Third Quarter Activities Report
For period ending 30 September 2018
ASX: STO| ADR: SSLZY
18 October 2018
Key Highlights
Strong production and revenue growth
 Third quarter production up6% to 15 mmboe due to strong performance across the core assets Sales revenue up10% to$973 million, including record quarterly LNG revenues of$405 million PNG LNG achieved record daily rates equivalent to~9.2 mtpa annualised production
Cooper Basin growth
 Cooper Basin oil production up17%, including the highest monthly production rates since 2009 Fourth rig commenced operations. Expect to drill 85-90 wells in 2018
 Moomba South Phase 1 appraisal drilling initiated
Strong balance sheet to support growth
 Net debt reduction target achieved at quarter-end, more than a year ahead of plan
 As at 30 September 2018, Santos had cash and cash equivalents of$1.8 billion and total debt of$3.8 billion, resulting in net debt of$2 billion.
Dividend reinstated
 Dividends to shareholders reinstated with the US3.5 cent per share fully-franked interim dividend paid Value accretive Quadrant Energy acquisition announced for$2.15 billion1
 Low-cost, long-life gas and oil assets with stable cash flows and significant near-term development and exploration upside
Sale of non-core Asian assets completed
 In September, Santos received$144 million in cash proceeds from the sale of its Asian assets
Santos Managing Director and Chief Executive Officer Kevin Gallagher said:“Santos’ third quarter results serve to highlight the benefits of a cash generative core asset portfolio and our low-cost, disciplined Operating Model. During the quarter we paid our first dividend in two and a half years and achieved our net debt target of$2 billion more than a year ahead of plan.”
“With a balance sheet now supportive of growth, we also announced the value accretive acquisition of QuadrantEnergy’s high quality portfolio of low-cost, long-life conventional natural gas assets in Western Australia that will further reduce our free cash flow breakeven oil price and importantly, significantly enhance our operating capability. The acquisition will also give us a leading position in the highly prospective Bedout Basin, including the recent significant Dorado-1 oil discovery.”
“Santos is now positioned for growth with a number of upstream brownfield development opportunities leveraging existing infrastructure positions across each of our five core assets and is targeting production of more than 100 mmboe by 2025, almost doubling current levels of production.”
“Strong operating performance during the third quarter saw sales, production and sales revenues all higher than the previous quarter,” Mr Gallagher said.
1 Quadrant Energy acquisition is subject to customary consents and regulatory approvals and is expected to complete by the end of 2018
Comparative performance
||||||||||
|-|-|-|-|-|-|-|-|-|
|Santos share|Units|Q3 2018||Q2 2018|Change|2018 YTD|2017 YTD|Change|
|||15.0|14.2 +6%19.0 +7%78.6 +3%885 +10%167 +8%|||43.1|||
|||20.3||||58.3|||
|||81.1||||77.1|||
|||973||||2,653|||
|||180||||487|||

1 Capital expenditure including restoration expenditure and acquisition of exploration assets but excluding capitalised interest.
Media enquiries Investor enquiries Santos Limited ABN 80 007 550 923
Daniela Ritorto Andrew Nairn GPO Box 2455, Adelaide SA 5001
+61 8 8116 5167 /+61 (0) 455 319 770 +61 8 8116 5314 /+61 (0) 437 166 497 T+61 8 8116 5000 F+61 8 8116 5131
daniela.ritorto@santos.com andrew.nairn@santos.com www.santos.com
Sales volumes (Santos share)
|||||||||
|-|-|-|-|-|-|-|-|
|Product|Unit|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
|||738.6|630.9 743.452.6 59.62,863.9 2,589.3811.6 1,202.343.8 62.7|||2,011.8||
|||55.7||||162.0||
|||2,296.7||||7,594.5||
|||1,063.3||||2,952.9||
|||41.3||||106.6||
||||13.5 15.25.6 6.3|||||
|||15.0||||42.3||
|||5.2||||16.0||
|||20.3|19.1 21.5|||58.3||

