Santos Limited ABN 80 007 550 923 GPO Box 2455, Adelaide SA 5001

Telephone: +61 8 8116 5000 Facsimile: +61 8 8116 5131 www.santos.com

Page 1 of 1

Media enquiries Investor enquiries Matthew Doman Andrew Nairn +61 8 8116 5260 / +61 (0) 421 888 858 +61 8 8116 5314 / +61 (0) 437 166 497 matthew.doman@santos.com andrew.nairn@santos.com

8 October 2009

The JP Morgan Australasian Conference 2009 – Presentation Slides

Please find attached presentation slides which were presented at the JP Morgan Australasian

Conference held in Edinburgh on 8-9 October 2009.

Ends.

1

Investor PresentationOctober 2009

2

Disclaimer & 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.

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

3

Securing our Energy Future

Natural gas can meet new base load power generation requirements in Eastern Australia:- Lowering the carbon intensity of power generation by up to 70%- Significantly lowering power generation’s water use by up to 99%

that of coal

Eastern Australian gas reserves continue to grow:- A global resource base in close proximity to key markets, situated

within an integrated energy market

Australia will be a key player in meeting Asian LNG growth- Enhancing Australia’s role as a strategic supplier of energy resources

Natural Gas will play a vital role in meeting the energy requirements for Australia and the Asia Pacific region…

4

Global Natural Gas Production

5

Natural Gas – Australia’s strategic advantageOn 2008 consumption levels, eastern Australia has over 400 years of possible CSG resources alone …

Australian domestic gas demand: > 1.1 Tcf pa

Eastern Australian gas demand: 0.62 Tcf pa

Remaining EA Potential Resource: ca. 42.8 Tcf

EA 2P reserves increased by 60.7% from Dec 07 to Mar 09

CSG Production increased by 17.7% in the 12 months to March 2009

Gas Pipeline

Moomba Hub

Gladstone LNG

Reserve / Resource Size

2008 Gas Consumption

200+ Tcf

CSGResourcePotential250+ Tcf

0.62Tcf

10+Tcf

ResourcePotential25+ Tcf

0.39Tcf

6

Canada

Qatar

US

Russia

Iran

ME

Nigeria

Algeria

Indonesia

Malaysia

17

16159

743 177

300

90

164

Proven gas reserves (bboe)

Proven oil reserves (bbl)

Unconventional gas (bboe) economically recoverable

Proven unconventional oil (bbbl)

*3P

40

CSG +40bboe Resource potential

20*

37

33

28

Eastern Australia Coal Seam gas: A globally significant play

1970

Russian

2007

Map: BP statistical review, June 2007, journalsPie Chart: Adapted from PFC Energy

Partial list for comparisonSoviet NOC

Full IOC Access (85%)

IOC

NOC Reserves(78%)

7

The Santos Strategy

Base business Eastern Australia: Margin growth and resource conversion Indonesia: Steady business with incremental growth WA & NT: Exploit asset position

LNG growth GLNG: The leading CSG to LNG project PNG LNG: On track for 2009 FID Darwin LNG: Mature brownfield LNG growth Bonaparte LNG: Innovative floating LNG project

Focused growth in Asia India/Bangladesh: Bay of Bengal exploration-led growth Vietnam: Develop Chim Sao and exploration-led growth

Using quality assets, Santos will safely deliver:

8

Strategy delivery in 2009

Marketing key terms agreed for 6.3mtpa LNGApproval for early works

PNG LNG

Successful $3 billion equity raisingFunding for growth

Binding HoA with PETRONAS for 2mtpa with 1mtpa option underpins first LNG trainEIS lodged, public consultation period ended 17 AugustFEED studies commencedFairview produced water approval

GLNG

DeliveryTarget

Oyong Phase 2 (Indonesia) – first gas 3Q09Henry (Vic) – first gas 1H10Kipper (Vic) – first gas 1H11Reindeer (WA) – first gas 2H11

Next phase of projects on schedule

Acquisition of additional acreage and investment in ESG$300 million in asset sales executed including Petrel/Tern/Frigate

