Media enquiries
Joanna Vaughan
+61 (0) 419 111 779
joanna.vaughan@santos.com
Third Quarter Activities Report
For period ending 30 September 2017
Investor enquiries
Andrew Nairn
+61 8 8116 5314 / +61 (0) 437 166 497
andrew.nairn@santos.com
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
19 October 2017
Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “The company’s third quarter results
continue to highlight the value of our disciplined operating model in delivering a low-cost, reliable and high performance
business that can generate significant free cash flow in the current oil price environment.”
“Compared to the end of 2016, our net debt position is US$700 million lower at US$2.8 billion and our forecast free
cash flow breakeven for 2017 sits at US$33 per barrel1, well below the US$47 per barrel at the beginning of 2016.”
Production was up 2% compared to the previous quarter, driven by a 4% increase from the five core assets, primarily
due to higher production from the Cooper Basin, Queensland, PNG and WA Gas assets. Sales volumes were in-line with
the previous quarter while sales revenues were up 3% to US$793 million, primarily due to higher LNG, condensate and
LPG prices. As a result of this continued strong operating performance, Santos has upgraded its production and sales
volume guidance for 2017 to 58-60 mmboe and 79-82 mmboe, respectively.
Mr Gallagher said drilling activity was increased in both the Cooper Basin and GLNG, with 16 Cooper and 53 GLNG wells
drilled in the quarter. This increase in activity is a result of the significant improvements in the drill, complete and
connect upstream operations unit cost performance over the last 18 months.
Santos also announced during the quarter its role in the supply of more than 125 petajoules of gas into in the southeast domestic market over the coming years.
“As an Australian company, we understand the importance of reliable and affordable energy for Australian businesses
and households, and are committed to playing our role in supplying the domestic market,” Mr Gallagher said.
1 Free cash flow breakeven is the average annual oil price in 2017 at which cash flows from operating activities (including hedging) equals cash flows from
investing activities. Forecast methodology uses corporate assumptions. Excludes one-off restructuring and redundancy costs and asset divestitures.
Comparative performance
Santos share Units Q3 2017 Q2 2017 Change YTD 2017 YTD 2016 Change
Production mmboe 15.0 14.7 +2% 44.5 46.6 -4%
Sales volume mmboe 21.5 21.5 +0% 61.6 62.2 -1%
Average realised oil price US$/bbl 53.3 53.0 +1% 54.3 44.5 +22%
Sales revenue US$million 793 769 +3% 2,246 1,841 +22%
Capital expenditure1 US$million 157 190 -17% 483 456 +6%
? Capital expenditure including restoration expenditure, acquisition of exploration assets but excluding capitalised interest.
Key highlights
Balance sheet strengthened
? Net debt reduced to US$2.8 billion at the end of the quarter, down from US$3.5 billion at the end of 2016
? Euro 1 billion Subordinated Notes redeemed and replaced by US$800 million 10-year Reg-S bond, resulting in
significant annual interest cost savings of approximately US$40 million per annum from 2017 levels
Production and sales guidance upgraded
? 2017 production guidance upgraded to 58-60 mmboe
? Sales guidance upgraded to 79-82 mmboe
Record PNG LNG performance
? PNG LNG operated at an annualised rate of 8.6 mtpa for the quarter, the highest quarterly rate since start-up
Increasing east coast domestic gas supply
? Santos announced new arrangements for the supply of more than 125 petajoules of gas into the south-east
domestic market over 2017-20
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 2 of 14
Sales volumes (Santos share)
Product Unit Q3 2017 Q2 2017 Q3 2016 YTD 2017 YTD 2016
LNG 000 t 743.4 754.8 755.5 2,227.2 2,057.6
Domestic sales gas and ethane PJ 59.6 60.7 57.3 168.1 171.0
Crude oil 000 bbls 2,589.3 2,684.7 2,793.1 7,360.6 9,443.8
Condensate 000 bbls 1,202.3 991.8 1,244.5 3,240.6 3,119.7
LPG 000 t 62.7 26.7 34.5 132.2 99.7
Sales
Own product mmboe 15.2 15.0 16.4 44.3 47.7
Third party mmboe 6.3 6.5 4.9 17.3 14.5
Total sales volume mmboe 21.5 21.5 21.3 61.6 62.2
Sales revenues (Santos share)
Product Unit Q3 2017 Q2 2017 Q3 2016 YTD 2017 YTD 2016
LNG US$m 293 290 227 855 617
Domestic sales gas and ethane US$m 271 279 226 762 642
Crude oil US$m 137 142 135 399 420
Condensate US$m 64 48 51 170 127
LPG US$m 27 10 11 59 35
Sales
Own product US$m 557 557 482 1,618 1,395
Third party US$m 236 212 168 628 446
Total sales revenue US$m 793 769 650 2,246 1,841
Third party product purchases US$m 189 159 128 467 378
Third quarter sales volumes were in-line with the prior quarter, while sales revenues were up 3%, primarily due to
higher LNG, condensate and LPG prices.
