First Quarter Activities Report
For period ending 31 March 2018
19 April 2018
Key highlights
Strong free cash flow generation
• Santos is now reaping the benefits of its new low cost, high efficiency operating model, with forecast free cash flow breakeven remaining at~$36/bbl1 in 2018 and free cash flow generation strong.
• During the quarter, Santos generated$246 million in free cash flow. Surplus cash is being applied to reduce net debt and Santos is well ahead of plan to achieve its end-2019 net debt target of$2 billion.
• First quarter production of 13.8 million barrels of oil equivalent (mmboe) was 1.2 mmboe lower than the prior quarter due to planned maintenance at facilities in Moomba and in Queensland, and the temporary outage of PNG LNG following major earthquake activity in February. Production at PNG LNG recommenced ahead of forecast and Santos has revised 2018 production guidance to 55-58 mmboe.
• As at 31 March 2018, Santos had cash and cash equivalents of$1.5 billion and total debt of$4 billion, resulting in net debt of$2.5 billion.
• Net debt has reduced by8% since the start of 2018 and by47% since the start of 2016.
Growth project updates
• The Barossa Caldita Offshore Project Proposal was approved by NOPSEMA. A FEED decision is imminent. Barossa Caldita is the lead candidate to underpin the long-life extension of Darwin LNG and would more than doubleSantos’ current Northern Australian production.
• In PNG, Santos along with the other PNG LNG parties has commenced discussions with both the PRL 3(P’nyang) and PRL 15 (Papua LNG) joint ventures to build alignment for the proposed construction of three additional LNG trains at the PNG LNG site.
• In Queensland, the Scotia CF1 project is in the final stages of commissioning, we commenced the 430-well Roma East development and positive drilling results were announced at Mahalo.
Unsolicited, indicative, non-binding proposal from Harbour Energy
• Indicative and non-bindingUS$4.98 per share(A$6.502 per share) cash acquisition proposal (Harbour Proposal) to acquire100% of Santos shares received from Harbour Energy, as previously announced on 3 April 2018.• Harbour Energy has commenced confirmatory due diligence as part of an engagement process to determine if a proposal can be developed that is capable of being recommended by the Santos Board to shareholders.• No certainty that the Harbour Proposal will result in an offer for Santos capable of being recommended by the Board for consideration by shareholders. Santos Directors reiterate that shareholders should take no action in relation to the Harbour Proposal.
Santos Managing Director and Chief Executive Officer Kevin Gallagher said:“Santos’ first quarter results highlight the benefits of a diversified portfolio of natural gas assets underpinned by a disciplined operating model focused on cash generation.”
“In the first quarter of 2018, we generated$246 million in free cash flow, reduced net debt by8% to$2.5 billion and maintained our 2018 forecast free cash flow breakeven at~US$36/bbl, despite the significant increase in drilling activity in Queensland and the Cooper Basin, and the temporary shutdown in PNG following major earthquake activity.” “This clearly demonstrated the resilience of our diversified portfolio of core assets and we are now beginning to enjoy the sustained benefits of our low cost, high efficiency operating model, with strong free cash flow generation further strengthening our balance sheet and setting us up for future growth.”
1 Free cash flow breakeven is the average annual oil price in 2018 at which cash flows from operating activities (including hedging) equals cash flows from investing activities. Excludes one-off restructuring costs and asset divestitures and acquisitions.
2 Based on an AUD/USD exchange rate of 0.7662 as referenced in the Harbour Proposal.
Media enquiries Investor enquiries Santos Limited ABN 80 007 550 923
Joan na Vaughan Andrew Nairn GPO Box 2455, Adelaide SA 5001
+61 (0) 419 111 779 +61 8 8116 5314 /+61 (0) 437 166 497 T+61 8 8116 5000 F+61 8 8116 5131
joanna.vaughan@santos.com andrew.nairn@santos.com www.santos.com
“As a result of our strong cash flows that enabled net debt to be reduced by a further8% to$2.5 billion over the quarter, Santos is now set up to reap the benefits of higher oil prices and continue to build value for our shareholders. If current oil price levels continue throughout 2018 then we will achieve our end-2019 net debt target sometime in the second half of 2018, more than a year ahead of plan.”
“In late
February,
we were deeply saddened by the loss of life and personal injury suffered by communities in Papua New Guinea as a result of the severe earthquake in the region. Our PNG LNG expertise and resources were deployed to assist the humanitarian relief effort and Santos donatedUS$200,000 to help provide urgently needed food, water and medical supplies to more than 30,000 people isolated in remote villages.”
“PNG LNG has now safely resumed LNG production, ahead ofExxonMobil’s eight-week estimate, with LNG exports expected to resume shortly. Santos carries appropriate property damage and business interruption insurance for its assets.”
“I would like to thank ExxonMobil, our joint venture partners and the PNG Government for all their efforts in safely resuming production. Santos looks forward to continuing to work with our local communities in PNG who still have a long road to recovery following the loss of life, homes and crops caused by the earthquake,” Mr Gallagher said. The temporary PNG LNG shutdown, combined with planned maintenance at our facilities in Moomba and in Queensland, reduced first quarter production by 1.2 mmboe to 13.8 mmboe. Excluding these shutdowns, production would have been in line with the prior quarter.
On 3 April 2018, Santos announced it had received an unsolicited, non-binding and indicative proposal from Harbour Energy to acquire 100 percent of Santos shares by way of a scheme of arrangement.
“We will engage with Harbour Energy on its proposal to determine whether an offer for the company that is capable of recommendation by the Board for consideration by shareholders, can be developed,” Mr Gallagher said. “Regardless of the outcome of engagement with Harbour, our strong free cash flows, sustainable low cost base, stable production out to at least 2025 and the resilience of our diverse natural gas asset portfolio mean Santos is very well positioned to drive value for our shareholders going forward. When combined with the continued progress of our key growth projects in Northern Australia and PNG and our strong opportunity set built around existing infrastructure and our core natural gas assets, Santos is in a great position to increase its value over the medium and longer term.” Board renewal
Mr Keith Spence was appointed an independent non-executive Director on 1 January 2018 and became Chairman on 19 February 2018 following the retirement of Mr Peter Coates AO.
Mr Spence has over 40years’ experience in managing and governing oil and gas operations in Australia, Papua New Guinea, the Netherlands and Africa. His full biography can be viewed at www.santos.com/who-we-are/leadership-team/ 2018 Annual General Meeting
The 2018 Annual General Meeting will be held on Thursday 3 May 2018 at the Adelaide Convention Centre commencing at 10:00am ACST. Registrations for the webcast are now open at www.santos.com
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 2 of 4
Comparative performance
||||||||||
|-|-|-|-|-|-|-|-|-|
|Santos share|Units|Q1 2018||Q4 2017|Change|2018 YTD|2017 YTD|Change|
|||13.8|15.0 -8%21.8 -13%67.8 +6%861 -8%204 -32%|||13.8|||
|||18.9||||18.9|||
|||71.6||||71.6|||
|||794||||794|||
|||139||||139|||