 Third quarter sales volumes were higher than the prior quarter primarily due to a full quarter of production from PNG LNG following the impact of the earthquake in the first-half and the planned one-month maintenance shutdown of the Bayu Undan/Darwin LNG facilities in May, partially offset by lower crude oil sales volumes due to the cessation of production from the Mutineer Exeter/Fletcher Finucane asset in Western Australia in the second quarter and the completion of the sale of the non-core Asian assets on 6 September 2018.
Sales revenues (Santos share)
|||||||||
|-|-|-|-|-|-|-|-|
|Product|Unit|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
|||405|323 293254 271225 13761 6423 27|||1,004||
|||272||||788||
|||186||||586||
|||84||||216||
|||25||||60||
||||598 557288 236|||||
|||724||||1,881||
|||249||||772||
|||973|886 793|||2,653||
|||197|209 189|||605||

 Third quarter sales revenues were higher than the prior quarter primarily due to higher commodity prices, a full quarter of production from PNG LNG following the impact of the earthquake in the first-half and the planned one-month maintenance shutdown of the Bayu Undan/Darwin LNG facilities in May.
Average realised prices
||||||||
|-|-|-|-|-|-|-|
|Unit|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
||10.43|9.74 7.504.83 4.5678.61 53.2874.52 52.72525.03 421.27|||9.50||
||4.89||||4.86||
||81.09||||77.10||
||78.78||||73.02||
||616.89||||561.57||

Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 2 of 15
Production (Santos share)
|||||||||
|-|-|-|-|-|-|-|-|
|Product|Unit|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
|||32.4|26.6 32.040.9 39.71,555.9 1,576.1727.4 795.937.8 36.8|||86.0||
|||40.2||||119.5||
|||1,457.8||||4,648.2||
|||865.9||||2,279.1||
|||34.5||||106.8||
|||15.0|14.2 15.0|||43.1||

 Third quarter production was higher than the prior quarter due to strong production across the core assets, including PNG LNG producing at record rates following the earthquake-related shutdown in the first half and the planned one month maintenance shutdown of the Bayu Undan/Darwin facilities in May. Santos ceased recording production from the non-core Asian assets following the completion of their sale to Ophir Energy plc effective 6 September 2018. The Asian asset sale combined with the cessation of production from the Mutineer Exeter/Fletcher Finucane asset in Western Australia in the second quarter resulted in lower oil production in the third quarter, notwithstanding higher Cooper Basin oil production.
2018 Guidance
Production and sales volumes guidance for 2018 has been narrowed by lifting the lower end of both ranges, reflecting strong performance by thecompany’s core assets and despite the sale of the Asian assets completed in early September. Capital expenditure guidance has been lowered to reflect current internal forecasts and timing of expenditures. There is no change to well guidance for the Cooper Basin and GLNG for 2018, which is maintained at 85-90 and~300 wells, respectively.
Guidance shown in the table below excludes any potential impact from the acquisition of Quadrant Energy.
||||
|-|-|-|
|Item|Previous guidance|Updated guidance|

 Sales volumes 72-76 mmboe 74-76 mmboe Production 55-58 mmboe 56-58 mmboe Upstream production costs US$8.0-8.6/boe No change Depreciation, depletion and amortisation(DD&A) US$650-700 million No change Capital expenditure (incl exploration, evaluation& restoration, excl cap. int.) US$775-825 million US$725-775 million Further detail of 2018 year-to-date capital expenditure, including exploration and evaluation expenditure, is reported in the table on page 10 of this report.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 3 of 15
Oil price hedging
3.2 million barrels of oil hedging expired in the third quarter under the zero-cost three way collar hedges. The following oil price hedging positions were in place as at 8 October 2018.
|||
|-|-|
|2018 Open oil price positions|2018|

