First Quarter Activities Report

  Forperiodending31March2017

  20April2017

    Keyhighlights

    Costsreduced

      2017forecastfreecashflowbreakevenreducedtoUS$34/bbl1,downfromUS$36.50/bblin2016.

    Balancesheetstrengthened

     NetdebtreducedtoUS$3.1billionattheendofthequarter,downfromUS$3.5billionattheendof2016.

     EarlyrepaymentofUS$250millionin2019ExportCreditAgency(ECA)debt.

     US$860millionofundrawnbilateralbankloanfacilitiesduetomaturein2018extendedto2022.

    GLNGperformance

     GLNGLNGproductionincreasedto1.4milliontonnesforthequarterascontinuedstrongproductionfrom

       FairviewandimprovedRomafieldperformanceboostedequitygassupply.

    GrowthinPNGandNorthernAustralia

     PNG:Murukgasdiscoveryappraisalcontinuing.

     NorthernAustralia:Barossaappraisalunderway.

  SantosManagingDirectorandChiefExecutiveOfficerKevinGallaghersaidtoday’sreleaseofthefirstquarterresults

  wasfurtherevidencetheSantosturnaroundstrategywasdeliveringpositiveresults.

  “Ourcostshaveagainbeenreduced,wehaveimprovedourfreecashflowpositionandournetdebthasbeenlowered,”

  MrGallaghersaid.

  “Our2017forecastfreecashflowbreakevennowstandsatUS$34perbarrel.1Thisisasignificantreductionfromthe

  $47perbarrelmarkatthebeginningof2016.

  “StrongfreecashflowcombinedwithcashproceedsfromassetsalesandtheSharePurchasePlanenabledustoreduce

  netdebtbyUS$380millioninthefirstquarter.ThisisstrongprogresstowardsourtargetofaUS$1.5billionreduction

  innetdebtbytheendof2019. Wewillcontinuetoprioritisefreecashflowfordebtreduction.

  “GLNGproducedhigherLNGvolumesinthefirstquarter,asstrongupstreamfieldperformancedeliveredhighervolumes

  ofequitygastotheLNGplant,”MrGallaghersaid.

  Totalfirstquarterproductionof14.8mmboewasdownslightlyonthepreviousquarter,primarilyduetosaleofthe

  Victorian,MereenieandStagassets,partiallyoffsetbyhigherGLNGequityproduction. Totalsalesvolumesof18.6

  mmboewerelowerduetoassetsales,lowerthirdpartyvolumesandthetimingofliftings.

  Allguidancefor2017ismaintained.

  1Freecashflowbreakevenistheaverageannualoilpricein2017atwhichcashflowsfromoperatingactivitiesequalscashflowsfrominvestingactivities.

    Forecastmethodologyusescorporateassumptions.Excludesone-offrestructuringandredundancycostsandassetdivestitures.

  Comparativeperformance

   Santosshare          Units         Q12017     Q42016      Change    YTD2017    YTD2016      Change

   Production             mmboe            14.8        15.0         -2%        14.8        15.6        -6%

   Salesvolume           mmboe            18.6        21.9        -15%        18.6        21.3        -13%

   Averagerealisedoilprice   US$/bbl           57.6        52.8        +9%        57.6        37.1       +56%

   Salesrevenue          US$million          684         753         -9%         684         600       +14%

   Capitalexpenditure1      US$million          134         187        -28%         134         150        -11%

  1Capitalexpenditureincludingrestorationexpenditurebutexcludingcapitalisedinterest.

Mediaenquiries                      Investorenquiries                     SantosLimitedABN80007550923

RobMalinauskas                       AndrewNairn                          GPOBox2455,AdelaideSA5001

+61881165918/+61(0)438862132      +61881165314/+61(0)437166497      T+61881165000F+61881165131

robert.malinauskas@santos.com            andrew.nairn@santos.com                 www.santos.com

Salesvolumes(Santosshare)

Product                   Unit          Q12017       Q42016       Q12016      YTD2017      YTD2016

LNG                      000t            729.0         741.9          664.5         729.0          664.5

Salesgasandethane          PJ               47.8          61.5          60.8          47.8          60.8

Crudeoil                   000bbls        2,086.6        2,931.2        3,513.7        2,086.6        3,513.7

Condensate                 000bbls        1,046.5        1,108.8         875.4        1,046.5         875.4

LPG                      000t             42.8          37.7          23.7          42.8          23.7

