Investor Presentaiton

Acquisition of ConocoPhillips' interests in Northern Australia Santos Brownfield growth building on existing infrastructure positions Strategically aligned acquisition Significant portfolio upside Advances partner alignment + Fully aligned with Santos' growth strategy to build on existing infrastructure positions around our core business + Builds offshore operating position and expertise to continue to drive growth across northern Australia and offshore WA + Delivers operatorship of a strategic LNG hub with approvals in place for expansion to 10 mtpa + Unlocks opportunities to create value through strategic partnerships to bring discovered resources to market, leveraging Santos' strong operating capabilities + Increases exposure to high quality, low-cost production and development assets strategically located, with growth potential underpinned by robust long-term Asian LNG demand + Advances and supports Santos' goal of taking Barossa FID by early 2020. Santos is prepared to sell-down equity in Barossa and DLNG to a target ownership of 40-50% to achieve increased partner alignment + + Barossa partner SK E&S is highly supportive of the transaction and Santos becoming operator. Santos and SK E&S have signed a Letter of Intent for SK E&S to acquire a 25% interest in Bayu-Undan and Darwin LNG, subject to execution of a sale and purchase agreement Santos is in discussions with existing Darwin LNG joint-venture partners for equity in Barossa and further equity in Darwin LNG, to achieve Santos' objective of partner alignment + Santos is also in advanced discussions with LNG buyers for Barossa offtake volumes, including with an existing partner in Darwin LNG Western Australia & Northern Territory Site Visit 2019 23

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