 1 Capital expenditure including restoration expenditure and acquisition of exploration assets but excluding capitalised interest.
Sales volumes (Santos share)
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Product|Unit||Q1 2018||Q4 2017|Q1 2017||2018 YTD|2017 YTD|
|||642.5||839.5 729.056.5 47.82,639.9 2,086.61,064.2 1,046.551.7 42.8|||642.5|||
||||53.6|||||53.6||
||||2,433.9|||||2,433.9||
||||1,068.6|||||1,068.6||
||||21.5|||||21.5||
|||||14.1 14.17.7 4.5||||||
|||13.8|||||13.8|||
||||5.1|||||5.1||
|||18.9||21.8 18.6|||18.9|||

 First quarter sales volumes were lower than the prior quarter due primarily to the temporary outage at PNG LNG as a result of a severe earthquake in the region, combined with lower third party sales volumes from GLNG due to gas purchases from QGC during the fourth quarter of 2017 and the cessation of a GLNG third party gas supply contract. Sales revenues (Santos share)
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Product|Unit||Q1 2018||Q4 2017|Q1 2017||2018 YTD|2017 YTD|
|||276||323 272265 212179 12065 5829 22|||276|||
||||261|||||261||
||||174|||||174||
||||71|||||71||
||||11|||||11||
|||||563 504298 180||||||
|||559|||||559|||
||||235|||||235||
|||794||861 684|||794|||
|||199||229 119|||199|||