Portfolio management

26.6 mmboe in first half, on track for full year guidance2009 production 53 – 56 mmboe

Bas

e B

usi

nes

sLN

G G

row

thA

sia Bay of Bengal 3D seismic survey completedIndia / Bangladesh

Chim Sao reservoir and facilities studies complete, assessing options for FPSO, target first oil in 2011

Vietnam

9

Profits impacted by lower oil pricesChange on 20082009 Half Year Result

Oil Price A$73.28 per bbl (39)%

Production 26.6 mmboe (4)%

Sales Revenue $1,024 million (26)%

EBITDAX $647 million (37)%

Net Profit After Tax $102 million (66)%

Operating Cash Flow $499 million (20)%

Interim Dividend 22 cents per share unchanged

10

2P Reserves (mmboe)

0200400600

Track record of reserves growth

643774 819 879

1029

378%

549%exclGLNGsale

277%247%

5-Yr CAGR = 12%Impressive & consistent growth in both 2P and 2C Proven and probable (2P) reserves now exceed

1 billion barrels of oil equivalent (boe) 2008 2P reserves replacement ratio of 347%,

or 517% if GLNG selldown excluded 2P reserves replacement cost $5.90/boe Contingent resources increased by 254 million

boe to 2.85 billion boe Major contingent resource booking in the

Cooper Basin for unconventional reservoir gas and closer spaced drilling into conventional reservoirs

Material size of resources “cupboard” relative to company size

Management team focused on continuing track record of contingent resource commercialisation

643774 819 879

1013

8001,0001,200

2004 2005 2006 2007 2008

2C Resources (mmboe)

0500

1,0001,5002,0002,5003,000

2004 2005 2006 2007 2008

5-Yr CAGR = 19%

1443

19712248

25952849

11

Santos “Beyond the 2P”

Cooper Tight Gas – next phase of unconventional growth

Cooper Gas – opportunity from improved recovery as prices re-rate

Cooper Oil – pursue high value scalable exploitation opportunities

Tirrawarra Oil / MCS1 –application of global technology to

local opportunity

Infrastructure – utilising footprint as gas market decouples

Asian GrowthLNG

Australia & Indonesia Base

GLNG – continuous multi-TCF reserves bookings, exploiting world class scalable CSG assets with leading LNG partner

PNG LNG – Expansion opportunities

Burnside – good prospect in great neighbourhood

Bonaparte LNG – Partnership with GDF SUEZ to develop FLNG

Near-term oil and gas development in Oyong and Wortel

Multiple TCF gas prospects in Bay of Bengal

Near term oil development in Chim Sao/Dua

Significant oil prospects in Vietnam

PNG LNG – significant project underpinned by world class gas reserves

Volume growth –gas-fired power generation in CO2 constrained world

Margin growth –carbon driven fuel switching & LNG export

Gunnedah – future growth from multi-TCF quality assets

12

Growth in LNG

12

13

LNG is a key component of Santos’ Growth Strategy

Strategy Components

Darwin LNG Commenced production

in 2006 3.25mtpa single train Santos 11.4%

GLNG Leading CSG to LNG On track for FID 1H10 3.5mtpa first train 2 train FEED Santos 60%

PNG LNG On track for FID 4Q09 6.3mtpa two trains Santos 13.7%Deliver the

Base Business

LNG Growth

Focused growth in Asia

Bonaparte LNG 2mtpa FLNG Santos 40% with carry to FID

14

Gladstone LNG

15

GLNG: The Leading CSG to LNG Project

Freehold land for liquefaction plant

Pre FEED work completed

PETRONAS selected as partner

LNG marketing well underway

Reserves build on track

Downstream FEED entry

EIS lodged, public comment period ended 17 August

Fairview produced water approval

Pipeline FEED entry

Binding offtake agreement with PETRONAS for 2mtpa plus 1mtpa

Upstream FEED entry

Final Investment Decision (FID)