Sales

        Ownproduct         mmboe           14.1          16.3          16.1          14.1          16.1

        Thirdparty          mmboe            4.5           5.6           5.2           4.5           5.2

Totalsalesvolume          mmboe          18.6          21.9          21.3          18.6          21.3

Salesrevenues

                  (Santosshare)

Product                   Unit          Q12017       Q42016       Q12016      YTD2017      YTD2016

LNG                      US$m             272           270           216           272           216

Salesgasandethane          US$m             212           255           216           212           216

Crudeoil                   US$m             120           155           130           120           130

Condensate                 US$m              58            56           29           58            29

LPG                      US$m              22            17            9            22            9

Sales

        Ownproduct         US$m             504           555           451           504           451

        Thirdparty          US$m             180           198           149           180           149

Totalsalesrevenue          US$m            684          753          600          684          600

Thirdpartyproductpurchases    US$m             119           166           128           119           128

FirstquartersalesvolumesandrevenueswereimpactedbythetimingofthedeliveryofthreePNGLNGDEScargoes

shippedlateMarchbutstillonwaterattheendofthemonth,assetsales,theexpirationofadomesticsalesgascontract

intheCooperBasinandlowercrudeoilsalesreflectinglowerthirdpartyvolumesandthetimingofliftings.

Production             (Santosshare)Product                   Unit          Q12017       Q42016       Q12016      YTD2017      YTD2016SalesgastoLNGplant         PJ               31.2          28.2          27.8          31.2          27.8Salesgasandethane          PJ               38.7          41.9          44.4          38.7          44.4Crudeoil                   000bbls        1,627.0        1,948.9        2,068.9        1,627.0        2,068.9Condensate                 000bbls          855.7         833.9          885.7         855.7          885.7LPG                      000t             35.9          32.3          35.8          35.9          35.8Totalproduction            mmboe          14.8          15.0          15.6          14.8          15.6Firstquarterproductionwas2%lowerthanthepreviousquarter,primarilyduetothesaleofthecompany’sVictorianandMereenieassets,andtheStagoilfieldinWesternAustralia,partiallyoffsetbystrongerGLNGequitygasproduction.SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page2of12Averagerealisedprices

                     Unit             Q12017       Q42016       Q12016      YTD2017      YTD2016

LNGprice              US$/mmBtu           7.09           6.94          6.19          7.09          6.19

Gasprice              US$/GJ               4.45           4.17          3.55          4.45          3.55

Oilprice               US$/bbl             57.63          52.79          37.06          57.63          37.06

Condensateprice        US$/bbl             55.68          50.00          33.40          55.68          33.40

LPGprice              US$/t              503.75         433.69         374.38         503.75         374.38

Oilpricehedging

2.7millionbarrelsofoilhedgingexpiredinthefirstquarterof2017underthezero-costthreewaycollarhedges.As

therealisedBrentpricewaswithintheUS$50-$62.85perbarrelBrentparticipationrange,therewasnocash

settlement.Thefollowingoilpricehedgingpositionswereinplaceasat31March2017.

Openoilpricepositions                                                              2017

Zero-costthree-waycollars(barrels)1                                                      8,250,000

        Brentshortcallprice($/bbl)                                                      US$62.85

        Brentlongputprice($/bbl)                                                      US$50.00

        Brentshortputprice($/bbl)                                                      US$40.00

1WhenBrentpriceisabovetheweightedaverageUS$62.85shortcallprice,Santosrealisesshortcallprice.WhenBrentpriceisbetweenUS$50.00long

 putpriceandtheweightedaverageUS$62.85shortcallprice,SantosrealisesBrentprice.WhenBrentpriceisbetweentheUS$50.00longputpriceand

 theUS$40.00shortputprice,Santosrealiseslongputprice.WhenBrentpriceisbelowUS$40.00shortputprice,SantosrealisesBrentpriceplusthe

 US$10.00differencebetweentheUS$50.00longputpriceandtheUS$40.00shortputprice.

2017Guidance

Allguidancefor2017ismaintained,asshowninthetablebelow.

Item                                                                             Guidance

Salesvolumes                                                                       73-80mmboe

Production                                                                         55-60mmboe

Upstreamproductioncosts                                                              US$8-8.50/boeproduced

Depreciation,depletionandamortisation(DD&A)                                               US$700-750million

Capitalexpenditure(includingexploration,evaluationandrestoration,excludingcapitalisedinterest)           US$700-750million

Furtherdetailof2017full-yearcapitalexpenditure,includingexplorationandevaluationexpenditure,isreportedinthe

tableonpage9ofthisreport.