 Zero-cost three-way collars (barrels)1 3,151,000 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 Third Quarter Activities Report l 18 October 2018 Page 4 of 15
Cooper Basin
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
||||14.2 17.50.6 0.714.8 18.2314.8 534.552.6 85.4367.4 619.941.6 42.62.9 7.344.5 49.9604.1 583.71,489.9 1,048.82,094.0 1,632.5|||||
|||18.0||||47.7||
|||1.3||||2.8||
|||19.1||||50.1||
|||429.3||||1,184.8||
|||58.0||||209.9||
|||487.3||||1,394.7||
|||33.8||||81.7||
|||4.2||||13.1||
|||38.0||||94.8||
|||558.2||||1,634.9||
|||1,205.2||||3,750.7||
|||1,763.4||||5,385.6||
|||5.8|5.4 5.7|||16.1||
|||306|278 212|||808||
||||15.4 14.4240.8 219.935.2 29.1769.1 644.0|||||
|||15.3||||45.0||
|||253.1||||701.8||
|||30.2||||93.1||
|||901.9||||2,329.8||
|||4.0|3.9 3.6|||11.5||
|||57|48 54|||165||

 Third quarter production was higher compared to the prior quarter driven predominantly by a17% increase in oil production, with both August and September averaging over 10,000 bopd net to Santos, levels not seen since 2009. With four rigs now in operation including one rig dedicated to the oil program, Santos expects to drill approximately 85- 90 wells in 2018. Cycle times continue to be reduced with some gas wells progressing from spud to sales in less than 50 days. This efficiency and early realisation of revenue from the capital investment supports theasset’s ability to generate free cash flow at<US$40/bbl under the disciplined Operating Model.
Year-to-date production is up7% to 11.5 mmboe, demonstratingSantos’ success in arresting the production decline in the Cooper Basin and returning the asset to growth.
In the third quarter, 24 wells were drilled comprising seven exploration wells, three appraisal wells and fourteen development wells.
At the end of the third quarter, the drilling of Moomba 229, the first of the Moomba South appraisal wells targeting a significant 2C contingent resource commenced.
A summary of exploration and appraisal activity is included on page 11 of this report.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 5 of 15
Queensland& NSW1
|||||||||||
|-|-|-|-|-|-|-|-|-|-|
|Santos share|Units||Q3 2018||Q2 2018|Q3 2017||2018 YTD|2017 YTD|
|||||382.6 384.86.0 9.14.9 2.1||||||
||||343.5|||||1,074.1||
||||7.0|||||20.0||
||||6.1|||||18.1||
||||5.5|5.5 5.6||||16.5||
||||259|253 188||||722||
|||||10.8 10.91.0 0.75.5 5.70.2 0.1||||||
||||9.6|||||30.8||
||||2.6|||||4.5||
||||5.8|||||16.9||
|||0.2|||||0.6|||
|||3.1||3.0 3.0|||9.1|||
||||64|63 52||||174||

 1 New South Wales entered the core portfolio on 1 January 2018.
2 Combabula, Scotia (Santos legacy domestic volumes), Spring Gully and Denison.
3 Total sales volume, sales revenue and production include minor condensate production from Denison and sales gas from NSW assets. Denison conventional assets were sold in April 2018.
|||||||||
|-|-|-|-|-|-|-|-|
|GLNG operational data (gross)|Units|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
||||25 371,239 1,33237 3614 1623 22|||||
|||29||||81||
|||1,178||||3,634||
|||37||||107||
|||15||||45||
|||19||||68||
|||71|75 74|||220||
|||20|21 20|||60||