First LNG

Momentum building towards FID in first half of 2010

3Q 09

1H 10

2014

1H

20

09

16

GLNG: Upstream update Wells

- 90 CSG wells drilled so far this year Production

- Phase 2 Fairview expansion commissioned- Fairview exceeded 100TJ/d for first time

Environment- EIS lodged in March, public comment

period ended 17 August- EPA approval for innovative Fairview

irrigation project for forage cropping and hardwood plantation

Upstream FEED- Dual FEED contractors appointed- FEED entry 3Q09

Reserves- 3,246PJ 2P reserves as at 31 Dec 2008- 2009 reserves build on track- Next reserves report early 2010

17

GLNG: Downstream update Curtis Island site

- EIS application for 10mtpa capacity (3 trains)

Downstream FEED- Bechtel appointed- 2-train FEED 40% complete- Curtis Island geotechnical site

survey work complete Pipeline FEED

- GHD appointed- FEED 50% complete

Marketing- Binding offtake agreement with

PETRONAS for 2mtpa plus 1mtpa at GLNG sole option

- Ongoing discussions with other Asian customers

18

0

2,000

4,000

6,000

2007 20081P 2P 3P

GLNG: Building the reserves

95% of 2P reserves uncontracted and available for GLNG project

2008 program successful in converting resources to reserves, and conversion of possible to proved and probable

2P reserves up 142% to 3,246PJ

GLNG JV CSG Reserves (PJ)

6,0006,000

4,0004,000 3,2463,246

1,1671,1671,3441,344545545

Injune

Roma Wallumbilla

WandoanScotia

Taroom

Emerald

Gladstone

FairviewFairview

RomaRoma

ProposedPipelineProposedPipeline

GLNG JV acreageOther Santos acreage

50 Km

ArcadiaArcadia

19

PNG LNG, Darwin LNGand Bonaparte LNG

19

20

PNG LNG on Track for 4Q 2009 FID Pre FEED work on two train

6.3mtpa plant Marketing Representative

Agreement Coordinated Development and

Operating Agreement Gas Agreement Front End Engineering Design Entry

Decision Project finance progressing well EIS submitted Marketing key terms agreed for

6.3mtpa Approval for early works Landowner Agreements Final Investment Decision First LNG

3Q 09

4Q 092013/14

1H

20

09

21

Darwin LNG & Timor/Bonaparte/Browse

Darwin LNG

Santos 11.4%

Base project continues to deliver with potential upside unfolding

Timor Bonaparte

Santos has material contingent gas resource to support new LNG development

New LNG development may involve multiple regional assets

Browse

Burnside-1 discovery

LegendSantos acreageOil fieldGas field

Oil pipelineGas pipelineProposed pipeline

NorthernTerritory

WesternAustralia

DarwinIndianOcean

EvansShoal

PetrelTern

Barossa

Bayu-Undan

Ichthys

Caldita

Multiple pathways to growth

22

Strategic partnership with GDF SUEZ

NorthernTerritory

WesternAustralia

DarwinPetrel

TernFrigate

Barossa

CalditaEvans Shoal

Bayu-Undan

NT/RL1

NT/P61NT/P48

NT/RL1

WA-27-RWA-6-R

JPDA 03-12

AC/L1AC/L2AC/L3

Jabiru

ChallisCassini

WA-274-P

WA-281-PWA-411-P

Ichthys

Timor Sea

IndianOcean

LegendSantos acreageSantos/GDF SUEZ acreageOil fieldGas fieldGas pipeline

Santos has sold 60% of Petrel/Tern/Frigate to GDF SUEZ for up to US$370 million and a full carry of Santos’ share of costs to FID including 2 appraisal wells

The fields have a gross contingent resource of 2.1tcf – ideal size for FLNG

Consistent with Santos’ corporate strategy:- Unlocks value in contingent resources- Partner with world class companies- Deepening our LNG growth options

Santos retains a 40% interest in the Evans Shoal, Barossa and Caldita fields

Unlocks value in 2.1 tcf contingent gas resource

Santos retains approximately 70% (500mmboe) of its total Bonaparte Basin 2C contingent resource.

Continuing to progress options for commercialisation of the Evans Shoal, Barossa and Caldita fields.

