaska Investor Trip Pikka Phase 1 Carbon Management Avoid Low GHG intensity by design ⚫ Pikka Phase 1 is designed for top quartile low carbon intensity within global O&G GHG performance - 14tCO2e/mboe at 53% lower than average conventional onshore developments Minimized emission design - O Central power generation, waste heat recovery units for turbines to reduce heat needs, and highest EPA standards for rig emissions. ⚫ Pikka Phase 1 is a 'project footprint only' development. Pikka is not a "frontier" development, rather it is adding production to a mature, stable and well- regulated operating area. Pikka crude oil can be delivered from a 'tie in' point adjacent to infrastructure to market with minimal footprint 100 90 80 70 60 tCO2e/kboe 50 40 30 20 20 10 Pikka GHG Intensity 0 Sources: Wood Mackenzie Emissions Benchmarking Tool, January 2022; (Re) Positioning for the Future, Wood Mackenzie, November 2019 Santos 38#392023 Alaska Investor Trip Net Zero Commitment Avoid Reduce • • Minimize direct emissions of operations • Pursue portfolio of offset opportunities to deliver Pikka Phase 1 net zero at first oil and enable net zero for future development phases - Partnering with Native Corporations on improved forestry projects - Generation of high-quality carbon offsets Alaska positioning to be a global decarbonisation leader with significant geographical, regulatory, and fiscal incentives. Consortium formed in 2022 to pursue CCS projects in Alaska Evaluating and pursuing opportunities to grow Santos Energy Solutions business in Alaska Chukchi Sea Technology / Abatement NPR-A DAC/CCUS ANWR Nature based Anchorage Fairbanks 1Scope 1 and 2, equity share Offset DAC/CCUS Hydrogen/ Lower Carbon Fuels Gulf of Alaska Santos Energy Solutions opportunities in Alaska Juneau Nature based Santos 0 50 100 200 Miles 39#40Governance & Responsible Development DEO D DODO 口 L Santos 40 3.#412023 Alaska Investor Trip History of Oil & Gas in Alaska Santos Alaska Native Claims Settlement Act (ANCSA) ALEUT BERING STRAITS CALISTA ARCTIC SLOPE NANA BRISTOL BAY DOYON COOK INLET AHTNA KONIAG CHUGACH SEALASKA . • The first major discovery of oil in 1957 paved the way for statehood . • • Prudhoe Bay was discovered in 1968, with first production in 1977 after completion of the 800-mile Trans Alaska Pipeline System (TAPS) North Slope production peaked at 2 million barrels per day in 1988 The Alaska Permanent Fund was established in 1976 to set aside a portion of the oil revenues for future generations . The Alaska Native Claims Settlement Act of 1971 resolved the land claims of Alaska's Indigenous people • Created a dozen regional corporations and more than 200 village corporations • Native corporations are the largest private landowners in Alaska • ANCSA contains a revenue-sharing provision that ensures all Alaska Native people will benefit from their assets 41#422023 Alaska Investor Trip Local People and Community Local Community Highlights • Nuiqsut is approximately 11 miles from Pikka drill site B (ND-B) - Established in 1975 by 20 families from Utqiagvik Population ~425 (>90% native & >60% are under 25 years old) - A tradition of hunting, gathering, whaling, fishing & trading Well-organized and resourced: airstrip, fire department, public K-12 school, public utilities, medical clinic, and more Kuukpik is the ANCSA (Alaska Native Claims Settlement Act) village corporation for Nuiqsut ― The company has business partnerships in oil field services • Public facilities and services in community constructed, operated and maintained by North Slope Borough government Harris Bar PIKKA NUIQSUT eitle ND-B Santos BEAUFORT SEA 42#432023 Alaska Investor Trip The Permitting Process is Multi-faceted and Evergreen Santos Permitting keeps lines of communication open and serves as a mechanism to help agencies ensure ongoing regulatory compliance throughout construction and operations . . Alaska is a highly regulated jurisdiction with a federal, state and local permitting system that provides the regulatory framework for environmental and community oversight A North Slope project will generally require over 750 permits to get to production, calling for close coordination with agency staff and local stakeholders Major permits will include public notice and comment opportunities and community review may also be involved · Many permits include specific mitigation measures, stipulations, and study requirements SLOPE BOROUGH Local Government Highly-regulated jurisdiction with distinct roles for each level of government; complex system, but well-understood by regulators and the regulated community PLURIBUS UNUM Federal Government National Environmental Policy Act (NEPA), Endangered Species Act (ESA), Marine