 First quarter sales revenues were lower than the prior quarter primarily due to lower sales from PNG LNG combined with lower third party sales revenues from GLNG, partially offset by higher commodity prices.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 3 of 4
Average realised prices
||||||||||
|-|-|-|-|-|-|-|-|-|
|Unit||Q1 2018||Q4 2017|Q1 2017||2018 YTD|2017 YTD|
||8.19||7.33 7.094.68 4.4567.85 57.6361.33 55.68567.71 503.75|||8.19|||
|||4.87|||||4.87||
|||71.56|||||71.56||
|||66.79|||||66.79||
|||529.82|||||529.82||

 Production (Santos share)
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Product|Unit||Q1 2018||Q4 2017|Q1 2017||2018 YTD|2017 YTD|
|||27.0||31.6 31.240.3 38.71,504.0 1,627.0888.4 855.737.8 35.9|||27.0|||
||||38.4|||||38.4||
||||1,634.5|||||1,634.5||
||||708.6|||||708.6||
||||34.5|||||34.5||
||||13.8|15.0 14.8||||13.8||

 First quarter production was lower than the prior quarter due to the PNG LNG outage and lower Cooper gas production due to planned maintenance at the Moomba plant. Excluding the 1.2 mmboe impact of these shutdowns, total production would have been in-line with the prior quarter.
2018 Guidance
The shutdown of the PNG LNG project during the quarter as a result of the significant earthquake is expected to reduce 2018 full-year production and sales volumes by approximately 2 mmboe. The upper ends of production and sales volume guidance has been revised accordingly while the lower ends have been maintained.
Cost saving initiatives and efficiencies coupled with a diversified portfolio of assets has resulted in no change to upstream unit production cost guidance. Capital expenditure guidance has been lowered as a result of cost saving initiatives and some changes to the timing of exploration activity in PNG and the Northern Territory.
Guidance is subject to PNG LNG earthquake recovery impacts and costs still being assessed, and potential insurance recoveries.
||||
|-|-|-|
|Item|Previous guidance|Updated guidance|

 Sales volumes 72-78 mmboe 72-76 mmboe Production 55-60 mmboe 55-58 mmboe Upstream production costs US$8.2-8.8/boe No change Depreciation, depletion and amortisation(DD&A) US$725-775 million No change Capital expenditure (including exploration, evaluation and restoration, excl cap. int.) US$825-875 million US$800-850 million Further detail of 2018 year-to-date capital expenditure, including exploration and evaluation expenditure, is reported in the table on page 11 of this report.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 4 of 4
Oil price hedging
3.1 million barrels of oil hedging expired in the first quarter under the zero-cost three way collar hedges. The following oil price hedging positions were in place as at 11 April 2018.
|||
|-|-|
|2018 Open oil price positions|2018|

 Zero-cost three-way collars (barrels)1 9,418,750 Brent short call price($/bbl) US$60.30 Brent long put price($/bbl) US$48.48 Brent short put price($/bbl) US$40.80¹ When Brent price is above the weighted average short call price, Santos realises short call price. When Brent price is between the long put price and the weighted average short call price, Santos realises Brent price. When Brent price is between the long put price and the short put price, Santos realises the long put price. When Brent price is below the short put price, Santos realises Brent price plus the difference between the long put price and the short put price.
|||
|-|-|
|2019 Open oil price positions|2019|