23

Burnside-1 – Great street address

WA-281-P

BurnsideBurnside--11

WA-411-P

WA-274-PWA-410-P

WA-274-P

WA-274-P Concerto

Mimia Echuca Shoals

Ichthys

ArgusCrux

Montara

Psepotus

Arquebus

CallianceBrecknock

Torosa

Poseidon

Gwydion

Caswell

LegendSantos acreageOil fieldGas field

121˚ 122˚ 123˚ 124˚ 125˚

-13˚

-14˚

-15˚

0 20 40 60 80 100

Kilometres

Territory of Asmore& Cartier Islands

Western Australia

Mapped Area

Cornea

24

Coal Seam Gas Assets

24

25

Queensland

New South Wales

Brisbane

Gladstone

GunnedahBasin

SuratBasin

BowenBasin

Newcastle

Santos’ Leading CSG Acreage PositionDenison

6,500 km2 (gross)

Exploration stage

Greater Roma

7,700 km2 (gross)

High quality resource

Active pilot programme

Gunnedah

45,000 km2 (gross)

30+ core hole & lateral pilot well programme

Leverage to NSW markets or potential longer term LNG

Greater Scotia

2,500 km2 (gross)

27 TJ/d production

Production since 2002

Greater Fairview

7,300 km2 (gross)

115 TJ/d production

Active development & appraisal programme

LegendGLNG acreageCSG operated acreageCSG non-operated acreageOil pipelineGas pipelineProposed gas pipeline

26

Acceptable Good

Santos CSG assets are world class

??? ?Gunnedah

Scotia

Coal Thickness

Black Warrior

Powder River

San Juan

Roma

Fairview

GIP/WellSpacingFlow RateSaturationPermeabilityGas ContentField

Source: JPT February 2008, Santos

Best in class Santos assets

…while Gunnedah is emerging

Fairview and Roma will supply GLNG…

27

0

20

40

60

80

100

120

140

160

180

May

-05

Aug-

05

Nov

-05

Feb-

06

May

-06

Aug-

06

Nov

-06

Feb-

07

May

-07

Aug-

07

Nov

-07

Feb-

08

May

-08

Aug-

08

Nov

-08

Feb-

09

May

-09

Aug-

09

Fairview, Scotia & Roma Sales Gas

Production DeliveryFairview production has reached 115TJ/d…

...establishing a new benchmark in Santos’ CSG production

Santos’ Operated CSG Sales Production Growth

Compressor Site 3 & Increased Water

Capacity Operational

Compressor Site 2

Expansions

Fairview-Wallumbilla Pipeline Tie-in &

Compressor Site 2 ExpansionCompleted

Tipperary Acquisition

Scotia Shutdown for Routine

Maintenance

TJ/d

28

0

1

2

3

4

5

6

7

8

9

10

11

12

13

Gas

Pro

duct

ion

Rat

e (M

Mcf

/d)

Well Production Comparison

End first quarter 09 production rate

End third quarter 09 production rate

Fairview wells

29

Fairview 18X

0

1000

2000

3000

4000

5000

6000

7000

8000

97 98 99 00 01 02 03 04 05 06 07 08 09

Mcf/d

0

1000

2000

3000

4000

5000

6000

7000

8000bbls/d

Produced Gas Mscf/d Produced Water bbl/d

Fairview ProductionProduction from the First 10 Fairview Wells

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08Gas

Pro

duct

ion

(Msc

f/d)

, W

ater

Pro

duct

ion

(bw

pd)

Total Water (bpd) Total Gas (Mscf/d)

Fairview 73

0

2

4

6

8

10

12

14

Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09M

Mcf

/dProduced Gas MMscf/d

Fairview Sales History 1998 - 2009

0

20

40

60

80

100

120

140

98 99 00 01 02 03 04 05 06 07 08 09

TJ/d

0

20

40

60

80

100

120

140Kbbls/d

Sales Gas (TJ/d) Produced Water (kbbl/d)

