Second Quarter Activities Report
For period ending 30 June 2019
ASX: STO| ADR: SSLZY
18 July 2019
Record production and revenue
 First half production of 37 mmboe was a record for Santos and32% above the corresponding period. Sales volumes of 45.2 mmboe were up19% and sales revenues up18% to$2 billion in the first half. Major growth projects advanced
 Dorado-2 appraisal success confirmed a larger than anticipated major oil and gas resource in the Bedout Basin, offshore Western Australia, significantly de-risking a future development. Santos now expects to book a significant resource upgrade above its currently booked 2C resource for Dorado.
 PNG LNG expansion advanced by the signing of a binding letter of intent to acquire a14.3% interest (pre- government back-in) in PRL 3 which contains theP’nyang natural gas field.
 The Barossa project entered exclusive negotiations with the Darwin LNG Joint Venture for the supply of backfill gas to Darwin LNG and also awarded the subsea production system contract ahead of a planned FID by early 2020.
Onshore growth
 Higher quarterly and year-to-date production in both the Cooper Basin and GLNG.
 A record 102 wells were drilled in GLNG during the quarter(100% success rate) and 25 wells drilled in the Cooper Basin(80% success rate) including fastest ever Cooper total well execution of 4.3 days. Strong free cash flow
 Santos generated$300 million in free cash flow in the second quarter, bringing total free cash flow for the first half to over$600 million.
 Strong free cash flows reduced net debt by$0.3 billion in the second quarter to$3.1 billion (excluding the impact of the new AASB 16 Leases standard).
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the first half of 2019 had delivered record production volumes and sales revenues, along with strong free cash flow of over$600 million.
“Our disciplined operating model and approach to capital allocation has delivered a strong first half result and the successful integration of our Western Australian business has exceeded expectations.”
“Santos has now delivered positive free cash flow for thirteen consecutive quarters.”
“These cash flows underpin our brownfield growth strategy where we hit a number of significant milestones during the quarter, including farming-in toP’nyang and awarding the subsea contract for Barossa.”
“Following successful appraisal of Dorado and Moomba South, we expect to book significant resource and reserve upgrades respectively for these assets.”
“We are also hitting record drilling rates in the onshore business and completed two appraisal wells for our carbon capture, utilisation and storage project in the Cooper Basin.”
“Second quarter production was however impacted by planned maintenance in the Cooper Basin and PNG LNG.” “With this maintenance activity now mostly behind us, we currently expect stronger production in the second half,” Mr Gallagher said.
Comparative performance
||||||||||
|-|-|-|-|-|-|-|-|-|
|Santos share|Units|Q2 2019||Q1 2019|Change|2019 YTD|2018 YTD|Change|
|||18.6|18.4 1%22.8 -2%68.90 9%1,015 -5%177 53%|||37.0|||
|||22.4||||45.2|||
|||75.26||||72.11|||
|||959||||1,974|||
|||270||||447|||

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|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
|||714.6|768.0 630.865.5 52.62,897.6 2,863.91,298.7 811.617.0 43.8|||1,482.6||
|||64.3||||129.8||
|||2,666.2||||5,563.9||
|||1,261.7||||2,560.3||
|||77.8||||94.7||
||||17.4 13.55.4 5.6|||||
|||17.9||||35.3||
|||4.5||||9.9||
|||22.4|22.8 19.1|||45.2||

 Second quarter sales volumes were lower than the prior quarter primarily due to the timing of LNG and liquids shipments. Two PNG LNG cargoes were on the water at the end of the quarter and liquids cargoes from the Cooper Basin and Western Australia lifted in early July.
Sales revenues (Santos share)
|||||||||
|-|-|-|-|-|-|-|-|
|Product|Unit|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
|||341|436 323303 254190 22579 618 23|||777||
|||285||||588||
|||211||||401||
|||83||||161||
|||39||||47||
||||787 598228 288|||||
|||712||||1,499||
|||247||||475||
|||959|1,015 886|||1,974||
|||196|207 209|||403||

 Second quarter sales revenues were lower than the prior quarter primarily due to lower average oil-linked LNG and domestic gas prices, and the timing of LNG and liquids shipments. Two PNG LNG cargoes were on the water at the end of the quarter and liquids cargoes from the Cooper Basin and Western Australia lifted in early July.
Average realised prices
|||||||||
|-|-|-|-|-|-|-|-|
|Product|Unit|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
|||9.09|10.79 9.744.62 4.8368.90 78.6160.77 74.52466.03 525.03|||9.97||
|||4.40||||4.51||
|||75.26||||72.11||
|||65.39||||63.02||
|||505.92||||499.12||

