Santos Ltd ABN 80 007 550 923 Ground Floor, Santos Centre 60 Flinders Street Adelaide South Australia 5000

GPO Box 2455 Adelaide South Australia 5001

Direct: + 61 8 8116 5000 Facsimile: + 61 8 8116 6723

TO: Company Announcements Office ASX Limited FROM: Company Secretary DATE: 30 November 2011 SUBJECT: Asian Roadshow Presentation Please find attached Santos’ Asian Roadshow Presentation, being presented in Singapore and Hong Kong during November and December. David Lim Company Secretary

1

d hAsian RoadshowSingapore & Hong Kong

30 November & 1 December 2011

Disclaimer and Important Notice

This presentation contains forward looking statements that are subject to risk factors associated with the oil and gas industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries approvals and cost estimates

2

various countries, approvals and cost estimates.

All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated.

2

Australia’s largest domestic gas producer

Strong 50 year track record

Santos overview

Fergana Basin

Bay of Bengal Phu Khanh Basin

A leading energy company in Australia and Asia

Strong 50-year track record of safe, sustainable operations

Diverse asset portfolio, including oil, conventional gas, CSG and shale gas assets in Australia and Asia

Current production of 565 mmscf/d gas and 30 kbbls/d liquids Otway Basin

Nam Con Son Basin

East Java BasinPapua New Guinea

Carnarvon Basin

Browse Basin

Timor Sea

Bonaparte Basin

Amadeus Basin

Cooper Basin

Surat/Bowen Basins

ExplorationGunnedah Basin

South Sumatra

3

liquids

Operations located in high-growth, attractive Australian and Asian markets with increasingly oil-linked pricing

Top 25 ASX listed company: market capitalisation of US$12 billion (Nov 2011)

Gippsland Basin

Exploration

Production

1P reserves 646 mmboe

2P reserves 1,445 mmboe

Contingent resources 2,261 mmboe

2010 production 50 mmboe

2010 2P reserve replacement ratio 331%*

Key statistics (YE 2010)

* 2010 2P organic RRR

Santos vision and strategy

LNG markets

Strong

LNGCHANNEL

DOMESTICCHANNEL

A leading Focused Asian

4

Australian base

A leading gas producer in high-growth

markets

genergy

companyin Australiaand Asia

growth

3

Cooper to GLNG

Transforming to oil-linked pricing

70% of 1.4bn boe 2P reservesexposed to oil prices

Asset base is transformed through sanctioned projects

80Production (mmboe)

WA legacy d

Asia domgas

EA legacy domgas contracts

NSWCSG

LNG

20

30

40

50

60

70Oil-linked Legacy domgas

5

Crude, condensate,

LPGWA oil-linked domgas and uncontracted

domgas

domgas contracts

0

10

20

2011 2012 2013 2014 2015

Contingent resources of 2.3bn boehave a similar pattern

Production exposed to oil price rises from 30% in 2011 to 70% in 2015

Chart includes producing, sanctioned and likely sanction projects

Safety

Personnel safety

Process safety

A balanced focus on personnel and process safety

0

1

2

3

4

5

6

7

2006 2007 2008 2009 2010 2011Tota

l re

cord

able

case

fre

quency

ra

te (

per

mill

ion h

ours

work

ed)

Santos TRCFR performance(Employees and contractors)

3.1

80%

90%

100%Safety critical compliance long-term trend

95%

85%

2005 2006 2007 2008 2009 2010 2011

6

Focus on work practices, management of hazards – typically frequent, lower impact event

Contractor engagement and management

Continuous reduction in injury rate

Focus on “keeping hydrocarbons in the pipes” – low frequency, high impact events

Lifecycle view from design through commissioning, operations and maintenance

Lead indicator – maintenance of safety critical equipment

2006 2007 2008 2009 2010 2011T r

4

Working with local landholders and communities

Australia’s largest domestic gas producer, Santos has a 50-year track record of safe, sustainable operations

W itt d t ki ith l l l dh ld d We are committed to working with local landholders and contributing to communities

We will work in partnership with agriculture for sustainable resource management

7

Delivering 80-90 mmboe of production by 2020

Production (mmboe)

