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SANTOS INDONESIA

INTRODUCTIONAugust 2014

DELIVERS

DISCOVERS CARES

COLLABORATES

Overview

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SANTOS INDONESIA

NATUNA

EAST JAVA

PAPUA

Operator Non-Operator

The Peluang development project is a tie-back to the existing facilities at Maleo and is on track for first gas in 2Q 2014. Thecompany also recently acquired a 50% interest in acreage which hosts the undeveloped Ande Ande Lumut oil field, located inthe Northwest Natuna PSC, far offshore Sumatra and Kalimantan.

Santos has been active in Indonesia since the 1990s and now operates three producing assets, is developing a fourth and has an exciting exploration program.

Gas production comes from the Oyong, Wortel and Maleo fields in offshore East Java and is piped to shore for the domestic market.

Oil production from Oyong is exported through the Surya Putra Jaya floating, storage and offloading facility.

SANTOS INDONESIA

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SAMPANG PSC

Gross prod. : 8.7 MMstb oil, 117.7 Bscf gas

Gross sales : $ 170m pa

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SAMPANG PSC

Oyong

Wortel

Grati OPF

SANTOS INDONESIA

SAMPANG PSC

LOCATION: Offshore Madura Island, Sampang District, approx. 70 km from Surabaya. East Java

Discovery: 2004

Oil Production (Phase-1): First oil production in September 2007. Oil was produced via a small wellhead platform and process by an adjacent production barge. Associated gas was re-injected into the as lift gas and the produced oil was stored on an FSO. Oyong infill well, (Oyong-II) was drilled in early 2012 and started producing in February 2012. Current total oil production approximately 1,500 BOPD.

Gas Production (Phase-2): First gas production in September 2009, while the oil production continues. The gas production is delivered to an Onshore Gas Processing (OPF) Grati, Pasuruan via a 60-km offshore pipeline and being used by PT Indonesia Power to produce electricity. The installed capacity of the OPF Grati is about 95 MMSCFD. The current Oyong gas production is approx. at 30 BBTUD.

OYONG FIELD

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SAMPANG PSC

LOCATION: Offshore Madura Island, SampangDistrict, 7 kilometres west of the Oyong field

DISCOVERY: 2006

PROJECT & PRODUCTION: The project was completed in early 2012; consist of an unmanned wellhead platform and 10 kilometer pipeline offshore. First gas achieved in February 2012 with current production approximately 50 BBTUD

WORTEL FIELD

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MADURA OFFSHORE PSCSANTOS INDONESIA

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MADURA OFFSHORE PSC

Gross prod. : 261.6 Bscf gas

Gross sales: $ 145m pa

Maleo Peluang

SANTOS INDONESIA

MADURA OFFSHORE PSC

LOCATION: Offshore Madura Island, Sumenep District, approximately 145 kilometers from Surabaya, East Java, and approximately 7 kilometers from East Java Gas Pipeline

DISCOVERY: 2002

PRODUCTION: First gas in September 2006, as Santos’ first operated offshore gas project outside of Australia. Gas from Maleo Field is produced from a fixed platform named the Maleo Producer (certified in 2012 by MIGAS) supported by a small wellhead platform, connected via a 7.4-kilometre spurline to the East Java Gas Pipeline. Currently, the gas is supplied at a plateau rate approximately of 61 BBTUD.

MALEO FIELD

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MADURA OFFSHORE PSC

LOCATION: Approximately 17 kilometers Southwest of Maleo Field, as a tieback to the existing Maleo facilities

DISCOVERY: 2009

STATUS: Plan of Development (POD) was approved in 2011, Peluang development includes one horizontal gas well, minimum facility stand-alone WHP; approximately 17km 10”-diameter pipeline tie-in to Maleo WHP, allocation and sales gas metering on Maleo Producer Platform (MPP). This project was sanctioned in 15 February 2013, following with the development and drilling is completed in Q1 2014, while the first gas commenced in March 2014 with estimated gas production of 25 BBTUD.

PELUANG FIELD

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NORTHWEST NATUNA PSC ANDE-ANDE LUMUT FIELD

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LOCATION:Offshore North West Natuna,approximately 148 kilometersfrom Matak Island, KepulauanRiau Province, approximately 291 kilometers from Batam Island,approximately 718 kilometers from Jakarta

DISCOVERY: 2000

PROJECT OVERVIEW:Ande-Ande Lumut Field (AAL) isa large oil field with an estimatedsurface area of approximately 37 km2

and located approximately 75 meters of water close to the Malaysian border in the Natuna Sea.

PoD was approved in 2011. As per PoD, estimated recoverable reserve from K sand was 43 million bbls. AAL initial development plan contemplates the installation of a wellhead platform, drilling 43 development wells and producing to a permanently moored, leased FPSO (Floating Production Storage and Offloading). The development plan anticipates a peak daily production rate of 25,000 bopd and possibly upside estimated up to 40,000 BOPD.The initial design for the processing capability to handle high volumes of water up to 350,000 BWPD. The Wellhead platform will have 24 slots accommodating 42” conductor, each of slots with the capacity for 2 (two) wells. The development is expected to commence between 2014 - 2017.

AAL Development PROJECT OVERVIEW

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Background :

─ Oil Discovered by Premier in 2000;

─ POD Approved in 2011 (Genting);

─ Acquired 50% & Operatorship from AWE in Nov 2013.

Development Summary :

─ 27 Horizontal Wells;

─ Initial Oil Production : 40,000 BOPD;

─ Max Fluid Rate : 365,000 BFPD;

─ K-Sand 2C Resource : 96 MMstb;

─ Heavy Oil : 15 API;

─ Facilities : FPSO & WHP, bridge linked;

─ Current Project Phase : Concept Refine.AAL Development Concept

AAL Development PROJECT UPDATES

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Subsurface :

─ Detailed K-Sand Subsurface Assessment Complete (Geophysics, Petrophysics,Static & Dynamic Modelling);

─ Initiated G-Sand Subsurface Assessment.

FEED Studies :

─ WHP : Complete. Reduction in topsides weight by 35%;

─ FPSO : 15% complete (vs. 15% planned).

Major Contracts :

─ Drilling Rig & Support Services : Technical documentation and executionstrategy preparation;

─ FPSO Lease : Tender Plan submitted to SKKMigas;

─ WHP EPC : Tender Plan being prepared.

Regulatory Approvals (SKKMigas)

─ Plan of Development (POD) Revision requirements under discussion with

SKKMigas

Project Key Milestones

Concept Select Gate Complete

Definition Gate Q4 2014

Appraisal Drilling Mid-2015

FID 2H 2015

First Oil* Q4 2017 - Q2 2018

* Dependent on POD Revision requirement

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HUMAN RESOURCES

As per 31 July 2014• Permanent hire (regular) : 162• Direct hire (fixed term) : 21• Third party hire : 49

TOTAL : 232Award• Nominated for 2014 LKS Bipartite AWARD from the

Ministry of Manpower• LKS Bipartite is an industrial relations communication

forum between the company and employees

SANTOS INDONESIA