 The average realised LNG price was lower than the prior quarter reflecting the linkage of sales contracts to a lagged Japan Customs-cleared Crude (JCC) price, while lower domestic gas prices primarily reflect lower oil-linked contracts and FX movements on AUD denominated contracts.
The average realised oil price in the quarter was significantly higher than average Dated Brent due toSantos’ high-
quality crudes in Western Australia and the Cooper Basin commanding a strong premium.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 2 of 15
Production by asset (Santos share)
|||||||||
|-|-|-|-|-|-|-|-|
|Asset|Unit|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
|||7.7|7.2 2.83.8 3.93.1 3.03.2 2.61.0 0.5- 1.4|||14.9||
|||3.9||||7.7||
|||3.2||||6.3||
|||3.2||||6.4||
|||0.6||||1.6||
|||-||||-||
|||18.6|18.4 14.2|||37.0||

 1 Asian assets sold effective September 2018.
Production by product (Santos share)
|||||||||
|-|-|-|-|-|-|-|-|
|Product|Unit|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
|||30.9|32.3 26.655.7 40.92,047.3 1,555.91,044.5 727.435.3 37.8|||63.2||
|||57.2||||112.9||
|||2,071.2||||4,118.5||
|||1,088.6||||2,133.1||
|||36.6||||71.9||
|||18.6|18.4 14.2|||37.0||

 Second quarter production was higher than the prior quarter primarily due to higher production volumes in Western Australia and across the onshore assets, partially offset by planned maintenance and shipment timing at Darwin LNG. 2019 Guidance
Production guidance is narrowed to 73-77 mmboe and sales volume guidance to 90-97 mmboe. Unit production cost guidance is lowered to$7.25-7.75/boe. All guidance is shown in the table below.
||||
|-|-|-|
|2019 guidance item|Previous Guidance|Updated guidance|

 Sales volumes 88-98 mmboe 90-97 mmboe Production 71-78 mmboe 73-77 mmboe Upstream production costs1 $7.50-8.00/boe $7.25-7.75/boe Capital expenditure ~$1.1 billion No change 1 Production cost guidance includes all planned shutdown activity and PNG LNG earthquake recovery costs.
Further detail of 2019 year-to-date capital expenditure, including exploration and evaluation expenditure, is reported in the table on page 11 of this report.
Financial information included in this report is unaudited and subject to finalisation of thecompany’s accounting and audit processes, and Board review. As such, actual results for the half-year ended 30 June 2019 may differ from the information given in this report.
2019 First-half results
Santos will release its results for the half-year ended 30 June 2019 on Thursday 22 August 2019. The first-half report (incorporating Appendix 4D) and associated investor presentation will be available onSantos’ website at
www.santos.com. A webcast briefing including investor/analyst questions will also be available onSantos’ website from
11:00am AEST on 22 August 2019.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 3 of 15
Balance sheet and net debt
As disclosed in the Notes to the 2018 Consolidated Financial Statements, Santos will adopt the new AASB 16 Leases standard in 2019. As at 31 December 2018, the estimated balance sheet debt impact of the lease liabilities was$294 million.
Net debt reduced to$3.1 billion as at 30 June 2019 but excluding the impact of the adoption of AASB 16. Santos had cash and cash equivalents of$1.2 billion and gross debt of$4.3 billion (excluding the impact of AASB 16) as at 30 June 2019.
Oil price hedging
2.2 million barrels of oil hedging expired in the second quarter.
The following oil price hedging positions were in place as at 30 June 2019.
||||
|-|-|-|
|Open oil price positions|2019|2020|