 Zero-cost collars (barrels)1 3,431,000 Ceiling($/bbl) US$79.27 Floor($/bbl) US$45.00¹ When Brent price is above the weighted average ceiling price, Santos realises ceiling price. When Brent price is between the floor and ceiling price, Santos realises Brent price. When Brent price is below the floor price, Santos realises floor price.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 5 of 4
Cooper Basin
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Santos share|Units||Q1 2018||Q4 2017|Q1 2017||2018 YTD|2017 YTD|
|||||14.0 18.20.6 0.614.6 18.8314.6 371.68.6 38.5323.2 410.140.2 32.55.2 2.045.4 34.5511.4 412.81,131.5 730.21,642.9 1,143.0||||||
||||15.4|||||15.4||
||||0.9|||||0.9||
||||16.3|||||16.3||
|||440.7|||||440.7|||
||||99.3|||||99.3||
||||540.0|||||540.0||
||||6.3|||||6.3||
||||6.0|||||6.0||
||||12.3|||||12.3||
||||472.7|||||472.7||
||||1,055.5|||||1,055.5||
||||1,528.2|||||1,528.2||
|||4.9||4.9 5.0|||4.9|||
|||224||212 175|||224|||
|||||15.4 14.7247.9 215.727.9 27.3647.8 649.7||||||
||||14.3|||||14.3||
||||230.8|||||230.8||
||||27.7|||||27.7||
||||658.8|||||658.8||
|||3.6||3.7 3.6|||3.6|||
|||60||61 38|||60|||

 The structural transformation of the Cooper Basin continues to deliver lean, efficient, low-cost operations. Average drill- stimulate-complete gas well costs are down42% to$2.8 million from the beginning of 2016 and drilling cycle times have halved over the same period. The asset now generates significant free cash flow and is set to increasingly benefit from the substitution of Santos Eastern Queensland gas into the Horizon contract, thereby making more Cooper Basin gas available for domestic east coast customers.
First quarter sales gas and ethane volumes of 15.4 PJ were10% higher than prior quarter due to higher sales to domestic gas customers. Condensate sales volumes of 540,100 barrels were higher than the previous quarter due to the timing of liftings.
Sales gas and ethane production, condensate and LPG production were lower than the previous quarter due to scheduled Moomba plant maintenance in March. Excluding the impact of the scheduled maintenance, production would have been in line with the previous quarter with gas production above the average run rate for 2017 as a result of the increased drilling activity.
Lean well design and low cost shallow oil development led to an increase in crude oil production to 658,800 barrels. Eighteen wells were drilled in the quarter. Eight gas development wells were cased and suspended for future production. Two oil development wells were cased and suspended for future production and one plugged and abandoned. Three
near-field exploration (NFE)/appraisal gas wells were cased and suspended for future production and one suspended
for further evaluation. Three NFE/appraisal oil wells were cased and suspended for future production.
Santos is now targeting to drill up to 80 wells in 2018, including up to 20 exploration wells. With lower costs, increased
exploration investment and gas being delivered into domestic east coast markets, ongoing reserve replenishment and
additions are anticipated over time.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 6 of 4
Queensland& NSW1
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q1 2018||Q4 2017|Q1 2017|2018 YTD|2017 YTD|
||||155.5 172.9321.6 228.0|||||
|||167.4||||167.4||
|||180.7||||180.7||
|||348.1|477.1 400.9|||348.1||
|||7.0|7.5 3.33.6 3.8|||7.0||
|||5.5||||5.5||
|||5.5|6.5 5.0|||5.5||
|||210|216 167|||210||
||||10.7 9.80.7 0.95.5 5.10.2 0.2|||||
|||10.3||||10.3||
|||0.9||||0.9||
|||5.5||||5.5||
|||0.2||||0.2||
|||2.9|2.9 2.7|||2.9||
|||47|59 30|||47||

 1 New South Wales entered the core portfolio on 1 January 2018. NSW was previously reported as part of‘Other’ assets.
2 Includes LNG produced from Santos portfolio gas and third-party quantities.
3 Combabula, Ramyard, Spring Gully, Denison and Tardrum.
4 Total sales volume, sales revenue and production include minor condensate production from Denison.
|||||||||
|-|-|-|-|-|-|-|-|
|GLNG operational data (gross)|Units|Q1 2018||Q4 2017|Q1 2017|2018 YTD|2017 YTD|
||||1,542 1,36740 3415 1539 34|||||
|||1,217||||1,217||
|||33||||33||
|||15||||15||
|||26||||26||
|||74|94 83|||74||
|||19|27 21|||19||