Production from sanctioned and likely sanction projects alone; upside potential exists

Upside potential

Aust: Cooper shale, Amadeus, Zola, Winchester, Sole

LNG: PNG LNG T3, Browse, Caldita/Barossa

mmboe

50

60

70

80

90

100

Likely sanction

Aust: Fletcher/Finucane, Gunnedah

LNG: Bonaparte LNG

Asia: Peluang

Sanctioned

Aust: Reindeer/Devil Creek, Cooper infill, Kipper

LNG: PNG LNG, GLNG

Sanctioned

Likely sanction

Asia: Chim Sáo upside, Dua, Bay of Bengal, Fergana Basin

8

0

10

20

30

40

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Producing

Aust: Cooper Basin, Carnarvon Basin, Queensland CSG, Offshore Victoria

LNG: Darwin LNG

Asia: Chim Sáo, Indonesia, Sangu, SE Gobe

LNG: PNG LNG, GLNG

Asia: Wortel

Producing

5

$6.2 billion of funding capacityDebt maturity profile

Balance sheet capacity to:

fund execution of business strategy minimise refinancing risk

Strong balance sheet to fund growth

2

3

4

5

6

7A$ billion

g p y

600

800

1,000

1,200

1,400

1,600

1,800A$ million

9

0

1

2

Cash Undrawn corporate

lines

Undrawn project line(PNG LNG)

0

200

400

2012 2014 2016 2018 2020

Drawn facilities Euro subordinated notesUndrawn bank facilities

The Euro subordinated notes mature in 2070. Santos has the option to redeem the notes in 2017. Charts as at 30 September 2011.

Capex guidance$million

Base business and sanctioned project capex fully funded; 2012 production guidance of 51-55 mmboe

4,000 $3.75 billion

Capex & production guidance

Production guidance60

mmboe

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011 2012

$3 billion

$

30

35

40

45

50

55

47-50

51-55

10

Existing $6.2 billion committed undrawn debt and cash at 30 September 2011

Strong free cash flow from base business ($1.3 billion in YE2010)

Underwritten DRP (2 dividends) Potential ECA financing provides further funding

optionality

2011 2012

GLNG PNG LNG EA WA&NT Asia Exploration Range2011 2012

Capital expenditure guidance excludes capitalised interest

2012 production influenced by:

Production from new projects (Chim Sao, Reindeer, Halyard, Wortel) and higher Cooper production

DLNG 35-day planned shutdown

Delayed take-up of Reindeer gas by customer

Higher gas price at Maleo reduces PSC production entitlement combined with planned shutdown

6

11

Leading Australian domestic producer

Devil Creek gas plant, Western Australia

Strong demand for Australian gasDemand set to quadruple by 2025; gas prices will trend towards oil-linked international parity

9,000

PJ/a

3,000

4,000

5,000

6,000

7,000

8,000

12 Source: Santos and Wood Mackenzie

-

1,000

2,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

LNG exports Domestic gas demand

7

Diverse portfolio of Australian assets

Browse

Bonaparte Darwin Proposed pipeline

Existing pipeline

Santos presence in every major basin, including oil, conventional gas, CSG and shale gas assets

WA

NT

Browse

Carnarvon

Qld

Cooper Brisbane

Mt Isa

Amadeus

Surat/ Bowen

g p p

Santos assets

13

NSW

Vic

SA

Adelaide

Pt Bonython

CanberraSydney

Melbourne

Gunnedah

OtwayGippsland

Perth

Significant Cooper conventional gas resource potential

Latest US drilling and completion techniques coupled with higher prices provide potential to produce a further 5,700 PJ of conventional gas

Cooper conventional reserves/resources*(>16 Tcf original gas in place)

Multi-stage fracture stimulation

Micro-seismic Reduced facilities/footprint

Multi-well pads Automated skiddable rigs Simultaneous operations

Drilling technologies

Completion techniques

48% recoveryfactor

Produced6,420 PJ

2P1,332 PJ

Additional2,520 PJ

2C1,848 PJ

(>16 Tcf original gas in place)

14

Reduced facilities/footprint

Higher prices increases resource potential

Prices

(40% recoveryfactor)