 1 Includes LNG produced from GLNG equity gas, Santos portfolio gas and third-party quantities.
Third quarter LNG production of 1.2 million tonnes was in line with the previous quarter and 20 cargoes were loaded. Higher GLNG equity gas production contributed to higher volumes delivered to the domestic market, while GLNG equity gas delivered to the LNG plant was in line with the prior quarter at 37PJ.
Gross GLNG-operated upstream sales gas production was 562 TJ/d at the end of the quarter, supported by a strong ramp in Scotia production and continued steady incline in Roma.
Gross daily production from Fairview was 423 TJ/day at the end of the quarter. Focus continues to be on improving well availability.
Gross daily production from Roma increased to 74 TJ/day at the end of the quarter. Field production is expected to continue building as new development areas come online. Drilling continues in the Roma East project with 95 wells
drilled to date. 15 wells are now on flare with early dewatering commenced.
Gross daily production from the Scotia field grew to 57 TJ/d at the end of the quarter. Production from the field continues
to grow as the reservoir de-pressures.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 6 of 15
Production from the Arcadia field remained steady. The next phase of development for Arcadia Valley was sanctioned during the quarter with first production expected in late 2019.
Santos’ share of production from the non-operated Combabula and Spring Gully fields was 41 TJ/day.
91 wells were drilled across the GLNG acreage in the third quarter and activity remains on schedule to drill about 300 wells in 2018. 47 development wells were drilled acrossSantos’ non-operated Eastern Queensland acreage in the quarter.
PNG
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q3 2018|Q2 2018|Q3 2017||2018 YTD|2017 YTD|
||||203.4 285.7252.1 503.31.9 1.4|||||
|||303.5||||687.8||
|||327.3||||829.4||
|||2.7||||8.0||
|||3.2|2.1 3.2|||7.3||
|||191|115 139|||406||
||||13.3 17.1286.8 384.92.2 4.6|||||
|||17.8||||41.5||
|||378.9||||887.0||
|||3.7|||8.7|||
|||3.4|2.6 3.3||8.0|||
|||16|9 6|||31||

 1 Includes SE Gobe
|||||||||
|-|-|-|-|-|-|-|-|
|PNG LNG operational data(gross)|Units|Q3 2018|Q2 2018|Q3 2017|2018 YTD||2017 YTD|
||||1.6 2.299 1282,125 2,8321 5|||||
|||2.2||||5.2||
|||133||||310||
|||2,818||||6,579||
|||2||||5||
|||31|18 29|||69||

 1 Measured at the Kutubu entry point.
2 Purchased by PNG LNG.
PNG LNG sales volumes and production were higher than the prior quarter following the impact of a severe earthquake in the first-half. Full production resumed in April and during the third quarter, PNG LNG achieved record daily rates equivalent to annualised rates of approximately 9.2 mtpa, primarily through compressor optimisation. PNG LNG expansion opportunities continue to be progressed with a farm-in proposal to PRL 3(P’nyang) under negotiation.
Santos along with the other PNG LNG parties and the Papua LNG Joint Venture are also continuing discussions to build
alignment for the proposed construction of three additional LNG trains at the PNG LNG site, with two trains to process
gas from the Papua LNG project and one train for the planned PNG LNG expansion.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 7 of 15
Northern Australia
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
||||44.8 72.944.5 59.8(0.8) 12.8|||||
|||91.6||||249.9||
|||54.3||||207.2||
|||3.6||||12.0||
|||1.0|0.4 0.8|||2.7||
|||51|28 34|||127||
||||2.5 4.034.0 69.42.5 7.7|||||
|||5.1||||13.8||
|||66.3||||210.0||
|||4.4||||13.7||
|||1.0|0.5 0.8|||2.7||
|||24|20 12|||53||

||||||||
|-|-|-|-|-|-|-|
|Darwin LNG / Bayu-Undanoperational data (gross)|Units|Q3 2018|Q2 2018|Q3 2017|2018 YTD|2017 YTD|
||||540 71534 43535 1,34532 78||||
|||934|||2,422||
|||57|||148||
|||808|||2,347||
|||52|||147||
|||14|9 11||38||