 1 Includes LNG produced from GLNG equity gas, Santos portfolio gas and third-party quantities.
LNG production in the first quarter of 1.2 million tonnes was lower than the previous quarter primarily due to high- volume gas purchases from QGC in the previous quarter during their LNG plant shutdown, combined with the expiration of a third-party gas supply contract in December 2017. Nineteen LNG cargoes were loaded in the first quarter. Forty-five development wells were drilled across the GLNG acreage and 36 development wells acrossSantos’ non- operated Eastern Queensland acreage.
GLNG upstream equity sales gas production remained steady relative to the previous quarter supported by stronger Roma production. Gross daily production from Fairview decreased slightly to 457 TJ/day at the end of the quarter due to lower well availability. An additional rig was mobilised and well availability has returned to~94%.
Gross daily production from Roma increased to 61 TJ/day at the end of the quarter. Roma field production is expected
to grow as the reservoir continues to depressure and new areas of Roma come online. The Roma East project has
commenced and two drilling rigs have drilled 15 wells to date.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 7 of 4
Gross daily production from the Scotia field at the end of the quarter remained steady at 27 TJ/day. The Scotia CF1 project is85% complete, with 47 wells now online and facilities being commissioned. Production from the field is expected to grow as the reservoir depressures. Production from the Arcadia field remained steady.
The successful Mahalo Mira-6 pilot well was brought online in December 2017 (Santos30% non-operator). Production rates are very encouraging and the joint-venture is currently reassessing potential volumes, well designs, appraisal programs and development plans to determine the commerciality of the Mahalo area.
PNG
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q1 2018|Q4 2017|Q1 2017||2018 YTD|2017 YTD|
||||282.6 232.8378.1 374.73.4 5.0|||||
|||180.9||||180.9||
|||240.4||||240.4||
|||3.3||||3.3||
|||2.0|3.0 2.6||2.0|||
|||100|139 121||100|||
||||16.4 16.1354.4 377.14.1 5.0|||||
|||10.4||||10.4||
|||221.3||||221.3||
|||2.7||||2.7||
|||2.0|3.1 3.1||2.0|||
|||6|22 10||6|||

 1 Includes SE Gobe
|||||||||
|-|-|-|-|-|-|-|-|
|PNG LNG operational data(gross)|Units|Q1 2018|Q4 2017|Q1 2017|2018 YTD||2017 YTD|
||||2.1 2.0123 1212,611 2,7864 4|||||
|||1.3||||1.3||
|||78||||78||
|||1,635||||1,635||
|||3|||3|||
|||17|28 26|||17||

 1 Measured at the Kutubu entry point.
2 Purchased by PNG LNG.
PNG LNG sales volumes and production were lower than the prior quarter due to the temporary shutdown of facilities following a severe earthquake in the region on 26 February 2018. Production recommenced in April, ahead ofExxonMobil’s previously estimated eight week timeframe, with one LNG train operating at the LNG plant near Port Moresby. It is expected that the second train will restart as gas production is ramped up over time.
During the period in which PNG LNG operations were shut down, maintenance work at the LNG plant site, which had previously been scheduled for April and October, was conducted. Planned modifications to the Hides Gas Conditioning Plant, including some Angore tie-in work, were also brought forward.
Santos carries appropriate property damage and business interruption insurance cover for its assets.
Santos along with the other PNG LNG parties has commenced discussions with both the PRL 3(P’nyang) and PRL 15
(Papua LNG) joint ventures to build alignment for the proposed construction of three additional LNG trains at the PNG
LNG site. Alignment may be achieved in a number of ways, including the potential for Santos to farm-in to theP’nyang
field.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 8 of 4
Northern Australia
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q1 2018||Q4 2017|Q1 2017|2018 YTD|2017 YTD|
||||79.8 95.3157.1 187.56.3 8.3|||||
|||113.5||||113.5||
|||108.3||||108.3||
|||9.2||||9.2||
|||1.3|1.0 1.2|||1.3||
|||48|41 42|||48||
||||4.4 5.3155.8 155.79.9 8.6|||||
|||6.3||||6.3||
|||109.7||||109.7||
|||6.8||||6.8||
|||1.2|1.1 1.1|||1.2||
|||9|7 17|||9||

||||||||
|-|-|-|-|-|-|-|
|Darwin LNG / Bayu-Undanoperational data (gross)|Units|Q1 2018|Q4 2017|Q1 2017|2018 YTD|2017 YTD|
||||902 89955 541,299 1,64777 86||||
|||947|||947||
|||57|||57||
|||1,004|||1,004||
|||63|||63||
|||15|14 14||15||