Strengtheningthebalancesheet

NetdebtreducedtoUS$3.1billionasat31March2017,downfromUS$3.5billionatthestartoftheyear,througha

combinationoffreecashflow,previouslyannouncedassetsalesandproceedsfromtheSharePurchasePlan.

InAprilthecompanyannouncedtheearlyrepaymentofUS$250millionofitsUS$1.2billionExportCreditAgency

supportedUncoveredSyndicatedFacility,scheduledtomaturein2019. Therepaymentwasmadeon18Aprilandwill

generateannualgrossinterestsavingsofapproximatelyUS$5.5million.Followingtherepayment,theoutstanding

balanceofthefacilitywasreducedtoUS$950million.

SantosalsoextendedthetermofUS$860millionofbilateralbankloanfacilities. Thefacilitieswereduetomaturein

2018andhavebeenextendedto2022onfavourableterms. Thefacilitiesarecurrentlyundrawn.

SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page3of12

Coreassets

CooperBasin

Santosshare               Units          Q12017      Q42016      Q12016     2017YTD     2016YTD

Salesvolume

Salesgasandethane

        Ownproduct         PJ                 18.2          21.1          18.1          18.2          18.1

        Thirdparty           PJ                  0.6          0.3           3.4           0.6          3.4

        Total               PJ                 18.8          21.4          21.5          18.8          21.5

Condensate        Ownproduct         PJ                371.6         391.1         160.5         371.6         160.5        Thirdparty           PJ                 38.5          37.0          21.8          38.5          21.8        Total               PJ                410.1         428.1         182.3         410.1         182.3LPG

        Ownproduct         000t               32.5          29.0          14.2          32.5          14.2

        Thirdparty           000t                2.0          3.9           1.6           2.0          1.6

        Total               000t               34.5          32.9          15.8          34.5          15.8

Crudeoil

        Ownproduct         000bbls            412.8         590.5         652.6         412.8         652.6

        Thirdparty           000bbls            730.2        1,130.3        1,372.1         730.2        1,372.1

        Total               000bbls          1,143.0        1,720.8        2,024.7       1,143.0        2,024.7

Totalsalesvolume           mmboe             5.0          6.1          6.0          5.0          6.0

Totalsalesrevenue          US$million          175          208          164          175          164

ProductionSalesgasandethane           PJ                 14.7          14.7          15.5          14.7          15.5Condensate                 000bbls            215.7         238.6         243.5         215.7         243.5LPG                       000t               27.3          26.8          29.0          27.3          29.0Crudeoil                   000bbls            649.7         724.5         681.9         649.7         681.9Totalproduction            mmboe             3.6          3.7          3.8          3.6          3.8Capitalexpenditure            US$million            38           47           51           38           51Salesgasandethanesalesvolumeswerelowerthanthepriorquarterprimarilyduetotheexpirationofadomesticgassalescontract.Lowercrudeoilsalesvolumesprimarilyreflecttimingofliftingsandlowerthirdpartyvolumes.Salesgasandethaneproductionwasinlinewiththepreviousquarterasproductioncapacityadditionsoffsetnaturalfielddecline.Efficiencyandproductivitygainscontinuetobemadedeliveringimprovementstobothwellandplantavailabilityandreliability.Fourappraisalandsevendevelopmentgaswellsweredrilledduringthequarter,allofwhichwerecasedandsuspendedforfutureproduction.SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page4of12GLNG

Santosshare                 Units          Q12017      Q42016      Q12016     2017YTD     2016YTD

Salesvolume

GLNGProject

        LNG-ownproduct       000t             172.9         153.7         106.8         172.9         106.8

        LNG-thirdparty        000t             228.0         246.0         182.6         228.0         182.6

        LNG�Ctotal           000t            400.9        399.7        289.4        400.9        289.4

        Domesticcontracts       PJ                 3.3          4.3          6.3          3.3          6.3

Other1                      PJ                 3.8          4.2          4.3          3.8          4.3

Totalsalesvolume2           mmboe             5.0          5.3          4.6          5.0          4.6

Totalsalesrevenue2           US$million          167          162          116          167          116