 Darwin LNG sales volumes and production were higher than the prior quarter following a scheduled one-month Bayu Undan/Darwin LNG shutdown in May.
The Bayu Undan Infill Well project is advancing ahead of schedule and under budget. The first well (W12-ST1) was delivered ahead of schedule with better condensate yield and reservoir quality than expected and is currently producing at a rate of about 150 mmscf/d. The second well, DS05, was completed ahead of schedule and cleaned up at 150 mmscf/d with first gas expected in early November once subsea tie-in activities are completed. The third well, D10, is currently being drilled.
Following FEED entry in April 2018, a final investment decision on the Barossa project to backfill Darwin LNG is targeted towards the end of 2019. The FPSO design competition between Modec and the TechnipFMC/Samsung consortium is progressing well. The successful development of Barossa would extend the operating life of Darwin LNG for more than 20 years and deliver~9mmboe average annual net production to Santos.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 8 of 15
Western Australia1
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
||||14.9 14.6146.4 16.8139.5 314.4|||||
|||13.5||||42.3||
|||193.8||||517.6||
|||110.0||||549.8||
|||2.6|2.9 2.9|||8.3||
|||82|81 75|||250||
||||14.6 13.7163.3 119.6151.9 342.3|||||
|||12.9||||40.9||
|||165.8||||473.4||
|||118.3||||594.0||
|||2.5|2.8 2.8|||8.1||
|||11|15 18|||29||

 1 Includes Western Australia oil assets. The comparative periods have been restated accordingly.
Sales gas production volumes were lower than the prior quarter due to the timing of customer demand. Condensate sales volumes were higher than the prior quarter due to the timing of liftings.
Crude oil sales volumes and production were lower than the prior quarter due to the Mutineer-Exeter/Fletcher Finucane fields ceasing production during the second quarter as planned.
Asia1
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
||||4.2 5.02.4 2.5628.6 650.0|||||
|||3.0||||11.5||
|||0.9||||5.7||
|||420.6||||1,651.2||
|||0.9|1.4 1.6|||3.6||
|||47|70 64|||181||
||||4.2 5.12.5 2.3632.6 585.2|||||
|||3.3||||11.7||
|||1.8||||6.7||
|||433.9||||1,715.7||
|||1.0|1.4 1.5|||3.8||
|||3|3 8|||7||

 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.
Santos announced in May 2018 the sale of its non-core Asian portfolio to Ophir Energy plc.
The completion of the sale of the producing assets occurred on 6 September 2018. Santos received cash proceeds ofUS$144 million at completion, which represented the sale price ofUS$221 million after standard adjustments including net free cash flows generated by the assets and received by Santos from the transaction effective date of 1 January 2018 through to completion.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 9 of 15
Corporate, exploration and eliminations
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
|||1.2|1.3 1.7|||3.7||
|||37|62 81|||160||
|||6|9 39|||29||

 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|Q3 2018||Q2 2018|Q3 2017|2018 YTD|2017 YTD|
|||21 4511 17135 127|||||
||14||||52||
||34||||57||
||132||||378||
||181|167 1882 1|||487||
||(0)||||3||
||181|169 188|||490||
|||19 96 9|||||
||13||||49||
||4||||13||
||17|25 18- 1|||62||
||-||||-||
||17|25 18|||62||