 Darwin LNG continued its strong operating performance with sales volumes and production higher than the previous quarter and in-line with the delivery schedule.
The successful completion of the two-well appraisal campaign over Barossa (Santos25%) in 2017 firmed its position as the lead candidate for Darwin LNG backfill and resulted in a significant increase in 2C resource.
On 21 March 2018, Santos announced that the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) had assessed and accepted the Barossa jointventure’s project proposal. This approval milestone confirms Barossa as the most likely gas supply source able to deliver gas when Bayu Undan production ends in the early 2020s.
The Barossa joint venture remains on track to take a FEED-entry decision in the second quarter of 2018, with FID targeted for late 2019.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 9 of 4
Western Australia1
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Santos share|Units||Q1 2018||Q4 2017|Q1 2017||2018 YTD|2017 YTD|
|||||12.2 11.3203.5 73.1416.7 341.5||||||
||||13.8|||||13.8||
||||177.4|||||177.4||
||||300.3|||||300.3||
|||2.8||2.7 2.4|||2.8|||
|||87||96 71|||87|||
|||||13.6 11.4128.0 106.3279.0 337.4||||||
||||13.3|||||13.3||
||||144.3|||||144.3||
||||323.8|||||323.8||
|||2.8||2.7 2.4|||2.8|||
|||2||23 18|||2|||

 1 Western Australia oil assets are now reported under the segment‘WesternAustralia’. They were previously reported as part of‘Other’ assets.Santos’ low-cost Western Australia conventional gas assets are well positioned against other suppliers, with the capacity and significant uncontracted 2P reserves to meet demand.
Sales gas volumes were higher than the prior quarter due to higher customer nominations from Reindeer. Condensate sales volumes were lower than the prior quarter due to the timing of liftings.
Condensate production was higher due to a greater proportionate share of production being sourced from the condensate rich Spar 2 and Halyard 1 wells.
Asia1
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q1 2018||Q4 2017|Q1 2017|2018 YTD|2017 YTD|
||||4.9 6.72.3 0.9577.0 613.5|||||
|||4.2||||4.2||
|||2.4||||2.4||
|||602.0||||602.0||
|||1.3|1.4 1.8|||1.3||
|||64|65 68|||64||
||||4.9 6.42.1 0.8573.0 635.0|||||
|||4.2||||4.2||
|||2.4||||2.4||
|||649.2||||649.2||
|||1.4|1.5 1.7|||1.4||
|||1|17 14|||1||

 1 As at 1 January 2018, the‘Other’ reporting segment was restructured to compriseSantos’ Asian assets only. New South Wales entered the core portfolio and is now reported under the segment‘Queensland andNSW’ and WA Oil is now reported under the segment‘WesternAustralia’. The comparative periods have been restated accordingly.
Gains in operating efficiencies and a strong production performance seeSantos’ Asian assets continuing to deliver strong free cash flows. Santos is currently in advanced discussions with a number of parties regarding a potential sale of the assets.
In Indonesia, average daily gross gas production increased to 93TJ/d during the quarter. Reported production was lower
however due to lower net entitlements.
In Vietnam, average daily gross oil and gas production volumes increased to 25,000 bbls/d and 25 TJ/d, respectively.
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 10 of 4
Corporate, exploration and eliminations
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q1 2018||Q4 2017|Q1 2017|2018 YTD|2017 YTD|
|||1.2|2.3 0.7|||1.2||
|||61|92 40|||61||
|||14|15 7|||14||

 Sales volumes and revenues in the corporate segment primarily represents gas trading activities. Capital expenditure primarily represents exploration and evaluation activities not recorded against assets.
Capital expenditure
Total exploration, evaluation and development expenditure is summarised in the table below.
||||||||
|-|-|-|-|-|-|-|
|US$million|Q1 2018||Q4 2017|Q1 2017|2018 YTD|2017 YTD|
|||27 3029 17148 87|||||
||17||||17||
||12||||12||
||110||||110||
||139|204 1341 2|||139||
||1||||1||
||140|205 136|||140||
|||15 3012 4|||||
||17||||17||
||3||||3||
||20|27 34(2) 4|||20||
||-||||-||
||20|25 38|||20||