ProductionGLNGProject        SalesgastoLNG        PJ                 9.8          8.5          6.6          9.8          6.6        Domesticcontracts       PJ                 0.9          1.4          1.4          0.9          1.4Other1                      PJ                 5.1          5.3          4.7          5.1          4.7Totalproduction2             mmboe             2.7          2.6          2.2          2.7          2.2Capitalexpenditure             US$million            28           72           56           28           561

Combabula,Ramyard,SpringGully,DenisonandTardrum

2

Totalsalesvolume,salesrevenueandproductionincludeminorcondensateproductionfromDenison

GLNGoperationaldata(gross)   Units          Q12017      Q42016      Q12016     2017YTD     2016YTD

ProductionLNG1                       000t             1,367         1,261          958         1,367          958SalesgastoLNGplant        Ownproduct           PJ                34.2          29.6         22.0         34.2         22.0        Thirdparty            PJ                49.0          47.4         37.3         49.0         37.3TotalsalesgastoLNGplant     PJ                83.2         77.0         59.3         83.2         59.3LNGcargoesshipped                                21           22           16           21           161IncludesindigenousproductionfromtheGLNGProject,Santos’portfolioandthird-partyquantitiesLNGsalesvolumeswerein-linewiththepriorquarter.HigherequitygassupplyincreasedLNGownproductsalesby12%.TotalGLNGsalesrevenueincreasedtoUS$167million.Fairviewproductioncontinuestobuildandwellavailabilityhasbeenhigh.GrossdailyproductionfromtheFairviewfieldattheendofthequarterwas474TJ/d.TheRomafieldcontinuestode-waterandgasproductionisaheadofexpectations.GrossdailyproductionfromtheRomafieldattheendofthequarterwas36TJ/d,up22%comparedtotheaverageforDecember2016.Scotiaproductionisalsoaheadofexpectationslargelyduetogoodwellavailabilityandcontinueddewateringinthearea.TheScotiaCF1projectisprogressingaheadofplan.GrossdailyproductionfromtheScotiafieldattheendofthequarterwas28TJ/d.Arcadiaisproducingaheadofexpectationslargelyduetogoodwellavailabilityandcontinueddewateringinthearea.GrossdailyproductionfromtheArcadiafieldattheendofthequarterwas7TJ/d.TheplannedstatutoryinspectionshutdownofLNGtrain2isplannedtocommenceinJuneandascheduledmaintenanceshutdownofLNGtrain1isplannedtocommenceinJuly.SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page5of12PNG

Santosshare               Units          Q12017      Q42016      Q12016     2017YTD     2016YTD

Salesvolume

PNGLNG

        LNG1               000t              232.8         279.0         282.1         232.8         282.1

        Condensate          000bbls           374.7         453.5         422.7         374.7         422.7

Crudeoil                   000bbls             5.0           6.5          9.1           5.0          9.1

Totalsalesvolume           mmboe             2.6          3.1          3.1          2.6          3.1

Totalsalesrevenue          US$million          121          127          116          121          116

ProductionPNGLNG        SalesgastoLNG1      PJ                 16.1          16.2          16.0          16.1          16.0        Condensate          000bbls           377.1         387.6         382.4         377.1         382.4Crudeoil                   000bbls             5.0           6.1          7.6           5.0          7.6Totalproduction            mmboe             3.1          3.2          3.1          3.1          3.1Capitalexpenditure            US$million             4            4            5            4            51

IncludesSEGobe

PNGLNGoperationaldata      Units          Q12017      Q42016      Q12016     2017YTD     2016YTD

(gross)

ProductionLNG                        mt                 2.1          2.1          2.0          2.1          2.0SalesgastoLNGplant           PJ                 117          117          115          117          115Condensate1                  000bbls           2,786         2,863         2,826         2,786         2,826Salesgas(SEGobe)2            PJ                   4            5            3            4            3LNGcargoesshipped                                27           28           26           27           261

MeasuredattheKutubuentrypoint

2

PurchasedbyPNGLNG

Duringthequarter,PNGLNGoperatedatanannualisedrateofapproximately8.3mtpa.

LNGsalesvolumeswerelowerthanthepriorquarterprimarilyduetotimingofdeliveryofcargoes. ThreeDES

cargoesshippedlateMarchandwerestillonthewateratendofmonth.

Salesgasandcondensateproductionwasconsistentwiththepriorquarter.

LNGplantscheduledcompressormaintenanceisplannedforMay,whichisexpectedtoresultinreducedLNG

productionratesforapproximatelythreeweeks.

SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page6of12

NorthernAustralia

Santosshare               Units          Q12017      Q42016      Q12016     2017YTD     2016YTD

Salesvolume

DarwinLNG

        LNG               000t               95.3          63.2          93.0          95.3          93.0

BayuUndan

        Condensate          000bbls           187.5          45.5         167.2         187.5         167.2

        LPG                000t               8.3           4.9          7.8           8.3          7.8

Totalsalesvolume           mmboe             1.2          0.7          1.1          1.2          1.1

Totalsalesrevenue          US$million           42           38           36           42           36

ProductionDarwinLNG        SalesgastoLNG       PJ                  5.3           3.5          5.2           5.3          5.2BayuUndan        Condensate          000bbls           155.7          93.7         130.2         155.7         130.2        LPG                000t               8.6           5.5          6.8           8.6          6.8Totalproduction            mmboe             1.1          0.7          1.1          1.1          1.1Capitalexpenditure            US$million            17            9            0           17            0DarwinLNG/BayuUndan     Units          Q12017     Q42016       Q12016     2017YTD     2016YTDoperationaldata(gross)ProductionLNG                       000t               897          907           928          897          928SalesgastoLNGplant          PJ                  54          55            56           54           56Condensate                  000bbls           1,673        1,815          1,483         1,673         1,483LPG                       000t                88          91            72           88           72LNGcargoesshipped                               14          15            14           14           14Santos’netentitlementtoproductionwashigherasaresultofhighercostrecoveryduringthequarter.TheBarossafieldcontinuestobeprogressedforDarwinLNGbackfill. Duringthefirstquarter,atwo-wellappraisalcampaignbeganontheBarossafield. Thefirstwell,Barossa-5,wassuccessfullycompletedandanalysisisongoing.Thewelliscurrentlybeingpluggedandabandonedasplannedandoncecomplete,therigwillmoveacrosstothesecondwell,Barossa-6.SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page7of12WesternAustraliaGas

Santosshare               Units          Q12017      Q42016      Q12016     2017YTD     2016YTD

Salesvolume

Salesgas                   PJ                 11.3          14.0          12.6          11.3          12.6

Condensate                 000bbls            73.1         181.6          99.9          73.1          99.9

Totalsalesvolume           mmboe             2.0          2.6          2.3          2.0          2.3

Totalsalesrevenue          US$million           51           59           44           51           44

ProductionSalesgas                   PJ                 11.4          11.2          12.7          11.4          12.7Condensate                 000bbls           106.3         106.7         120.9         106.3         120.9Totalproduction            mmboe             2.1          2.0          2.3          2.1          2.3Capitalexpenditure            US$million             2            3            8            2            8SalesvolumeswerelowerthanthepreviousquarterduetolowernominationsonVaranusIslandandcycloneactivityimpactingReindeercustomernominations.OtherassetsAsia,NewSouthWalesandWesternAustraliaoilSantosshare               Units           Q12017      Q42016      Q12016     2017YTD     2016YTDSalesvolumeSalesgas1                  PJ                  6.7           9.2           9.7           6.7          9.7Condensate1                000bbls              0.9           1.3           2.7           0.9          2.7Crudeoil2                  000bbls            955.0        1,217.7        1,501.5         955.0        1,501.5Totalsalesvolume          mmboe             2.1          2.8          3.2          2.1          3.2Totalsalesrevenue          US$million           88          106           99           88           99ProductionSalesgas1                  PJ                  6.6           9.3          10.1           6.6          10.1Condensate1                000bbls              0.8           7.0           8.6           0.8          8.6Crudeoil2                  000bbls            972.3        1,218.3        1,379.4         972.3        1,379.4Totalproduction            mmboe             2.1          2.8          3.1          2.1          3.1Capitalexpenditure            US$million            22           25           17           22           171Indonesia,VictoriaandMereenie.SantossolditsVictorianassetsandMereenieeffective1January2017.2MutineerExeter/FletcherFinucane(WesternAustralia),BarrowIsland(WesternAustralia)andIndonesia.Stagsoldeffective11November2016.SalesgasandcondensateproductionwaslowerthanthepreviousquarterduetothedisposalofVictoriaandMereenie.Santos’shareofoilproductionwaslowerthanthepreviousquarterduetoadecreaseinproductionfromMutineerExeter/FletcherFinucaneduetocycloneinterruptionsaswellasthedisposaloftheStagandMereenieassets.InNewSouthWales,SantossubmittedtheStateSignificantDevelopmentApplicationandassociatedEnvironmentalImpactStatement(EIS)foritsNarrabriGasProjecttotheNSWDepartmentofPlanningandEnvironmenton1February2017.