30

CSG Drilling Highlights

Since January 2009- 111 wells drilled- 18 exploration and 43 appraisal

wells in GLNG areas- 28 development wells in GLNG

areas- 21 exploration and 1 appraisal

wells drilled in non-GLNG acreage 11 rigs in operation sufficient for

business Record drilling times achieved

Extensive drilling activity in half year…

…on track to exceed 2008 total wells drilled

Other Achievements

Successfully commissioned two new rigs

Deepest corehole drilled by Santos at 1,435m

Drilling time savings from technology developments

Successfully installed 33 piezometers

Over 80km of hole drilled including +9km of core retrieved

Two rigs record 12 months without recordable incidents

31

Managing Coal Seam Gas Water

3 Pronged Strategy- Irrigation- Injection- Reverse Osmosis

Irrigation- 887,000 trees planted

to date - Targeting 1.2m trees

receiving 12.2 ML/day

Diversified water management strategy is being implemented

Irrigation

Cropping

Reverse Osmosis

32

Eastern Australia Gas

33

600

800

1000

1200

1400

1600

1800

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

PJ/a

Demand for Eastern Australia gas

10 Year Historic Average

Demand will more than double within 10 years…

…driven by government carbon policy and LNG export

Source: NEMMCO, Santos, company announcements

PlannedLNG

Projects

Carbon driven fuel switching

34

Gas power generation …underutilisedGas is underutilised in Eastern Australia for electricity generation

Gas Penetration as % of Power Generated

Source: IEA 2007 Edition; EIA; Santos

8.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Singa

pore

Thail

and

Malays

ia

Nether

lands

Italy UK

New Ze

aland

Japa

n USKo

rea

German

yIn

dia

Austr

alia

Cana

da

Fran

ceCh

ina

8.6%1.5%

1.0%

5.7%9.0%

36.6%

56.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Austr

alia

NSW

/ AC

TVI

CTA

SQLD

WA

/ NT SA

35

8

Enviable existing gas infrastructure

Source: Santos

Supply and demand centres are effectively networked

Further investment is needed to enhance deliverability from some emerging supply areas

Tasmania

Brisbane

Sydney

Canberra

Mt Isa

Longford

Culcairn

Melbourne

Gunnedah

Adelaide

Gladstone

Ballera

Moomba

Roma

Townsville

Wallumbilla

Fairview

Emerging Supply

Supply Point

Pipeline

36

Unconventional Cooper gas resources

USA unconventional gas production has doubled since 1992

STO mean contingent resource >4 TCF

High graded 3 play types coincident with conventional reserves in Moomba

5 “tests of concept” projects- Gas saturation in all 3 plays- Moveable gas in 2 plays -1 yet

to be tested - Expenditure to date is $30m

Deep coal frac flowing gas to surface

590 mmboe contingent resources booked in 2008 14.

GR

OS

S G

AS

TH

ICK

NES

S 1

,60

0 FE

ET

TOOL DARA

ROSE EPSI MTRE

PATC

GRANITE

Shale Gas

Tight Gas

Moomba

Undeveloped Unconventional

Gross gas thickness ~1600 feet

Developed Conventional

Deep Coal

Measured and considered program to define potential

Moomba 77 – Coal Frac, 100,000 scf/d, 9000 ft

37

Leading position in Gunnedah Basin

ESG operated areas (STO 48%)1

- 9 coreholes drilled of 20 well programme

- Stepping out exploration and appraisal in PEL 238

- Successful trials of horizontal well technologies

- 79% upgrade in 2P reserves to 602PJ and 51% upgrade in 3P reserves to 1,959PJ announced 19 August 2009

STO operated areas (100% and earning up to 65%)- Initial exploration phase- 15 of 23 coreholes drilled- 3 drilling rigs operating- 525 km seismic acquired

Basin master position in quality basin with >50 tcf prospective potential

50km

LegendSantos operated acreageEastern Star operated acreageGas pipelineProposed gas pipeline