All volumes gross

USexperience75% recovery

factor

* Santos acreage

All volumes gross(YE2010)

8

Cooper conventional – infill

The Cooper Basin remains significantly under-drilled compared to North American experience…

Cowralli (Cooper Basin) cross-section(50-100 acre spacing)

Multi-well pad drilling( p g)

Second well being drilled

15

New Saxon rigs drilling in the CooperCowralli cross-section demonstrates abundance of gas bearing sands throughout the field

…with material cost reductions achievable through pad drilling, reduced surface facilities and on-site continuous operations

First well completed

Leading the way on unconventional exploration

Prove gas content and recoverable volumes

Achieve gas flowto surface

Demonstrate commercial flows

2P reserve bookings

Targeting production and ~5,000 PJ resource by 2015

Vertical well technology trialsand optimisation

Acquiring further data to enable appraisal optimisation

Dedicated shale well including dedicated shale fracturing

2004–2010 2011–2012 2012–2013 2013+

Acquired the resource

understanding

Australia’s first shale fracture and coring program in 2006

Australia’s first independently certified shale and

Horizontal welltechnology trialsand optimisation

Dedicated shale horizontal drilling trial

Extensive fracturing trials beyond levels currently tested in the Cooper

Evaluation across broader Santos Cooper acreage

Multiple horizontal and vertical appraisal wells

Targeting initial shale reserve bookings in 2013, and production in

16

shale fracturingshale and unconventional resource bookings achieved in 2008

Cooper and production in 2015

4,800 PJ2C*2C*

4,000 PJ2C* 2,600 PJ2,345 PJ2C*

* Santos share – total shale and other unconventional resources

Outlook Outlook Outlook

9

NSW CSG

Gunnedah Basin coals are world-class, with appraisal program confirming confidence and known resources in excess of 12,000 PJ

GoondiwindiQueenslandNSW CSG industry

$1 5 billion al ead in ested

Santos 1,216 PJGross 1,520 PJ

2Preserves

PEL 427

PEL 428

PEL 6

PEL 238

PEL 434

PEL 450

Moree

Narrabri

GunnedahCoonamble

Walgett New South Wales

$1.5 billion already invested

Over 1,000 potential new jobs

Significant local gas production for the first time

A low-carbon alternative to traditional dependence on coal

17

Santos 5,188 PJGross 9,219 PJ

Santos 8,619 PJGross 11,832 PJ

Gross 1,520 PJreserves

Contingent resources (3C)

Prospective resources (P50)

PEL 450

PEL 462

PEL 1PEL 12

PEL 433PEL 456

PEL 452

Tamworth

Quirindi

Scone

GulgongDubbo

Coonabarabran

Gunnedah is a world-class CSG resource

Focus on demonstrating deliverability (current pilots >2.5 TJ/day), reserves build and finalise commercialisation path

PEL 238 t t l il t d ti hi t Excellent coal thickness(up to 90 metres)

High permeability(>1,000 mD)

High gas content(4-20m3/t)

High Bcf/km22 000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Wa

ter

(bb

l)

Ga

s (

Mscf)

PEL 238 total pilot production history

Bibblewindi

Tintsfield Dewhurst

Bibblewindi West

1818

Well developed coal cleating system for lateral technology

0

1,000

2,000

0

500

,

Oct 2006 Oct 2007 Oct 2008 Oct 2009 Oct 2010 Oct 2011

Gas Water

10

WA: strategic position in two domestic gas hubs

Varanus Island Halyard-Spar online in June 2011

Strong growth options exist to add to this unique portfolio in 2012

Hurricaney pon budget and on schedule

Beam exploration well planned for Q2 2012

East Spar 9 completion and tie back expected by 2013

Reindeer/Devil Creek

East Spar

Devil Creek

Varanus I sland Dampier

WesternAustralia

John Brookes

Winchester

Zola

ReindeerSpar

Beam

Hurricane

19

On schedule for first gas by end-2011

4 quality offtake contracts in place

Hurricane appraisal well planned for 2H 2012

Legend

Santos acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

Zola and Winchester drilling in 2012

Zola >100m of net gas pay in excellent

quality reservoir

Multiple development options available

Winchester

Corvus

WA-323-P

- LNG (multiple options)