 Swaps (barrels) 480,000
Brent fixed swap price($/bbl) US$63.23
Re-participating swaps (barrels)1 240,000
Brent fixed swap price($/bbl) US$67.39
Brent long call price($/bbl) US$76.00
Zero-cost collars (barrels)2 4,734,000
Ceiling($/bbl) US$79.83
Floor($/bbl) US$51.35
Re-participating 3-Ways (barrels)3 4,180,000 Brent long call price($/bbl) US$77.64 Brent short call price($/bbl) US$70.00 Brent long put price($/bbl) US$55.00 1 When Brent price is below the weighted average long call price, Santos realises fixed swap price. When Brent price is above the call strike price, Santos realises Brent price less the difference between the long call price and the fixed swap price.
2 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.
3 When Brent price is above the weighted average long call price, Santos realises Brent price less the difference between the long call price and the short call price. When Brent price is between the short call price and long call price, Santos realises short call price. When Brent price is below the long put price, Santos realises long put price.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 4 of 15
Western Australia
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
||||32.6 14.9175.4 146.4955.5 139.5|||||
|||34.4||||67.0||
|||290.9||||466.3||
|||897.2||||1,852.6||
|||7.1|6.7 2.9|||13.8||
|||219|198 81|||417||
||||33.3 14.6351.9 163.21,187.0 151.9|||||
|||35.5||||68.8||
|||421.2||||773.1||
|||1,208.9||||2,396.0||
|||7.7|7.2 2.8|||14.9||
|||79|43 15|||122||

 Notwithstanding an outage at a major domestic customer in June, WA sales gas production volumes were6% higher than the first quarter due to stronger volumes and shutdowns for tropical cyclone Veronica in the prior quarter. Condensate sales volumes were higher than the prior quarter due to shipment timing and higher volumes lifted from the liquids-rich Varanus Island gas fields.
Crude sales volumes were lower than the prior quarter primarily due to the timing of liftings.
The Santos-operated offshore drilling campaign continued during the quarter. Following the previously reported success at the first well, Corvus-2, the drilling rig moved to the Bedout Basin to undertake a three-well appraisal and exploration program around the major oil and gas discovery made at Dorado-1 during 2018.
The Dorado-2 appraisal well was spudded on 1 May and was drilled to a total depth of 4,593 metres. The well achieved its appraisal objectives and has significantly de-risked a future development of the Dorado field. Santos now expects to book a significant resource upgrade above its currently booked 2C resource for Dorado. For further well information, refer toSantos’ ASX release of 6 June 2019.
Following Dorado-2, the Roc South-1 exploration well was spudded on 16 June, targeting a trap with similarities to the Dorado discovery. Subsequent to the end of the quarter, wireline logs indicated that the well had failed to encounter commercial hydrocarbons in the primary and secondary targets and the well will be plugged and abandoned. Following Roc South-1, the rig will return to Dorado to drill the Dorado-3 appraisal well, where production testing is planned.
During the quarter, Santos(100%) was awarded gazettal licence WA17-4 (designated WA-540-P) adjacent to its existing acreage position in the Bedout Basin.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 5 of 15
Cooper Basin
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
||||15.8 14.20.8 0.616.7 14.8490.5 314.884.2 52.6574.7 367.47.0 41.62.9 2.99.8 44.5551.0 604.11,387.8 1,489.91,938.9 2,094.0|||||
|||15.0||||30.8||
|||1.0||||1.8||
|||16.0||||32.6||
|||549.0||||1,039.5||
|||33.0||||117.2||
|||582.0||||1,156.8||
|||69.5||||76.5||
|||1.6||||4.5||
|||71.1||||80.9||
|||972.5||||1,523.6||
|||792.9||||2,180.8||
|||1,765.4||||3,704.3||
|||5.7|5.4 5.4|||11.1||
|||289|245 278|||534||
||||14.6 15.4222.4 240.828.7 35.2856.9 769.1|||||
|||15.0||||29.6||
|||244.9||||467.3||
|||30.3||||59.1||
|||859.1||||1,716.0||
|||3.9|3.8 3.9|||7.7||
|||71|59 48|||130||

