SANTOS LIMITED — Capital/Financing Update 2017

May 3, 2017

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Exploration and Appraisal Drilling Update – April 2017

(ASX:OSH | ADR: OISHY | POMSoX: OSH)

4 May 2017

Well Name Antelope 7ST1 (Antelope Deep) Well Type Appraisal / Exploration Location PRL 15, Gulf Province, PNG 1.4km WSW of Antelope 5 Spud Date 2 November 2016 Rig HA 115 Objective/ Exploration: deepening to encounter Targets carbonate in a seismically defined structure under the Antelope field. Status During April, the Antelope 7ST1 well drilled through the Antelope Deep exploration target, reaching a total depth of 3,274 metres. Interpretation of the available data continues, but at this stage the data suggests that the penetrated carbonate (510 metres) is unlikely to contain commercially producible hydrocarbons. The Antelope 7ST1 well has been plugged and abandoned and rig demobilisation activities are underway.

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	activities are underway.
Operator	Total E&P PNG Limited
Participants1	Oil Search	22.8%
	Total	40.1%
	ExxonMobil	36.5%
	Minorities	0.5%
	Total	100%

1 Gross interests, pre-Government and landowner back-in rounded to 1 decimal place

Head office Port Moresby Papua New Guinea

Sydney office 1 Bligh Street Sydney NSW 2000 Australia

Mailing address GPO Box 2442 Sydney NSW 2001 Australia

Oil Search Limited Incorporated in Papua New Guinea ARBN 055 079 868

Tel: +61 2 8207 8400 Fax: +61 2 8207 8500 www.oilsearch.com

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Well Name Muruk 1ST3 Well Type Exploration Location PPL 402, Highlands, PNG, (north-west of the Hides Gas field) Spud Date 2 November 2016 Rig Rig 104 Objective/ Early Cretaceous sandstone of the Toro Targets Formation Status Drilling of the Muruk 1ST3 sidetrack, to the south-west of the Muruk 1 location, continued. During April, the 7” liner was successfully cemented above the Toro reservoir at 3,921 metres and the well was then drilled ahead in a 6” hole into the Toro reservoir. High resistivity data and elevated gas were observed while drilling the section. The base of the Toro B reservoir section was penetrated and pressure data is now being acquired, to validate the gas observed, prior to coring the Toro C interval.

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Muruk 1ST3 will constrain the structural configuration of the southern flank of the Muruk structure. The sidetrack will also assist in defining the depth of the lowest known gas in the field.

Operator Oil Search (PNG) Ltd

Participants1	Oil Search (PNG) Ltd*	37.5%
	Esso PNG Wren Ltd	42.5%
	Barracuda Ltd (Santos Limited)	20.0%
	Total	100.0%

1 Gross interests pre-Government and landowner back-in, rounded to one decimal place (Santos’s interest subject to regulatory approval).

Oil Search – April Drilling Report – 4 May 2017 www.oilsearch.com

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PETER BOTTEN, CBE

Managing Director

For further information please contact:

Ann Diamant General Manager, Investor Relations and Communications

Tel: +612 8207 8440 Mob: +61 407 483 128

Oil Search – April Drilling Report – 4 May 2017 www.oilsearch.com

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