- Domestic gas

New high resolution 3D acquired

Follow-up appraisal drilling planned for 2012

Winchester Santos operated and 75% equity

Material prospectZola

East Spar

WA-290-P

WA-13-L

Spar

Barrow Island

John Brookes

Varanus Island

WA

Corvus

IndianOcean

20

Legend

Santos acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

- Material prospect

- Shallow water (60–80m)

- Different development options

New high-resolution 3D seismic acquired by year-end

Rig secured and well planned for drilling Q3 2012

11

Carnarvon Oil

Mutineer-Exeter Two successful workovers in 2011 7,000

8,000

9,000

10,000 Mutineer- Exeter gross oil production

Arrested decline in mature oil production

- New generation electrical subsurface pumps installed

- Field life extended

Options for new development wells

Stag Two new production wells on line Q3

2011

Additional production well planned to 7 000

8,000

9,000

10,000

Stag gross oil production

0

1,000

2,000

3,000

4,000

5,000

6,000

BO

PD

21

Additional production well planned to be online before end-2011

New production wells in 2012

- Two new production wells

- Appraisal pilot to identify future development well locations

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

BO

PD

Fletcher/Finucane oil development

Successful Finucane South exploration well in May 2011

Currently in FEED on Fletcher Finucane tie-back to Mutineer-Exeter

Targeting FID by Q1 2012 with first oil by 2H 2013

17km pipeline & umbilical

22

14km pipeline & umbilical

12

Material Bonaparte Basin position

NT/ P69BarossaJoint

P t lNT/ P48

Evans Shoal Conditional sale

Caldita BarossaSantos 40%

A critical region for Santos now…

Darwin LNG Continued strong production

NT/ RL1Petrel

NT/ P61Caldita

PetroleumDevelopment

AreaJPDA 03-12

WA-6-R

WA-18-PFrigate

WA-27-RTern

Bayu-Undan

Darwin

NT/ P48Evans Shoal

WA 10-1Santos 100% (operated)

Indian Ocean

Wickham Point

Darwin LNGSantos 11.5%

Bonaparte LNGSantos 40%

JosephBonaparte

Gulf

35-day planned shutdown in 2012

Evans Shoal Sale for up to US$350 million

Expected to complete by end-2011

Caldita Barossa An increasingly strategic asset

23

WesternAustralia Northern

Territory

Legend

Santos acreage

Oil field

Gas field

Gas pipeline

Wyndham

An increasingly strategic asset

WA 10-1 New exploration permit

...and into the future

Browse Basin

Drilling to commence in 2012

Well positioned

- Material prospects

All Santos operated

Argus

WA-410-PWA-274-P

Territory of Ashmore& Cartier Islands

- All Santos operated

- Liquids rich

- Materiality could provide stand-alone development options

Alternative commercialisation options

Exploration program

- Crown well

Ichthys

Burnside

Poseidon

EchucaShoals

Brecknock

Calliance

WA-274-P

WA-281-PWA-411-P

Western Australia

CrownCrown

Torosa

24

Legend

Santos acreage

Oil field

Gas field

Prospect

- Numerous other prospects

Processing 3D seismic on Burnside ahead of appraisal well scheduled 2013

13

25

Growth in LNG

GLNG plant site image, Curtis Island, Australia

Santos’ unique LNG Portfolio

PNG (Santos 13.5% ) First gas exports from PNG

Darwin (Santos 11.5% )Conventional gas supply

GLNG (Santos 30% )CSG-to-LNG

Bonaparte (Santos 40% )Floating LNG

26

14

Santos’ LNG customers and partners

PNG LNG

27

Bonaparte LNGDarwin LNG

GLNG

Santos equity LNG production

5

mtpaGLNG T1

Santos equity LNG productionfrom existing discovered resources

2

3

4

GLNG T1

GLNG T2

BLNG

28

0

1

Darwin LNG

PNG LNGExcludes PNG LNG expansion

2010 2020

15

GLNG: strong progress since FIDFirst LNG expected in 2015 on schedule from US$16 billion two-train project

