SANTOS LIMITED — Capital/Financing Update 2019

Jan 21, 2019

ASX / Media Release

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22 January 2019

Van Gogh infill project lifts Santos oil production

Santos today announced first oil from the Van Gogh infill project, marking the successful completion of the two-well program that will increase production from the field.

The Van Gogh field is one of three subsea oil field developments located in the Exmouth Basin, offshore Western Australia, which tie into the Floating Production, Storage and Offloading vessel (FPSO), the Ningaloo Vision.

The infill project began in September and involved drilling and completing two subsea wells and connecting them into existing offshore infrastructure.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “This program has been a great success, enabling a lift in production from the field.”

The two dual-lateral wells were targeted to access bypassed oil not drained from the original wells and were technically the most challenging of any wells in the development, drilling horizontal sections in the reservoirs as long as 3,500 metres only 950 metres below the seabed.

“The campaign has also been delivered safely and efficiently, highlighting the tremendous offshore expertise we have brought into the business with last year’s acquisition of Quadrant Energy,” Mr Gallagher said.

Production from Van Gogh began in 2010, with the nearby Coniston and Novara fields tied back to the FPSO in 2015 and 2016, respectively.

Santos has a 52.5% interest in the Van Gogh-Coniston-Novara project, which it operates.

Ends.

Media enquiries Daniela Ritorto +61 8 8116 5167 /+61 (0) 455 319 770 daniela.ritorto@santos.com

Investor enquiries

Santos Limited ABN 80 007 550 923 GPO Box 2455, Adelaide SA 5001 T +61 8 8116 5000 F +61 8 8116 5131 www.santos.com

Andrew Nairn +61 8 8116 5314 / +61 (0) 437 166 497 andrew.nairn@santos.com

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