 Second quarter gas production in the Cooper Basin was higher than the prior quarter due to a strong focus on delivery of new gas wells and alignment of planned maintenance activities to optimise production uptime.
Continuous improvement in operations efficiency has resulted in a number of new benchmarks set in the Cooper Basin: Munkarie-11 under balance drilled (UBD) gas well rig release to online in 18 days;
 Namur-17 shallow gas well (total depth 4,248ft) set a new record for fastest total well execution duration in Cooper with a rig release to rig release drill time of 4.3 days and a spud to total depth time of 2.3 days; Coopers Creek-5 gas well achieved 5.8 days spud to total depth (10,332ft), the fastest deep well in the Cooper Basin.
Strong crude oil production has been maintained in-line with the prior two quarters, with better than expected results from the Watkins field development.
During the quarter, 12 development wells (11 gas and one oil), 11 appraisal wells (five gas and six oil), and two near field exploration wells (one oil and one gas) were drilled. Of the appraisal wells, three gas wells and six oil wells were cased and suspended for testing and support further activity in the areas. Successful near field exploration activities resulted in Raffle North West-1 encountering gas pay in the Permian reservoirs, and was cased and suspended for future production.
A total of 51 wells were drilled in the first-half and the Cooper Basin remains on track to drill more than 100 wells and
grow year-on-year production in 2019.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 6 of 15
Anna North 1, a gas exploration well drilled in Q4 2018 that intersected gas bearing Toolachee Formation, has delivered a high side test result flowing at a stabilised well test rate of 6.7 mmscf/d on 26/64” choke at 2,290 psi flowing WHP. The well will be connected for production and further assessment of follow-up potential.
Field development planning for the Moomba South project continued during the quarter with a view to taking a final investment decision by year-end. Following the successful appraisal program, Santos expects to make a reserve booking at the end of 2019.
Also during the quarter, two wells were drilled as part of the carbon capture, utilisation and storage (CCUS) program to appraise the potential to inject carbon dioxide from Moomba into the reservoir to enhance oil recovery and ultimately store carbon dioxide. Coring in the two wells was successfully completed and the collected samples are being evaluated in the laboratory.
Queensland& NSW
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
||||410.9 382.64.6 6.04.9 4.9|||||
|||377.5||||788.5||
|||4.7||||9.3||
|||4.6||||9.5||
|||5.1|5.5 5.5|||10.6||
|||227|289 253|||516||
||||10.2 10.82.1 1.05.5 5.50.2 0.2|||||
|||11.7||||22.0||
|||1.2||||3.3||
|||5.4||||10.9||
|||0.2||||0.4||
|||3.2|3.1 3.0|||6.3||
|||76|57 63|||133||

 1 Combabula, Scotia (Santos legacy domestic volumes), Spring Gully and Denison.
2 Total sales volume, sales revenue and production include sales gas from NSW assets.
||||||||||
|-|-|-|-|-|-|-|-|-|
|GLNG operational data|Units|Q2 2019||Q1 2019|Q2 2018|2019 YTD||2018 YTD|
|(gross)|||||||||
||||22|19 251,307 1,23937 3814 1428 23|||40||
||||1,270||||2,577||
||||41||||78||
||||14||||28||
||||22||||50||
||||77|79 75|||156||
||||21|23 21|||44||

 1 Includes LNG produced from GLNG equity gas, Santos portfolio gas and third-party quantities.
Including gas volumes originally slated for export cargoes but diverted to the domestic market by the GLNG partners,
first-half LNG-equivalent production was 2.7 million tonnes. Daily LNG-equivalent run-rates of 6 mtpa were achieved
during the first half and GLNG remains on track to deliver an LNG-equivalent run-rate of 6 mtpa by year end.
A one-month planned statutory shutdown of GLNG train 1 is scheduled for the third quarter.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 7 of 15
Gross GLNG-operated upstream sales gas production increased to 600 TJ/d at the end of the quarter, supported by continued steady production growth from Roma and Scotia.
Gross daily production from Fairview was 410 TJ/day at the end of the quarter. Production continues to be supported by a focussed program of development and well optimisation projects.
Gross daily production from Roma increased to 107 TJ/day at the end of the quarter. Production continues to build, supported by growth in both legacy and new development areas of the field. Drilling continues in the Roma East project with 222 wells drilled and 181 wells online. Production from the project is building in line with expectation as dewatering continues.
Gross daily production from the Scotia field grew to 74 TJ/d at the end of the quarter. Production from the field continues to grow as the reservoir dewaters.
Production from the Arcadia field remained steady. Drilling continues in the Arcadia Valley project with 95 wells drilled and 23 wells online to date. First production to sales from this phase of development is expected on schedule in late 2019.
Santos’ share of production from the non-operated Combabula and Spring Gully fields was 41 TJ/day.
102 wells were drilled across the GLNG acreage in the second quarter. This sets a new record for wells drilled in a single quarter across GLNG operations. A total of 189 wells were drilled in the first-half and the drilling pace remains on track to deliver 350-400 wells by year end. Fifty-four development wells were drilled acrossSantos’ non-operated Eastern Queensland acreage in the quarter.
In Eastern Queensland, ATP 2045 (gazettal PLR2018-1-5) was awarded to the Santos(50%, Operator) / Shell(50%) Joint Venture.
In NSW, Santos announced it had signed non-binding memoranda of understanding with Brickworks and Weston Energy for the supply of natural gas from the Narrabri Gas Project. Under the proposed transactions, Santos would supply Brickworks with up to 3 PJ per year of natural gas from Narrabri for seven years from 2025 and Weston Energy with 10 PJ per year for 10 years, commencing no earlier than 2023. The supply of Narrabri gas is subject to a final investment decision, negotiation and execution of a definitive gas supply agreement and approvals by each party.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 8 of 15
PNG
||||||||
|-|-|-|-|-|-|-|
|Santos share|Units|Q2 2019|Q1 2019|Q2 2018|2019 YTD|2018 YTD|
||||265.8 203.4389.4 252.13.3 1.9||||
|||284.0|||549.7||
|||297.2|||686.6||
|||3.6|||6.9||
|||3.0|2.9 2.1||5.9||
|||150|175 115||325||
||||17.0 13.3342.5 286.83.3 2.2||||
|||16.5|||33.5||
|||330.1|||672.6||
|||3.1|||6.5||
|||3.2|3.2 2.6||6.4||
|||13|7 9||20||