 1 Includes acquisition of exploration assets
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 10 of 15
Exploration and appraisal activity
Cooper
During the quarter, five near field exploration wells and three appraisal wells were drilled. The exploration program has resulted in three new field discoveries.
An eight well appraisal drilling campaign has commenced at Moomba South to delineate a large existing contingent gas resource in the Patchawarra Formation, and to test the prospective potential of an underlying Tirrawarra resource opportunity. The first of these appraisals, Moomba 229, is currently being cased and suspended for future production testing.
Eastern Queensland
The ATP-1191-P Mahalo permit Mira pilot was shut-in after 10 months of testing. The Mira-2/6 SIS well pair reached a maximum gas rate of 1.4 mmscf/d, exceeding expectations. The Mahalo JV is working towards further appraisal drilling and testing in 2018/19 to confirm a promising coal seam gas resource.
Northern Australia
The acquisition of the Beehive 3D seismic survey was completed. A decision will be made during 2019 on whether to exercise the option to farm-in to exploration permit WA-488-P and drill the Beehive-1 exploration well.
Planning to recommence exploration/appraisal activities in the McArthur Basin in the 2019 dry season is continuing. These activities are subject to regulatory approval.
PNG
Barikewa-3 well intersected 25 metres of net gas pay within the Toro and Hedinia reservoir objectives. The reservoir quality exceeding pre-drill expectations. A drill-stem test was conducted across the Toro interval and the well flowed at 35 mmscf/d on a 68/64” choke. Refer ASX release 8 August 2018.
The Muruk-2 appraisal well is on schedule to spud in the fourth quarter.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 11 of 15
Drilling summary
Near-field exploration (NFE) / Appraisal wells
Development wells
||||||
|-|-|-|-|-|
|Cooper Basin oil|||||
||Well name|Basin/area|Santos|Well status|

|||||
|-|-|-|-|
|Cooper Basin oil||||
|Well name|Basin/area|Santos|Well status|

 Agentsmith 1 QLD 70% P&A
Cocinero 9 (Hz) QLD 55% C&S, successful Chookola 1 QLD 54.64% P&A Hz - Horizontal
Cogydd 1 QLD 55% P&A
|||||
|-|-|-|-|
|Cooper Basin gas||||
|Well name|Basin/area|Santos|Well status|

 Bagundi 7 SA 66.6% C&S, successful
|||||
|-|-|-|-|
|Cooper Basin gas||||
|Well name|Basin/area|Santos|Well status|

 Aztec 1 QLD 60.06% C&S, successful Big Lake 146 SA 66.6% C&S, successful Bearcat 1 QLD 60.06% C&S, successful Big Lake 147 SA 66.6% Drilling Coonaberry 4 QLD 60.06% C&C, successful Kidman 11 SA 66.6% C&S, successful Tillamook 1 QLD 60.06% Drilling Kidman 12 SA 66.6% C&S, successful Wackett 18 QLD 70% P&A Kidman North 5 SA 66.6% P&A Aroona 2 SA 66.6% C&S, successful Moomba 217 SA 66.6% C&S, successful Moomba 229 SA 66.6% Drilling Moomba 218 SA 66.6% C&S, successful Moomba 219 SA 66.6% C&S, successful
Moomba 220 SA 66.6% C&S, successful
|||||
|-|-|-|-|
|Papua New Guinea gas||||
|Well name|Basin/area|Santos|Well status|

|||||
|-|-|-|-|
|Northern Australia gas||||
|Well name|Basin/area|Santos|Well status|

# Not operated by Santos Bayu Undan
Bonaparte 11.49% Drilling* Spud in Q2, completed in Q3 D10#
Bayu Undan
DS05#
Bonaparte 11.49% C&C, successful Bayu Undan
Bonaparte 11.49% C&C, successfulW12ST1#*
# Not operated by Santos
* Spud in Q2, completed in Q3
|||||
|-|-|-|-|
|Queensland - GLNG gas||||
|Well name|Basin/area|Santos|Well status|

