Investor Presentaiton

+ Dorado appraisal Santos Successful appraisal drilling program with safe and efficient operational performance and excellent results supporting development Dorado gross 2C resource Gross 2C gas Gross 2C liquids 310 mmboe Excellent results from 2019 Dorado-2 & 3 appraisal wells with high quality reservoirs and fluids encountered and flow tests across Baxter and Caley intervals exceeding expectations + 628 Bscf Resource uncertainties materially reduced in support of development 184 mmboe + 328 Bscf Significant growth in volumes since YE2018 estimate + 2C liquids increased from 102 to 158 mmbbl (gross) 158 mmbbl 102 mmbbl YE18 + 2C gas increased from 328 to 628 Bscf (gross) + Jun-19 Increase in gross P90 liquids from 46 to 107 mmbbl (gross) substantially de-risks development Dorado gross & net 2C resource + Dec 2018 Jun 2019 Gross mmboe 184 310 +68% Net (STO 80%) mmboe 147 248 +68% + Refer to Appendix for cautionary statement regarding Dorado contingent resources estimates. Western Australia & Northern Territory Site Visit 2019 Strong operational performance across three well program sets new baseline for future drilling activity Keraudren 3D seismic survey completed in July 2019 with world- first acquisition technology to provide high quality data for field development planning 17

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