 1 Includes SE Gobe
|||||||||
|-|-|-|-|-|-|-|-|
|PNG LNG operational data(gross)|Units|Q2 2019|Q1 2019|Q2 2018|2019 YTD||2018 YTD|
||||2.2 1.6127 992,539 2,1252 1|||||
|||2.1||||4.3||
|||124||||251||
|||2,428||||4,967||
|||2||||4||
|||27|29 18|||56||

 1 Measured at the Kutubu entry point.
2 Purchased by PNG LNG.
Strong performance continued in the second quarter notwithstanding planned plant maintenance in May and June. The LNG plant operated at an annualised rate of 8.4 mtpa during the second quarter and achieved a record daily rate equivalent to 9.25 mtpa annualised in early July.
Pressure build-up monitoring continues at the Muruk-2 appraisal well. As previously reported, results from the drill stem test confirmed the presence of gas in the Toro A reservoir with pressure data and gas composition establishing a likely connection to the Muruk-1 discovery.
In May, Santos announced that it had signed a binding letter of intent to acquire a14.3% interest (pre-government back- in) in Petroleum Retention Licence 3 (PRL 3), which contains theP’nyang natural gas field in Papua New Guinea. The arrangement marked an important step towards the proposed expansion at the PNG LNG plant via a 2.7 mtpa third LNG train fed by existing Project resources andP’nyang. For further information, refer toSantos’ ASX release of 16 May 2019.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 9 of 15
Northern Australia
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
||||91.3 44.8160.2 44.57.4 (0.8)|||||
|||53.1||||144.4||
|||77.1||||237.3||
|||6.7||||14.0||
|||0.6|1.1 0.4|||1.7||
|||33|52 28|||85||
||||5.1 2.5127.6 34.06.6 2.5|||||
|||2.7||||7.7||
|||92.5||||220.1||
|||6.3||||12.8||
|||0.6|1.0 0.5|||1.6||
|||12|6 20|||17||

||||||||
|-|-|-|-|-|-|-|
|Darwin LNG / Bayu-Undanoperational data (gross)|Units|Q2 2019|Q1 2019|Q2 2018|2019 YTD|2018 YTD|
||||940 54057 341,529 53577 32||||
|||620|||1,560||
|||38|||94||
|||1,652|||3,181||
|||81|||158||
|||9|14 9||23||

 Sales and production volumes were lower than the prior quarter due to the shipping schedule and planned maintenance activities at Darwin LNG.
On 9 May, Santos announced that the Barossa project had strengthened its position as the leading candidate for Darwin LNG backfill with the award of the Subsea Production System (SPS) contract. Following a competitive tender, Technip Oceania Pty Ltd was the successful bidder to supply the SPS. The Engineering, Procurement and Construction (EPC) contract represents a commitment to long-lead items in advance of a final investment decision expected in early 2020. Evaluation of all the other major tenders for the FPSO, gas export pipeline, subsea umbilical riser and flowline package, and drilling rig is also progressing well.
Santos also announced that the Barossa Joint Venture had entered into exclusive negotiations with the Darwin LNG Joint Venture for the supply of backfill gas. The arrangement gives the Barossa JV an exclusive commercial negotiation period to reach a processing services agreement as well as settle on a tariff.
The wildcat Dukas-1 exploration well targeting a conventional sub-salt play in the Amadeus Basin, spudded on 16 April and was drilling ahead at the end of the quarter.
Approvals from Northern Territory regulatory authorities for the planned McArthur Basin drilling campaign are progressing. The program is likely to comprise a single well in 2019 which will drill horizontally through the Velkerri shale objective. Subject to regulatory approvals, the well is planned to spud in the third quarter.
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 10 of 15
Corporate, exploration and eliminations
|||||||||
|-|-|-|-|-|-|-|-|
|Santos share|Units|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
|||0.9|1.2 1.3|||2.1||
|||42|55 62|||97||
|||20|4 9|||24||