 1 Includes acquisition of exploration assets
Exploration activity
||||||
|-|-|-|-|-|
|Well name|Basin/area|Target|Santos %|Well status|

Red Rock Gully 1 Comet Ridge - QLD Gas 50.5% C&S, successful gas
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 11 of 4
Drilling summary
Near-field exploration (NFE) / Appraisal wells
||||||
|-|-|-|-|-|
|Well name|Basin/area|Target|Santos %|Well status|

Bantam 1 Cooper - QLD Gas 60.06% C&S, successful gas
Casimir 1 Cooper - SA Gas 75% C&S for further evaluation
Kooroopa 4 Cooper - QLD Oil 60% C&S, successful oil
Napowie 3 Cooper - SA Gas 66.6% C&S, successful gas
Takyah 6 Cooper - QLD Oil 60% C&S, successful oil
Wackett 17 Cooper - QLD Gas 60.06% C&S, successful gas
Cocinero 6 Cooper - QLD Oil 55% C&S, successful oil
Development wells
||||||
|-|-|-|-|-|
|Well name|Basin/area|Target|Santos %|Well status|

Avalon 4 (re-entry) Scotia - QLD Gas 30% C&C, successful gas
Balcaminga 3 Cooper - SA Gas 66.6% C&S, successful gas
Cocinero 5 Cooper - QLD Oil 55% P&A
Cocinero 7 Cooper - QLD Oil 55% C&S, successful oil
Cocinero 8 Cooper - QLD Oil 55% C&S, successful oil
Combabula269# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula289# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula308# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula309# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula310# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula311# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula335# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula336# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula354# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula355# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula356# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula357# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula358# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula381# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula382# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula383# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula403# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula404# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula426# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula453# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula466# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula467# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula468# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula469# Combabula - QLD Gas 7.28% C&S, successful gas
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 12 of 4
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|-|-|-|-|-|
|Well name|Basin/area|Target|Santos %|Well status|

Combabula470# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula471# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula472# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula473# Combabula - QLD Gas 7.28% C&S, successful gas
Coonatie25** Cooper - SA Gas 100% C&S, successful gas
Durham Ranch876# Spring Gully - QLD Gas 4% C&S, successful gas
FV10-42-21 Fairview - QLD Gas 23.85% C&S, successful gas
FV11-69-21 Fairview - QLD Gas 23.85% C&C, successful gas
FV11-70-21 Fairview - QLD Gas 23.85% C&C, successful gas
Gooranie 8 Cooper - SA Gas 66.6% C&S, successful gas
Gooranie 9 Cooper - SA Gas 66.6% C&S, successful gas
Gooranie 10 Cooper - SA Gas 66.6% C&S, successful gas
Gooranie 11 Cooper - SA Gas 66.6% C&S, successful gas
Kelsall 3 Scotia - QLD Gas 30% C&S, successful gas
Muggleton225# Combabula - QLD Gas 7.28% C&S, successful gas
Muggleton33# Combabula - QLD Gas 7.28% C&S, successful gas
Pine Hills299# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek24# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek45# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek91# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek119# Combabula - QLD Gas 7.28% C&S, successful gas
RM02-02-2 Roma - QLD Gas 30% C&S, successful gas
RM02-60-1 Roma - QLD Gas 30% C&S, successful gas
RM03-26-1 Roma - QLD Gas 30% C&S, successful gas
RM03-99-1 Roma - QLD Gas 30% C&S, successful gas
RM08-17-5 Roma - QLD Gas 30% C&S, successful gas
RM08-92-1 Roma - QLD Gas 30% C&S, successful gas
RM08-94-1 Roma - QLD Gas 30% C&S, successful gas
RM13-41-1 Roma - QLD Gas 30% C&S, successful gas
RM13-43-1 Roma - QLD Gas 30% C&S, successful gas
RM13-61-1 Roma - QLD Gas 30% C&S, successful gas
RM15-04-1 Roma - QLD Gas 30% C&S, successful gas
RM15-05-1 Roma - QLD Gas 30% C&S, successful gas
RM15-11-1 Roma - QLD Gas 30% C&S, successful gas
RM50-14-1 Roma - QLD Gas 30% C&S, successful gas
RM50-15-1 Roma - QLD Gas 30% C&S, successful gas
RM50-16-1 Roma - QLD Gas 30% C&S, successful gas
RM50-17-1 Roma - QLD Gas 30% C&S, successful gas
RM50-24-1 Roma - QLD Gas 30% C&S, successful gas
RM50-25-1 Roma - QLD Gas 30% C&S, successful gas
RM50-26-1 Roma - QLD Gas 30% C&S, successful gas
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 13 of 4
||||||
|-|-|-|-|-|
|Well name|Basin/area|Target|Santos %|Well status|

