Investor Presentaiton

Asset 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

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