 Sales volumes and revenues in the corporate segment primarily represent gas trading activities.
Capital expenditure was higher than the prior quarter primarily due to the drilling of the Dukas-1 exploration well in the Amadeus Basin, onshore Northern Territory.
Capital expenditure
Total exploration, evaluation and development expenditure is summarised in the table below.
||||||||
|-|-|-|-|-|-|-|
|$million|Q2 2019||Q1 2019|Q2 2018|2019 YTD|2018 YTD|
|||19 2115 11143 135|||||
||12||||32||
||86||||100||
||172||||315||
||270|177 1672 2|||447||
||2||||4||
||272|179 169|||451||
|||7 193 6|||||
||17||||24||
||-||||3||
||17|10 25- -|||27||
||-||||-||
||17|10 25|||27||

 1 Includes acquisition of exploration assets
Seismic activity
The table below details seismic activity during the quarter and status.
|||||||
|-|-|-|-|-|-|
|Permit|Basin/area|Survey|Type|km/km2|Status|

 WA437P, WA438P Bedout, WA Keraudren 3D 3,090 km2 61% complete ATP2017 Bowen, Qld Tinowon 2D 30 km 22% complete
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 11 of 15
Drilling summary
Exploration activity Development wells
|||||
|-|-|-|-|
|Northern Australia||||
|Well name|Basin/area|Santos|Well status|

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

 Dukus 1ST1 Amadeus 40% Drilling Cocinero 10 QLD 55% C&C, successful
||||||
|-|-|-|-|-|
||Cooper Basin gas||||
|Well name||Basin/|Santos|Well status|
|||area|||

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

 Tennaperra 6 QLD 70% C&S, successful Durham Downs
QLD 60.06%C&S, successful North 7
Watson North 2 QLD 55.5% C&S, successful
Coopers Creek 4 SA 66.6% C&C, successful Watson North 3 QLD 55.5% C&S, successful
C&C, successful oil& Coopers Creek 5 SA 66.6%
Bankhead 1 SA 66.6% P&A gas
Dullingari North
Charo 17 SA 66.6% C&S, successful SA 66.6% C&C, successful22*
Gidgealpa 62 SA 66.6% C&S, successful
Gidgealpa 64 SA 66.6% C&S, successful Gidgealpa 63 SA 66.6% C&S, successful
Munkarie 11 SA 66.6% C&C, successful Namur 16 SA 66.6% C&C, successful
Namur 17 SA 66.6% C&C, successful
||||||
|-|-|-|-|-|
||Cooper Basin gas||||
|Well name||Basin/|Santos|Well status|
|||area|||

 Dunadoo 2 QLD 60.06% C&S, successful
Strzelecki 33 SA 66.6% C&C, successful Durham Downs 11 QLD 60.06% C&S, successful
Raffle North West 1 QLD 60.06% C&S, successful
||||||
|-|-|-|-|-|
||Queensland - GLNG gas||||
|Well name||Basin/|Santos|Well status|
|||area|||

Taylor South 2 SA 66.6% P&A AC18-51-1 Arcadia 30% C&S, successful AC18-56-1 Arcadia 30% C&S, successful AC18-57-1 Arcadia 30% C&S, successful
|||||
|-|-|-|-|
|Papua New Guinea gas||||
|Well name|Basin/area|Santos|Well status|

 Muruk2#** Southern 10%*** P&A, successful
Highlands appraisal AC18-66-1 Arcadia 30% C&S, successful PNG
AC18-69-1 Arcadia 30% C&S, successful AC18-70-1 Arcadia 30% C&S, successful
|||||
|-|-|-|-|
|Western Australia gas||||
|Well name|Basin/area|Santos|Well status|