World-class contractors executing with Strong team

gexperienced project partnership teamStrong team

383 wells drilled, 520 landholder agreements

Fairview capacity of 1.3 TJ/day per wellUpstream

Transparent water management with beneficial use for regional communities

Water management

29

g

Production of line-pipe commenced, >100km already manufactured

Gas transmission

pipeline

Clearing of LNG plant site complete and construction commenced

Bulk earthworks 35% completePlant and port

Upstream

Santos operates on grazing land, not cropping land

383 wells drilled to date, with 207 wells commissioned with capacity of 240 TJ/d

not cropping land

− 520 agreements in place with 200 landowners

− 34,000 hectares of land owned to be used for key development activities and environmental offsets

Field production is optimised

P d i t d ti i ti

Scotia Area

Arcadia Area

Fairview Area

30

− Producing to domestic nomination

− Remaining gas is injected into storage

Roma underground gas storage

− Ramp gas management tool

− Injection commenced and ramping up

Roma Area

16

Fairview wells capacity of 200 TJ/d

7000

800012.00

bbl/d)

J/d)

Fairview wells averaging 1.3 TJ/day, up 30% on Jan 2010

3000

4000

5000

6000

4.00

6.00

8.00

10.00

city

for

indiv

idual w

ells

(b

ty f

or

indiv

idualw

ells

(TJ

Water capacity for individual wells

Current average water capacity is 521 bbl/ d per well, down from 619 bbl/d in Jan 2010

Current average gas capacity is 1.3 TJ/ d per well, up from 1.0 TJ/d in Jan 2010

Gas capacity for individual wells

31

0

1000

2000

0.00

2.00

Wate

r ca

pac

Gas

capaci

Fairview wells - well stock 15 October 2011 (154 wells)

Upstream development

Six drilling rigs and six completion rigs

Expect to drill ~135 wells in 2011 and ~170 wells in 2012;updating rig fleet in 2012

g g p gin operation

Wet weather in first quarter affected the 2011 drilling and reserves build program

Updating the rig fleet− Pad drilling

− Reduced footprint, higher productivity

Fluor to deliver field development

32

− >500 Fluor personnel working on project and mobilisation to field commenced

− All long-lead items ordered

EIS approval for 2,650 wells

− Sufficient for current field development plans

Multi-pad well heads

17

Producing, not reducing, water

Treated CSG water is an t it f l dh ld

Queensland-first partnership between a CSG company and a private landholder

opportunity for landholders

Mount Hope Station irrigation project− Santos providing up to 700 ML

of treated water

− Further projects to be rolled out

Planning Roma aquifer

33

Planning Roma aquifer re-charge − Inject 10 ML of treated water

per day

− Will provide Roma with about 50 years of extra water supply

Transparent water monitoring

Santos GLNG water portal includes detailed results from more than 100 water monitoring locations

34

www.santoswaterportal.com.au

18

Site clearing completed, bulk

LNG plant

Construction commenced on 7.8 mtpa two-train LNG plant and mainland logistics facilities

g p ,earthworks 35% complete

Construction of accommodation facility commenced

Engineering and procurement >33% complete

Completed first factory acceptance test for refrigeration Accommodation units

35

gas turbine

All key equipment purchase orders for train 1 and train 2 issued

Kitchen/ dining building

MacMahonsite offices

Plant site, Curtis Island

PNG LNG

6.6 mtpa, two-train development,

A landmark project for PNG and key component of Santos’ LNG growth

Papua New Guinea 100km

Hidesp , p ,

operated by ExxonMobil

Fully contracted to Sinopec, TEPCO, Osaka Gas and CPC

Santos 13.5% equity

First LNG due 2014, net plateau production of ~9 mmboe p.a.