NewSouth Wales

Narrabri

Dubbo

Gunnedah

Tamworth

PEL434

PEL450PEL

462

PEL12

PEL 238

PEL 433

PEL456

PEL 1

PPL 3PAL 2

PALA 5PEL 452

Newcastle

Wilga Park Power Station

1 Santos 48% economic interest calculated as 35% direct interest plus 19.99% of ESG’s 65% interest

38

Proposed Shaw River Power Station

Proposed 500MW CCGT first phase, expandable to 1500MW Environmental Effects Statement being

finalised for submission in Q4 2009 Pipeline route and ecological surveys

completed CCGT and Pipeline tendering process

commenced with EOI completed Gas supply for project from Santos’ gas

portfolio Water supply and waste agreements

being finalised by Q4 2009 FID revised to de-risk project pending

environmental & other approvals and CPRS certainty

On track for FID in 2nd half 2010 and first power generation in 2013

WarrnamboolPort Fairy

Orford

Willatook

Mortlake

TerangCamperdown

Timboon

Port Campbell

Koroit

Allansford

Proposed Shaw RiverProposed Shaw RiverPower Station SitePower Station Site

Proposed Pipeline Route

VictoriaVictoria

0 15 km Bass Strait

39

2008 gas and condensate production 5 mmboe

Established infrastructure

John Brookes ramp-up: 200PJ uncontracted 2P reserve

Reindeer development underway

Spar/Halyard - near field opportunities

>AUD$800m new gas sales entered into in 2009. More expected to follow.

WesternWesternAustraliaAustralia

100km100km100km100km

Reindeer

FletcherMutineerExeter

John Brookes

LegendSantos Acreage Oil FieldGas Pipeline Gas Field

Barrow Island

Thevenard Island

Legendre

Western Australia Domestic Gas

Santos portfolio is well placed to supply the WA domestic market

40

2009 Half Year Results

40

41

Reported & underlying profits

0

40

80

120

160

200

240

280

320

Reported NPAT: 1st half Underlying NPAT: 1st half

2008 2008 20092009

304

102 102(20)

(161)283

otherprices & fx

$m

42

EBITDAX

0

200

400

600

800

1000

1200

1,032

Prices

(312)

Mix

(48)

Operating Costs

17

Gas Purchases

(35)

Other

(7) 647

1st half 2008

Average cash margin $37.66 per boe

1st half 2009

Average cash margin $22.31 per boe

$m

Lower prices and lower value product mix reduced price by $15 per boe

Operating costs lower due to royalties which are linked to prices

Higher gas purchases due to PETRONAS equity gas in GLNG

Total cash operating costs increased by $0.40 per boe

Cash margin deterioration limited to fall in selling prices

43

Eastern Australia 318 451 (29)WA&NT 285 474 (40)GLNG 8 38 (79)Asia Pacific 64 102 (37)Corporate and unallocated items (28) (33) 15

TOTAL EBITDAX 647 1,032 (37)

Eastern Australia | Lower liquids prices and production volumesWA&NT | Higher gas volumes but lower liquids prices and productionGLNG | Expanding field operations increasing production costsAsia Pacific | Higher gas production, lower liquids prices and volume

Segment EBITDAX Summary

Segment$m

Half Year Half Year Change2009 2008 %

44

2009 guidance

No change$1,600 millionCapital expenditure (including exploration & evaluation)2

No change$80 to $100 million (after tax)

Royalty related taxation expense1

$12.20 per boe$12.80 per boeDepreciation, Depletion & Amortisation (DD&A) expense

No change$550 - $570 millionProduction costs

No change53 – 56 mmboeProduction

UpdatedGuidance

PreviousGuidance

Item

1 Royalty related taxation expense guidance assumes an oil price of A$75 per barrel which is consistent with analyst consensus forecasts for 2009.