 Corvus2* Carnarvon 100% P&A, successful
appraisal
AC18-97-8 Arcadia 30% C&S, successful Dorado 2 Bedout 80% P&A, successful
AC23-31-1 Arcadia 30% C&S, successful appraisal
Roc South 1 Bedout 80% P&A Castle Hill 6 Arcadia 30% C&S, successful
# Not operated by Santos Castle Hill 9 Arcadia 30% C&S, successful
* Spud in Q1, completed in Q2
** Spud in Q4, completed in Q2 Castle Hill 10 Arcadia 30% C&S, successful
*** Muruk-2 was drilled in PDL 9. Santos holds a10% economic interest
Castle Hill 11 Arcadia 30% C&S, successful
in any Muruk hydrocarbons located in PDL 9 and is funding a
corresponding share of the appraisal well. Castle Hill 15 Arcadia 30% C&S, successful
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 12 of 15
Castle Hill 16 Arcadia 30% C&S, successful
RM68-08-1 Roma 30% C&S, successful Castle Hill 17 Arcadia 30% C&S, successful
RM68-13-1 Roma 30% C&S, successful RM68-18-1 Roma 30% C&S, successful Castle Hill 20 Arcadia 30% C&S, successful
RM68-19-1 Roma 30% C&C, successful Castle Hill 21 Arcadia 30% C&S, successful RM68-23-1 Roma 30% C&S, successful Mount Kingsley 12 Arcadia 30% C&S, successful RM68-24-1 Roma 30% C&S, successful Mount Kingsley 13 Arcadia 30% C&S, successful
RM68-25-1 Roma 30% C&S, successful RM68-29-1 Roma 30% C&S, successfulFV11-59-21* Fairview 23.85%C&C, successful
RM68-30-1 Roma 30% C&S, successful FV11-63-1 Fairview 23.85%C&S, successful RM68-33-1 Roma 30% C&S, successful FV11-74-21 Fairview 23.85%C&C, successful RM68-34-1 Roma 30% C&S, successful FV11-89-1 Fairview 23.85%C&C, successful
RM68-35-1 Roma 30% C&S, successful RM68-46-1 Roma 30% C&S, successful FV11-90-1 Fairview 23.85%C&C, successful
RM68-55-1 Roma 30% C&S, successful FV11-91-1 Fairview 23.85%C&C, successful
RM68-56-1 Roma 30% C&S, successful FV12-35-1 Fairview 23.85%C&S, successful RM68-64-1 Roma 30% C&S, successful FV12-76-1 Fairview 23.85%C&C, successful
RM68-65-1 Roma 30% C&S, successful RM68-72-1 Roma 30% C&S, successful FV12-77-1 Fairview 23.85%C&S, successful
RM68-73-1 Roma 30% C&S, successful FV12-78-1 Fairview 23.85%C&S, successful
RM68-74-1 Roma 30% C&C, successful FV12-79-1 Fairview 23.85%C&S, successful RM68-75-1 Roma 30% C&S, successful FV12-80-1 Fairview 23.85%C&S, successful
RM68-76-1 Roma 30% C&S, successful RM68-86-1 Roma 30% C&C, successful FV12-83-1 Fairview 23.85%C&S, successful
RM68-88-1 Roma 30% C&C, successful FV12-83-1DW1 Fairview 23.85%C&S, successful
RM68-98-1 Roma 30% C&C, successful FV12-90-1 Fairview 23.85%C&S, successful RM68-99-1 Roma 30% C&C, successful RM40-143-1 Roma 30% C&S, successful RM68-109-1 Roma 30% C&C, successful RM40-144-1 Roma 30% C&S, successful RM68-117-1 Roma 30% C&C, successful RM40-145-1 Roma 30% C&S, successful RM68-120-1 Roma 30% C&C, successful RM40-146-1 Roma 30% C&S, successful RM68-138-1 Roma 30% C&C, successful RM40-147-1 Roma 30% C&S, successful RM68-141-1 Roma 30% C&C, successful RM40-148-1 Roma 30% C&S, successful RM68-150-1 Roma 30% C&C, successful RM40-149-1 Roma 30% C&S, successful RM68-151-1 Roma 30% C&S, successful RM40-150-1 Roma 30% C&S, successful
RM40-151-1 Roma 30% C&S, successful
|||||
|-|-|-|-|
|Queensland - Eastern Queensland gas (EQ)||||
|Well name|Basin/area|Santos|Well status|