 Sunnyholt 16 Arcadia 30% C&S, successful Sunnyholt 18 Arcadia 30% C&S, successful Sunnyholt 19 Arcadia 30% C&S, successful Sunnyholt 20 Arcadia 30% C&S, successful Sunnyholt 21 Arcadia 30% C&S, successful Sunnyholt 25 Arcadia 30% C&S, successful Tarcoola Station 6 Arcadia 30% C&S, successful Tarcoola Station 7 Arcadia 30% C&S, successful
Tarcoola Station 8 Arcadia 30% C&S, successful
Tarcoola Station 9 Arcadia 30% C&S, successful
Tarcoola Station 10 Arcadia 30% C&S, successful
Tarcoola Station 11 Arcadia 30% C&S, successful
Tarcoola Station 12 Arcadia 30% C&S, successful
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 12 of 15
Tarcoola Station 13 Arcadia 30% C&S, successful RM49-32-1 Roma 30% C&S, successful Tarcoola Station 14 Arcadia 30% C&S, successful RM49-37-1 Roma 30% C&S, successful Tarcoola Station 15 Arcadia 30% C&S, successful RM49-38-1 Roma 30% C&S, successful Tarcoola Station 16 Arcadia 30% C&S, successful RM49-39-1 Roma 30% C&S, successful Tarcoola Station 17 Arcadia 30% C&S, successful RM49-40-1 Roma 30% C&S, successful FV11-49-21 Fairview 23.85%C&C, successful RM49-41-1 Roma 30% C&S, successfulFV11-75-21* Fairview 23.85%C&S, successful RM49-42-1 Roma 30% C&S, successful FV11-75-22 Fairview 23.85%C&C, successful RM49-43-1 Roma 30% C&S, successfulFV11-84-1* Fairview 23.85%C&S, successful RM49-44-1 Roma 30% C&S, successfulFV11-85-1* Fairview 23.85%C&S, successful RM49-49-1 Roma 30% C&S, successfulFV11-86-1* Fairview 23.85%C&C, successful RM49-50-1 Roma 30% C&S, successfulFV11-88-1* Fairview 23.85%C&S, successful RM49-51-1 Roma 30% C&S, successfulFV12-44-1* Fairview 23.85%C&S, successful RM49-52-1 Roma 30% C&S, successful FV12-48-1 Fairview 23.85%C&S, successful RM49-53-1 Roma 30% C&S, successful FV12-48-2 Fairview 23.85%C&S, successful RM49-54-1 Roma 30% C&S, successful FV12-48-3 Fairview 23.85%C&S, successful RM49-55-1 Roma 30% C&S, successful FV12-52-1 Fairview 23.85%C&S, successful RM49-56-1 Roma 30% C&C, successful FV12-54-1 Fairview 23.85%C&S, successful RM49-62-1 Roma 30% C&S, successful FV12-56-1 Fairview 23.85%C&C, successful RM49-64-1 Roma 30% C&S, successfulFV13-26-1* Fairview 23.85%C&S, successful RM49-65-1 Roma 30% C&S, successfulFV13-33-1* Fairview 23.85%C&S, successful RM49-66-1 Roma 30% C&C, successfulFV13-67-1* Fairview 23.85%C&S, successful RM49-67-1 Roma 30% C&C, successful FV16-55-1 Fairview 23.85%C&S, successful RM49-73-1 Roma 30% C&S, successful FV16-56-1 Fairview 23.85%C&S, successful RM49-76-1 Roma 30% C&C, successful FV16-57-1 Fairview 23.85%C&S, successful RM49-85-1 Roma 30% C&S, successful FV16-58-1 Fairview 23.85%C&S, successful RM49-86-1 Roma 30% C&S, successful FV18-44-1 Fairview 23.85%C&S, successful RM49-87-1 Roma 30% C&S, successfulFV18-47-1* Fairview 23.85%C&S, successful RM49-96-1 Roma 30% C&S, successful FV18-48-1 Fairview 23.85%C&C, successful RM50-61-1 Roma 30% C&C, successfulFV18-55-1* Fairview 23.85%C&S, successful Collingwood 1 Scotia 30% C&S, successfulFV18-57-1* Fairview 23.85%C&S, successful Collingwood 2 Scotia 30% C&S, successfulFV18-58-1* Fairview 23.85%C&S, successful Collingwood 3 Scotia 30% C&S, successful RM49-16-1 Roma 30% C&S, successful Collingwood 5 Scotia 30% C&S, successful RM49-17-1 Roma 30% C&S, successful Collingwood 6 Scotia 30% C&S, successful RM49-18-1 Roma 30% C&S, successful Collingwood 8 Scotia 30% C&S, successful RM49-19-1 Roma 30% C&S, successful Collingwood 9 Scotia 30% C&S, successful RM49-20-1 Roma 30% C&S, successful Collingwood 10 Scotia 30% C&S, successful RM49-21-1 Roma 30% C&S, successful Collingwood 11 Scotia 30% C&S, successful RM49-24-1 Roma 30% C&S, successful Collingwood 12 Scotia 30% C&S, successful RM49-25-1 Roma 30% C&S, successful Collingwood 13 Scotia 30% C&S, successful RM49-26-1 Roma 30% C&S, successful Collingwood 14 Scotia 30% C&S, successful RM49-27-1 Roma 30% C&S, successful Collingwood 15 Scotia 30% C&S, successful RM49-28-1 Roma 30% C&S, successful Collingwood 16 Scotia 30% C&S, successful RM49-29-1 Roma 30% C&C, successful Collingwood 17 Scotia 30% C&S, successful
RM49-30-1 Roma 30% C&S, successful Scotia 48 Scotia 30% C&S, successful
RM49-31-1 Roma 30% C&S, successful
* Spud in Q2, completed in Q3
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 13 of 15
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|-|-|-|-|
|Queensland - Eastern Queensland gas (EQ)||||
|Well name|Basin/area|Santos|Well status|