Mammal Protection Act (MMPA) THE SEAL OF OF THE STATE ALASKA State Government Lease/Unit manager, Air Permitting, Water Permitting, Spill Prevention NORTH S Point Lay Paint Hope Anakluk Pass Incorporated July 2, 1972 Planning/Zoning, Waste Disposal, Utilities 43#442023 Alaska Investor Trip Local Content and Contribution Strong stakeholder support aligned through royalty and land use agreement, high local content Long Term Land Use Agreement with Kuukpik • • PAGE Kuukpik and Santos leadership on NDB Pad Subsistence preservation and open access with close cooperation Provisions for employment, training and business development and transparency on planned activities to minimize impacts • Other long-term benefits focused on sustainable support of community • Community projects total US$59 million gross (US$31 million net 51% working interest) Local Content & Contracting • • Project committed to local content and sourcing where possible Alaska vendors (Native and Non-Native) account for ~1/3 of vendor spend to date Pikka Phase 1 Vendor Spend through June 2023 Non-Alaska Vendors AK Native Vendors AK Vendors • (Non-Native) Santos Santos Tax & Royalty Impacts to Local Stakeholders North Slope Borough receives 95% of all local tax revenue from oil and gas-related property taxes • ASRC receives royalty payments for its mineral rights ownership 44#45Current status 2023 Alaska Investor Trip Community & Compliance Projects Two of three projects substantively complete, with the third under construction 1. Pikka Boat Launch Project: Provide Nuiqsut residents access to boat launch and parking on east side of Colville River 2. Nuiqsut Bridge Replacement Project: Replace failed bridge to restore natural stream hydrology 3. Nuiqsut Wastewater Treatment Plant Upgrade Project: New receiving building to reduce sewage lagoon use Starting point Boat Launch Ramp Pre-construction Consultation Nuiqsut Bridge February 2023 Wastewater Treatment Plant Boat launch pad August 6, 2023 Nuiqsut Bridge April 7, 2023 WWTP August 12, 2023 Niglig Street Proposed New Facility Existing Facility GROVE 45 Santos#46Wrap Up 46 46 Santos#47• 2023 Alaska Investor Trip Alaska Business Core region aligned with corporate strategy Alaska Santos backfill & sustain opportunities Pikka Phase 1 Development Priority is flawless execution of Pikka Phase 1, on track for first oil by 2Q 2026 • - Contracting largely complete, with facility fabrication and drilling underway, major pipeline installation season planned Subsequent phases competing for capital corporately and funded through operations - Follow on core area opportunities being advanced - Appraisal program defined Santos Energy Solutions business under development Secured first tranche of offsets to satisfy Phase 1 net-zero commitment, advancing other opportunities Developing portfolio of other opportunities to underpin and grow business NPRA Fairy Horse W ho y a Horseshoe Unit State Lands Kookaburra Fairway Pikka Unit airway Quokka Unit Quokk Fairway OSTO Units Nanushuk Fairways Chukchi Sea NPRA Technology/ Abatement DAC/CCUS Nature based Anchorage DAC/CCUS Hydrogen / Clean Fuels ANWR Gulf of Alaska Nature based ND-B 10 Miles Alaska Santos Energy Solutions opportunities 50 100 200 Miles 47 Santos#48Appendix Santos 48#492023 Alaska Investor Trip Alaska Oil & Gas Fiscal Regime Oil and Gas Production Less: Royalty Share Alaskan North Slope (ANS) Oil Price Less: Transport Costs Gross Value at Point of Production (GVPP) 1 12.5% or 16.67% of production is not taxable ■ ANS currently trading at premium to Brent. Cost of moving product from field to point of sale (TAPS tariff + Marine cost + Feeder pipeline(s) +/- Quality Bank Differential) Production Tax Value (PTV) Production Tax Due Less: Upstream Lease Expenditures Minimum Tax higher of Less: Tax Credits Plus: Landowner's royalty interest Plus: Conservation Surcharge Opex and Capex costs allowed by regulation Base tax rate = 35% of PTV Minimum Production Tax (4% of GVPP when ANS price above $25) ☐ Various tax credits available (depends on Min Tax and new oil vs legacy oil) ■ Due on royalties paid to private landowners (ASRC) 5% of GVPP US$0.05 per barrel (((Taxable production x value at wellhead) - lease expenditures) x tax rate)). Higher of compare to min tax. Less applicable tax credits. Plus conservation surcharge and landowner's royalty interest Other State Taxes Oil & Gas Property Tax " Taxes Based on Income 2% of assessed 'true & fair' value of assets State Corp Income Tax Federal Corp Income Tax ■ 9.4% of State Taxable Income ■ 21% of Federal Taxable Income ■ State income tax is deductible Producer Share 1. This is not tax or legal advice Source: Alaska state revenue department Santos 49 49