 Roma 30% C&C, successful
Combabula341# Combabula 7.28%C&S, successful RM49-145-1 Roma 30% C&C, successful
Combabula342# Combabula 7.28%C&S, successful RM50-78-1 Roma 30% C&C, successful
RM50-79-1 Roma 30% C&C, successful Combabula361# Combabula 7.28%C&S, successful RM50-80-1 Roma 30% C&C, successful Combabula367# Combabula 7.28%C&S, successful RM50-89-1 Roma 30% C&C, successful
Combabula385# Combabula 7.28%C&S, successful RM50-90-1 Roma 30% C&C, successful
Combabula386# Combabula 7.28%C&S, successful RM50-91-1 Roma 30% C&C, successful
RM50-95-1 Roma 30% C&S, successful
Combabula405# Combabula 7.28%C&S, successful RM50-96-1 Roma 30% C&S, successful Combabula406# Combabula 7.28%C&S, successful RM50-99-1 Roma 30% C&C, successful
Combabula407# Combabula 7.28%C&S, successful RM50-100-1 Roma 30% C&C, successful
Combabula408# Combabula 7.28%C&S, successful RM50-105-1 Roma 30% C&S, successful
RM50-108-1 Roma 30% C&S, successful
Combabula409# Combabula 7.28%C&S, successful
RM50-109-1 Roma 30% C&S, successful Combabula410# Combabula 7.28%C&S, successful
RM50-119-1 Roma 30% C&S, successful
Combabula411# Combabula 7.28%C&S, successful
RM50-129-1 Roma 30% C&S, successful
Combabula413# Combabula 7.28%C&S, successful
RM50-130-1 Roma 30% C&S, successful
RM50-131-1 Roma 30% C&S, successful
Combabula427# Combabula 7.28%C&S, successful
RM68-07-1 Roma 30% C&S, successful Combabula428# Combabula 7.28%C&S, successful
Santos Ltd l Second Quarter Activities Report l 18 July 2019 Page 13 of 15
Combabula429# Combabula 7.28%C&S, successful
Combabula430# Combabula 7.28%C&S, successful
Combabula432# Combabula 7.28%C&S, successful
Combabula435# Combabula 7.28%C&S, successful
Combabula436# Combabula 7.28%C&S, successful
Combabula478# Combabula 7.28%C&S, successful
Combabula479# Combabula 7.28%C&S, successful
CombabulaWB02# Combabula 7.28% Drilling
Reedy Creek76# Combabula 7.28%C&S, successful
Reedy Creek77# Combabula 7.28%C&S, successful
Reedy Creek86# Combabula 7.28%C&S, successful
Reedy Creek106# Combabula 7.28%C&S, successful
Reedy Creek107# Combabula 7.28%C&S, successful
Reedy Creek108# Combabula 7.28%C&S, successful
Reedy Creek137# Combabula 7.28%C&S, successful
Reedy Creek138# Combabula 7.28%C&S, successful
Reedy Creek139# Combabula 7.28%C&S, successful
Reedy Creek140# Combabula 7.28%C&S, successful
Reedy Creek141# Combabula 7.28%C&S, successful
Reedy Creek142# Combabula 7.28%C&S, successful
Reedy Creek146# Combabula 7.28%C&S, successful
Reedy Creek165# Combabula 7.28%C&S, successful
Reedy Creek166# Combabula 7.28%C&S, successful
Reedy Creek167# Combabula 7.28%C&S, successful
Reedy Creek168# Combabula 7.28%C&S, successful
Reedy Creek169# Combabula 7.28%C&S, successful
Reedy Creek196# Combabula 7.28%C&S, successful
Reedy Creek197# Combabula 7.28%C&S, successful
Reedy Creek201# Combabula 7.28%C&S, successful
Reedy Creek229# Combabula 7.28%C&S, successful
Reedy Creek232# Combabula 7.28%C&S, successful
Reedy Creek280# Combabula 7.28%C&S, successful
Reedy Creek281# Combabula 7.28%C&S, successful
Reedy Creek288# Combabula 7.28%C&S, successful
Reedy Creek289# Combabula 7.28%C&S, successful
Durham Ranch
Spring Gully 4% C&S, successful
860#*
Durham Ranch
Spring Gully 4% Drilling
901#
Durham Ranch
Spring Gully 4% C&S, successful
905#
Durham Ranch
Spring Gully 4% C&S, successful
907#
# Not operated by Santos
* Spud in Q1, completed in Q2
Santos Ltd l Second Quarter Activities Report l 18 July 2019 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 Second Quarter Activities Report l 18 July 2019 Page 15 of 15