Pine Hills298# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful Pine Hills324# Combabula 7.28% C&S, successful South9#
Pine Hills325# Combabula 7.28% C&S, successful Reedy Creek
Combabula 7.28% C&S, successful South10#
Pine Hills326# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful Pine Hills327# Combabula 7.28% C&S, successful South11#
Pine Hills331# Combabula 7.28% C&S, successful Reedy Creek
Combabula 7.28% C&S, successful South12#
Pine Hills332# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful Reedy Creek29# Combabula 7.28% C&S, successful South13#
Reedy Creek183# Combabula 7.28% C&S, successful Reedy Creek
Combabula 7.28% C&S, successful South14#
Reedy Creek184# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful Reedy Creek209# Combabula 7.28% C&S, successful South15#
Reedy Creek210# Combabula 7.28% C&S, successful Reedy Creek
Combabula 7.28% C&S, successful South22#
Reedy Creek211# Combabula 7.28% C&S, successful
Reedy Creek
Reedy Creek213# Combabula 7.28% C&S, successful South23#
Combabula 7.28% C&S, successful Reedy Creek214# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful South24#
Reedy Creek216# Combabula 7.28% C&S, successful
Reedy Creek
Reedy Creek217# Combabula 7.28% C&S, successful South29#
Combabula 7.28% C&S, successful Reedy Creek219# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful South30#
Reedy Creek239# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful Reedy Creek240# Combabula 7.28% C&S, successful South31#
Reedy Creek243# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful South32#
Reedy Creek245# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful Reedy Creek246# Combabula 7.28% C&S, successful South49#
Reedy Creek247# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful South50#
Reedy Creek248# Combabula 7.28% C&S, successful
Reedy Creek
Combabula 7.28% C&S, successful Reedy Creek249# Combabula 7.28% C&S, successful South51#
# Not operated by Santos
Reedy Creek272# Combabula 7.28% C&S, successful
Reedy Creek274# Combabula 7.28% C&S, successful
Seismic activity
The table below details seismic activity during the quarter and status.
|||||||
|-|-|-|-|-|-|
|Permit|Basin/area|Survey|Type|km/km2|Status|

 Bethany 3D
NTP85, NTP2 Bonaparte 3D 334 km2 of 4,365 km2 100% complete Offshore
Beehive 3D
WA-488-P Bonaparte 3D 697 km2 of 697 km2 100% complete Offshore
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 14 of 15
Abbreviations and conversion factors
|||
|-|-|
|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
Disclaimer
This report 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 United States currency, unless otherwise stated.
Santos Ltd l Third Quarter Activities Report l 18 October 2018 Page 15 of 15