Thesaleofthecompany’sVictorianassetstoCooperEnergywasannouncedinOctober2016andcompleted(excluding

Minerva)inearlyJanuary2017.ThesaleoftheMinervaassetcompletedinearlyApril2017.

InDecember2016,Santosenteredintoanagreementtosellitsremaining50%interestintheMereenieoilandgas

assetsintheNorthernTerritorytoasubsidiaryofMacquarieGroupLimited.ThesaleoftheMereenieassetcompleted

inMarch2017withaneffectivedateof1January2017.

SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page8of12

Corporate,explorationandeliminations

Santosshare               Units           Q12017      Q42016      Q12016     2017YTD     2016YTD

Totalsalesvolume          mmboe             0.7           1.3           1.0           0.7          1.0

Totalsalesrevenue          US$million           40           53           25           40           25

Capitalexpenditure            US$million            23           27           14           23           14

Salesvolumesandrevenuesinthecorporatesegmentprimarilyrepresentgastradingactivities.Capitalexpenditure

primarilyrepresentsexplorationandevaluationactivitiesnotrecordedagainstassets.

Capitalexpenditure

Totalexploration,evaluationanddevelopmentexpenditureissummarisedinthetablebelow.

US$million                                       Q12017    Q42016    Q12016   YTD2017   YTD2016

Capitalexpenditure

        Exploration                                      30         32         16         30         16

        Evaluation                                       17         23         26         17         26

        Developmentandothercapex(includingrestoration)         87        132        108         87        108

Capitalexpenditureexclcapitalisedinterest                 134        187        150        134        150

        Capitalisedinterest                                  2          2          7          2          7

Totalcapitalexpenditure                                136        189        157        136        157

Explorationandevaluationexpensed

        Exploration                                      30         54         13         30         13

        Evaluation                                        4         11         10          4         10

Totalcurrentyearexpenditure                            34         65         23         34         23

        Write-offofamountscapitalisedinprioryears               4         11          1          4          1

Totalexpensed                                         38         76         24         38         24

Explorationactivity

Thetablebelowdetailswellsdrilledduringthefirstquarterandtheirstatus.

Wellname       Basin/area                     Target      Santos%    Wellstatus

Magnama-2       Bangladesh/Magnama/Block16      Gas        51%         P&A;sub-commercialgasdiscovery

Muruk1ST1#      PNGSouthernHighlands             Gas        20%         Pluggedbackandside-tracked;gaswell

Muruk1ST2#      PNGSouthernHighlands             Gas        20%         Pluggedbackandside-tracked;gaswell

Muruk1ST3#      PNGSouthernHighlands             Gas        20%         Drilling

#NotoperatedbySantos.

FollowingthegasandcondensatediscoveryinMuruk-1,twoside-trackshavebeendrilledandathirdside-track(Muruk

1ST3)iscurrentlydrillingahead.Muruk1ST1andMuruk1ST2weredrilledtothenorth-eastofMuruk1,wheretheToro

SandstoneinterceptedbyST2maybewaterbearing.Muruk1ST3isbeingdrilledtothesouth-westofMuruk1andwill

helpconstrainthestructuralconfigurationofthesouthernflankoftheMurukstructureandfurtherdefinefieldfluid

limits.

SantosLtd l FirstQuarterActivitiesReport l 20April2017                                          Page9of12

Drillingsummary

Appraisal/evaluationwells

Wellname        Basin/area        Target           Santos%          Wellstatus

Barossa-5#         BonaparteBasin-NT  Gas              25%               P&A;re-spud

Barossa-5A#        BonaparteBasin-NT  Gas              25%               P&A;gaswell

Caraka-2          Cooper-SA        Gas              66.6%             C&S;successfulgas

DunadooEast-1*     Cooper-QLD       Gas              66.06%            P&A(correctionfromQ42016report)

Ranger-1          Cooper-QLD       Gas              60.06%            C&S;successfulgas

Raffle-2           Cooper-QLD       Gas              60.06              C&S;successfulgas

Strzelecki-32        Cooper-SA        Gas              79.79%(cost,LTAP)**  C&S;successfulgas

