Investor Presentaiton

Bedout sub-basin exploration potential Controlling position around the world-class Dorado discovery 1000 2019 Keraudren 3D Seismic Pre-existing 3D Seismic Prospect / Lead Oil Field Gas Field. WA-482-P (50%) WA-541-P (50%) WA-435-P (80%) + + + WA-540-P (100%) PHOENIX WA-436-P PHOENIX SOUTH (70%) DORADO Dorado-Apus Channel Pavol + + Santos Dorado discovery proves a world class liquids-rich petroleum system with high quality reservoirs Sparsely explored permits contain multiple play types, some of which remain untested Focus on extension of Lower Triassic Dorado play in shallow water southern part of permits + Low cost exploration drilling + Excellent economics for shallow-water tie-backs to a future Dorado hub Santos has a controlling operated position in the basin, augmented by recent capture of WA-541-P + Commitment to acquire 2,950km2 of new 3D seismic and drill three wells within three-year primary term Planned 2020-2022 work program: + 2020: 3D seismic acquisition WA-437-P (80%) Apus Western Australia & Northern Territory Site Visit 2019 + 2021: 3D seismic acquisition, two wells (Pavo-1 & Apus-1) WA-438-P (70%) 40 km + 2022: 3D seismic acquisition, two wells in WA-541-P MAT 5350 18

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