2 Capital expenditure guidance includes $180 million for exploration.

45

Reference slides

46

East Java

Surabaya

OyongMaleo

Java Sea

Sampang PSC

MaduraOffshore PSC

Indonesia – Oyong & Wortel

Oyong Phase 1 (oil)- First oil achieved in September

2007

Oyong Phase 2 (gas and oil)- 60km pipeline to Grati - Gas sales to PT Indonesia Power- Engineering and construction

complete- First gas September 2009

Wortel- Potential tie back to Oyong- Plan of Development being

negotiated with regulator(BPMIGAS)

- First gas targeted in early 2011

LegendSantos acreageOil fieldGas field

Oil pipelineGas pipeline

47

Vietnam

Prospective, lightly explored basins

Multiple, material play types

Oil and gas potential

Rapidly growing markets

Strong regulatory regimePhu KhanhBasin

Nam ConSon Basin

Song HongBasin101-100/04 PSC

123 PSC

12W PSC

ChinaVietnam

Thailand

LaosBurma

Cambodia

South ChinaSea

LegendSantos acreage

48

Vietnam – Nam Con Son Basin

Chim Sao/Dua- Santos 31.875% following PVN

back-in- Premier Oil operator- Reservoir and facilities studies

complete - Assessing options for FPSO- Target first oil in 2011

Two oil discoveries

LegendSantos acreageOil fieldGas field

ProspectGas pipeline

12W PSC

Chim Sao oil discovery

Dua oil discovery

South ChinaSea

ChimUng

Chim Cong

Swan Nam Con Son Basin

49

Bay of Bengal – India / Bangladesh

Material Gas targets

Enormous, underexplored, prospective tertiary delta near rapidly emerging markets

India- PSC’s signed March 2007- Processing of 2D seismic survey

completed- 4000 km2 3D seismic survey acquired –

currently interpreting

Bangladesh- Acquisition of interests Oct 2007- Production optimisation at Sangu- 3D seismic survey considered for late

2009 subject to resolution of commercial discussions

LegendSantos acreageApplication blockGas field

Oil pipelineGas pipeline

India

Bangladesh

India

BurmaBay of Bengal

Sangu

50

P&A Q2 0970OilFergana / KyrgyzstanNorth Ayzar 1

Q3 09

Q3 09

Q2 09

Q1 09

Q1 09

Timing

Drilling70OilFergana / KyrgyzstanHuday Nazar 1

P&A Gas discovery47.8GasBrowse /

AustraliaBurnside 1

Gas discovery67.5GasEast Java /

IndonesiaPeluang 1

P&A with full carry40OilGulf of Suez /

EgyptSouth East July 1

P&A with gas shows55GasSong Hong /

VietnamHa Mai 1

%100 -500

50 -1000 – 50

CommentsSantosInterest

Upside Resource Potential (mmboe)TargetBasin / AreaWell Name

2009 Forward Exploration Schedule

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

51

2009 Capital expenditure outlook

2009 2008(A$ million)

5476Acquisitions

(2,052)(304)Disposal proceeds1

1,5001,600Capital expenditure

1 (pre tax, reported to date for 2009)

52

2009 Second Half Sensitivities

Sensitivity Change NPAT Impact A$m

US dollar oil price US$1/bbl 8

Gas price 10 cent/GJ 9

A$/US$ exchange rate 1 cent 5

Interest rates 1% 3

53

Oil Price A$/bbl

40

60

80

100

120

140

160

180

Jan 09Jan 08

1st half 2008 1st half 2009

Average: A$120.51

Average: A$73.28

A$/b

bl

Current A$84.55

Jun 08 Jun 09

54

Contact Information

Registered and head officeShare RegisterAdelaideGround Floor, Santos Centre60 Flinders StreetAdelaide, South Australia 5000GPO Box 2455Adelaide, South Australia 5001Telephone: +61 8 8116 5000Facsimile: +61 8 8116 5050

Useful email contactsShare register enquiries:webqueries@computershare.com.au

Investor enquiries:investor.relations@santos.com

Andrew NairnGroup Executive Investor RelationsLevel 10, Santos CentreDirect: + 61 8 8116 5314Facsimile: +61 8 8116 5131Email: andrew.nairn@santos.com

Brooke HannInvestor Relations AnalystLevel 10, Santos CentreDirect: + 61 8 8116 7227Facsimile: +61 8 8116 5131Email: brooke.hann@santos.com

Website:www.santos.com