#NotoperatedbySantos

*SpudinQ42016,completedinQ12017

**LTAP=Lessthanallparties

Developmentwells

Wellname        Basin/area        Target           Santos%          Wellstatus

Avalon-5          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Avalon-6          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Avalon-7          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Avalon-8          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Avalon-16          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Avalon-17          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Avalon-18          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Daldowie-2         Scotia�CQLD        CSG             30%               C&S;successfulCSG

Daldowie-3         Scotia�CQLD        CSG             30%               C&S;successfulCSG

Daldowie-8*        Scotia�CQLD        CSG             30%               C&S;successfulCSG

Daldowie-9         Scotia�CQLD        CSG             30%               C&S;successfulCSG

Daldowie-10        Scotia�CQLD        CSG             30%               C&S;successfulCSG

Daldowie-11        Scotia�CQLD        CSG             30%               C&S;successfulCSG

Daldowie-12        Scotia�CQLD        CSG             30%               C&S;successfulCSG

GlenEvis-1         Scotia�CQLD        CSG             30%               C&S;successfulCSG

Kanowana-12       Cooper-SA        Gas              66.6%             C&S,successfulgas

Kanowana-13       Cooper-SA        Gas              66.6%             C&S,successfulgas

Kanowana-14       Cooper-SA        Gas              66.6%             C&S,successfulgas

Moomba-213        Cooper-SA        Gas              100%(cost,LTAP)**   C&S,successfulgas

Moomba-214        Cooper-SA        Gas              100%(cost,LTAP)**   C&S,successfulgas

RM01-16-1         Roma-QLD        CSG             30%               C&S;successfulCSG

RM02-44-1         Roma-QLD        CSG             30%               C&S;successfulCSG

RM02-45-1         Roma-QLD        CSG             30%               C&S;successfulCSG

RM02-48-1         Roma-QLD        CSG             30%               C&S;successfulCSG

RM02-49-1         Roma-QLD        CSG             30%               C&S;successfulCSG

RM02-50-1         Roma-QLD        CSG             30%               C&S;successfulCSG

RM02-51-1         Roma-QLD        CSG             30%               Drilling

SantosLtd l FirstQuarterActivitiesReport l 20April2017                                         Page10of12

Wellname        Basin/area        Target           Santos%          Wellstatus

Scotia-49*         Scotia�CQLD        CSG             30%               C&S;successfulCSG

Scotia-69          Scotia�CQLD        CSG             30%               C&S;successfulCSG

Toolachee-53       Cooper-SA        Gas              60.6%             C&S,successfulgas

Toolachee-54       Cooper-SA        Gas              60.6%             C&S,successfulgas

*SpudinQ42016,completedinQ12017

**LTAP=Lessthanallparties

Seismicactivity

Thetablebelowdetailsseismicactivityduringthefirstquarterandstatus.

Permit                  Basin/area        Survey           Type    km/km2    Status

EP112andEP125           Amadeus          2016Southern      2D      762km2     72%complete

                                         Amadeus2D                           (933km2/1,300km2)

WA290P,WA49R,WA214P,    Carnarvon         Bianchi-Hockey3D   3D      1,720km2    Complete

WA13L,WA33R,andWA510P

SantosLtd l FirstQuarterActivitiesReport l 20April2017                                         Page11of12

Abbreviationsandconversionfactors

 Abbreviations                                        Conversionfactors

 C&C           casedandcompleted                      Salesgasandethane,1PJ       171.937boex103

 C&S           casedandsuspended                     Crudeoil,1barrel             1boe

 CSG           coalseamgas                           Condensate,1barrel           0.935boe

 FPSO          floatingproduction,storageandoffloading       LPG,1tonne                 8.458boe

 GJ            gigajoules                             LNG,1PJ                   18,040tonnes

 kbbls          thousandbarrels                         LNG,1tonne                 52.54mmBtu

 kt             thousandtonnes

 LNG           liquefiednaturalgas

 LPG           liquefiedpetroleumgas

 m             million

 mmbbl         millionbarrels

 mmboe         millionbarrelsofoilequivalent

 mmBtu         millionBritishthermalunits

 mmscf          millionstandardcubicfeet

 mt            milliontonnes

 mtpa          milliontonnesperannum

 NFE           near-fieldexploration

 P&A           pluggedandabandoned

 pa            perannum

 PJ            petajoules

 PSC           productionsharingcontract

 t             tonnes

 TJ            terajoules

SantosLtd l FirstQuarterActivitiesReport l 20April2017                                         Page12of12