RM50-27-1 Roma - QLD Gas 30% C&S, successful gas
RM50-33-1 Roma - QLD Gas 30% C&S, successful gas
RM50-34-1 Roma - QLD Gas 30% C&S, successful gas
RM50-36-1 Roma - QLD Gas 30% C&S, successful gas
RM50-38-1 Roma - QLD Gas 30% C&S, successful gas
RM50-44-1 Roma - QLD Gas 30% C&S, successful gas
RM50-46-1 Roma - QLD Gas 30% C&S, successful gas
RM50-47-1 Roma - QLD Gas 30% C&S, successful gas
RM50-58-1 Roma - QLD Gas 30% C&S, successful gas
Scotia 47 (re-entry) Scotia - QLD Gas 30% C&C, successful gas
Scotia 54 Scotia - QLD Gas 30% C&S, successful gas
Scotia 57 (re-entry) Scotia - QLD Gas 30% C&C, successful gas
Scotia 59 Scotia - QLD Gas 30% C&S, successful gas
Scotia 60 (top hole) Scotia - QLD Gas 30% Suspended for later deepening Scotia 60 (re-entry) Scotia - QLD Gas 30% C&S, successful gas
Scotia 66 Scotia - QLD Gas 30% C&S, successful gas
Scotia 67 (re-entry) Scotia - QLD Gas 30% C&C, successful gas
Scotia 68 (re-entry) Scotia - QLD Gas 30% C&C, successful gas
Scotia 70 (re-entry) Scotia - QLD Gas 30% C&C, successful gas
The Rock 7 Scotia - QLD Gas 30% C&S, successful gas
Tirrawarra 89 Cooper - SA Gas 66.6% C&S, successful gas
Varanus 4 Cooper - SA Gas 66.6% C&S, successful gas
# Not operated by Santos
** LTAP= Less than all parties
Seismic activity
The table below details seismic activity during the quarter and status.
|||||||
|-|-|-|-|-|-|
|Permit|Basin/area|Survey|Type|km/km2|Status|

 Southern Amadeus
EP82, EP112, EP125 Amadeus 2D 124.7 km2 of 402 km2 31% complete 2D Phase 2
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 14 of 4
Abbreviations and conversion factors
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|-|-|
|Abbreviations|Conversion factors|

C&C cased and completed Sales gas and ethane, 1 PJ 171.937 boe x10³C&S cased and suspended Crude oil, 1 barrel 1 boe
gas coal seam gas Condensate, 1 barrel 0.935 boe
DES delivered ex ship LPG, 1 tonne 8.458 boe
FPSO floating production, storage and offloading LNG, 1 PJ 18,040 tonnes
GJ Gigajoules LNG, 1 tonne 52.54 mmBtu
kbbls thousand barrels
kt thousand tonnes
LNG liquefied natural gas
LPG liquefied petroleum gas
m Million
mmbbl million barrels
mmboe million barrels of oil equivalent
mmBtu million British thermal units
mmscf million standard cubic feet
mt million tonnes
mtpa million tonnes per annum
NFE near-field exploration
P&A plugged and abandoned
pa per annum
PJ petajoules
PSC production sharing contract
t tonnes
TJ terajoules
Santos Ltd l First Quarter Activities Report l 19 April 2018 Page 15 of 4