Long-life asset delivering material

MarineTerminal

PRL 9PDL 3

PDL 1

Gulf of Papua

Hides

LNG Plant

36

Long life asset delivering material cash flow with upside potential

Santos well positioned for expansion through Hides upside, and exploration potential within PDL1

Legend

Santos acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

Port Moresby

19

PNG LNG project update

At the LNG plant site, construction

On target for first LNG in 2014

of process trains, tanks and jetty are well underway

Earthworks and early construction activities at Hides plant site and Komo airfield underway; rate of progress improving

Stringing and burial of onshore pipeline continues; offshore i l h d

LNG plant site LNG plant site

37

pipelay has commenced

Drilling program to begin in 2012 with well targeting the gas/water contact early in sequence

Landowner and logistic challenges being managed Onshore pipeline loweringOnshore pipeline loweringOffshore Offshore pipelaypipelay

PNG expansion

Hides and Angore

Existing infrastructure will provide strong platform for PNG LNG expansion

PDL 1: Hides Deep Prospect SW NEHides Deep-1

Hides Deep Prospect – PDL 1

gdevelopment drilling will provide better understanding of potential

Currently evaluating deeper targets in PDL1, with potential well in 2013-14 (Santos 24% equity)

Koi Iange(Hides Deep target)

Toro(Proven reservoir)

PDL 1

38

(Santos 24% equity)

Potential for third-party gas

Papua New

Guinea

20

Bonaparte LNG on schedule

Santos 40% equity and carried to FID (GDF SUEZ 60% and operator)

150 people working on the project

BLNG building momentum; >2Tcf resource

p p g p j

Substantial progress on pre-FEED: Granherne (upstream) and DORIS Engineering (downstream)

Project remains on schedule:

- FEED 2013

- FID 2014

- First LNG 2018

FID i i ll i i d i S ’ LNG

Petrel-7 appraisal program, Stena Clyde

39

FID timing well positioned in Santos’ LNG portfolio

Successful Petrel-7 appraisal programme in 2011 - prolonged testing to assist with design

40

Focused growth in AsiaOcean Sovereign, Bay of Bengal, Bangladesh

21

Focused Asian portfolio

Asia’s growing energy needs are driving higher domestic gas

i

Asia will contribute 20% of Santos’ production in 2012

prices

Established Indonesian business with strong track record of project delivery

Chim Sáo project in Vietnam delivered on time and on budget and producing ~ 30,000 bbl/day

Focused exploration portfolio

Wortel jacket

41

Focused exploration portfolio, with significant drilling program planned over next 18 months

New Singapore office will consolidate presence in Asia and identify new opportunities

Vietnam – Chim Sáo delivered

Duadevelopmentarea

Dua oilfield

Chim Sáo north-westoil discovery

Chim Sáo project currently delivering ~30,000 bbl/day; additional volumes intersected

Santos equity of 31.9%, Premier operator

Chim Sáo expected capital under budget at US$260m (net)

First oil production on 10 October 2011 on schedule

89 metres of net oil-bearing sands intersected in Upper Dua

Chim Sáodevelopmentarea

area

Chim Sáo productionplatform

5km

Chim Sáo oilfield

China

Laos

42

sands intersected in Upper Duain the fault terrace to the north-west

Development concept being worked for Dua

Chim Sáo,Dua

VietnamLegend

Santos acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

Thailand

Cambodia

22

Vietnam – next steps

Chim Sáo upside potential to be

Medium-term growth through existing oil opportunities supplemented by longer term penetration of the domestic gas market

VietnamChina

established through further exploration and appraisal in 2012

Santos continues to explore Block 123− First well on Block 123 was non-

commercial discovery, but presence of hydrocarbons is encouraging Chim Sáo Dua

Vietnam

123 PSC

Thailand

Cambodia

Laos

Burma

43

− 3D seismic planned for 2012

Further licence acquisition through direct award underway

Legend

Santos acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

Indonesia – established business

Increased margins from rising

Strong base business in East Java with increased margins and incremental growth

MaleoOyongWortelg g

domestic gas prices− New gas volumes sold at ~US$5-6 per

MMBTU with escalation

− New Maleo gas price agreed

Continued strong production- Oyong gross production ~2,400 bbl/d (oil)

and ~60 MMscf/d (gas)

- Madura gross gas production ~110 MMscf/d

MaduraOffshore PSC

East Java

Madura Island

Bali

GratiProcessing

Plant

50km

Surabaya

SampangPSC

MaleoOyongWortel

Peluang

44

MMscf/d

Wortel project on budget, on target for end-2011 start-up

Peluang FID in 2H 2012 ~45 BCF tie-back to Maleo with start-up

expected 2H 2013

Bali

Legend

Santos acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

23

Indonesia – South Sumatra CSG

Santos farm-in to two CSG licences in South Sumatra

Leverages Santos’ CSG experience in Australia and operating experience in Indonesia

