Investor Presentaiton

2023 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

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