Perabumulih O K i I I PSCp

Farm-in agreement with Sugicogives Santos 60% equity and operatorship

Up to 60 metres of coal thickness identified in the west of the licences

Licences are located close to pipelines connected to under-

Sumatra

Perabumulih

Ogan Komering I PSC

Ogan Komering I I PSC

SSWJ pipeline

EOM 2

EOM 1

OIG 6

OIG 2OIG 5

OIG 4

OIG 3

OIG 1

OIG 7,8,9,10

45

pipelines connected to undersupplied West Java gas market

Up to 12-well drilling program to start in December 2011

Opportunity exists for Santos to access further acreage

Legend

Santos acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

2011-12 drilling campaign

Bangladesh – exploration program

Multi-well exploration program targeting short to long term gas production

3D seismic on Magnama and Bangladesh

Sangu area completed in 2010

Current Sangu production ~14 MMscf/d; Chittagong plant capacity of 500 MMscf/d

First well on South Sangu; second well within Sangu field area; if successful production in Q1 2012

Bangladesh

Block 16

Block 16 (Sangu)

Magnama

Bay of Bengal

Hatia

Chittagong

South Sangu

Sangu

46

Legend

Santos acreage

Gas field

Gas pipeline

p Q

Sangu North-East exploration well to follow

Burma

24

Kyrgyz Republic acreage prospectivity

Central Asia

Exploration opportunity targeting short-term oil

Kazakhstan Bishkek

reduced following 2D seismic program; country exit in preparation

Option acreage secured in Tajikistan; initial 2D seismic has identified material oil prospectivity with several 50-100 MMbbl prospects

Awaiting final approval of Production Sharing Contract before entry d i i

500

kilometres

Kyrgyz Republic

China

Tajikistan

Uzbekistan

Dushanbe

Jalalabad

Osh

Tashkent

47

decision

Potential drilling program starting mid-2012

Low financial exposure for Santos with significant upside in the event of success

Legend

Santos acreage

Option acreage

Oil field

Gas field

Oil pipeline

Gas pipeline

Well Name Basin / Area TargetSantos

I nterest

%

Timing

NE Sangu-1 Bay of Bengal Gas 100 Q1 2012

2012 exploration schedule

NE Sangu-1 Bay of Bengal Gas 100 Q1 2012

Indonesia CSG Sumatra Gas 60 Q1 2012

Central Asia 2 Wells Fergana Oil 70 Q2 2012

Beam-1 Carnarvon Gas 45 Q2 2012

Hoss-1 Carnarvon Oil 37.3 Q2 2012

Cooper tight gas Cooper Gas 66 Q2 2012

Winchester-1 Carnarvon Gas 75 Q3 2012

Crown-1 Browse Gas 30 Q3 2012

Chim Sao NW-1 Block 12 Oil 31 875 Q3 2012

48

Chim Sao NW-1 Block 12 Oil 31.875 Q3 2012

Cooper Shale & Deep Coal Cooper Gas 66 Q4 2012

Magnama-2 Bay of Bengal Gas 100 Q4 2012

EA CSG Gunnedah/Bowen/Surat Gas Various 2012

The exploration portfolio is continuously being optimised therefore the above program may vary as a result of rig availability, drilling outcomes and maturation of new prospects

25

Contact information

Head office

Adelaide

Ground Floor, Santos Centre

60 Flinders Street

Andrew Nairn

Group Executive Investor Relations

Level 10, Santos Centre

Adelaide, South Australia 5000

GPO Box 2455

Adelaide, South Australia 5001

Telephone: +61 8 8116 5000

Facsimile: +61 8 8116 5050

Useful email contacts

Share register enquiries:

web.queries@computershare.com.au

,

Direct: + 61 8 8116 5314

Email: andrew.nairn@santos.com

Nicole Walker

Investor Relations Manager

Level 10, Santos Centre

Direct: + 61 8 8116 5302

Email: nicole.walker@santos.com

49

q p

Investor enquiries:

investor.relations@santos.com

Website:

www.santos.com