Average realised prices
Unit Q3 2017 Q2 2017 Q3 2016 YTD 2017 YTD 2016
LNG price US$/mmBtu 7.50 7.32 5.72 7.31 5.71
Domestic sales gas price US$/GJ 4.56 4.60 3.97 4.54 3.75
Oil price US$/bbl 53.28 52.96 48.43 54.26 44.46
Condensate price US$/bbl 52.72 48.49 41.21 52.38 40.81
LPG price US$/t 421.27 372.81 314.08 445.42 353.63
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 3 of 14
Production (Santos share)
Product Unit Q3 2017 Q2 2017 Q3 2016 YTD 2017 YTD 2016
Sales gas to LNG plant PJ 32.0 30.9 30.3 94.1 83.8
Domestic sales gas and ethane PJ 39.7 39.3 42.2 117.7 132.5
Crude oil 000 bbls 1,576.1 1,672.8 1,796.8 4,875.9 5,876.4
Condensate 000 bbls 795.9 810.7 935.1 2,462.3 2,705.3
LPG 000 t 36.8 34.7 41.8 107.4 114.9
Total production mmboe 15.0 14.7 15.5 44.5 46.6
Third quarter production was higher than the previous quarter due to increases in production from the core assets.
Oil price hedging
2.7 million barrels of oil hedging expired in the third quarter under the zero-cost three way collar hedges, resulting in
a positive cash settlement of US$0.8 million being received during the quarter. Hedging of 2018 oil exposures continued
during the quarter. The following oil price hedging positions were in place as at 9 October 2017.
Open oil price positions 2017 2018
Zero-cost three-way collars (barrels)1 2,760,000 12,501,250
Brent short call price ($/bbl) US$62.85 US$60.30
Brent long put price ($/bbl) US$50.00 US$48.48
Brent short put price ($/bbl) US$40.00 US$40.80
? When Brent price is above the weighted average short call price, Santos realises short call price. When Brent price is between the long put price and the
weighted average short call price, Santos realises Brent price. When Brent price is between the long put price and the short put price, Santos realises the
long put price. When Brent price is below the short put price, Santos realises Brent price plus the difference between the long put price and the short put
price.
2017 Guidance
Sales volumes guidance is upgraded to 79-82 mmboe and production guidance to 58-60 mmboe. All guidance is
shown in the table below.
Item Previous guidance Updated guidance
Sales volumes 77-82 mmboe 79-82 mmboe
Production 57-60 mmboe 58-60 mmboe
Upstream production costs US$8-8.25/boe produced No change
Depreciation, depletion and amortisation (DD&A) US$700-750 million No change
Capital expenditure (including exploration, evaluation and restoration, excl cap. int.) US$700-750 million No change
Further detail of 2017 third quarter capital expenditure, including exploration and evaluation expenditure, is reported in
the table on page 9 of this report.
Strengthening the balance sheet
Net debt was reduced to US$2.8 billion as at 30 September 2017, down from US$3.5 billion at the end of 2016, through
a combination of free cash flow, previously announced asset sales and proceeds from the Share Purchase Plan.
On 8 September 2017, the company announced that it had successfully priced a US$800 million, 10 year senior
unsecured fixed rate bond transaction in the US Dollar Regulation-S market. The bonds were priced at a fixed coupon
of 4.125% for a period of 10 years, maturing on 14 September 2027. Proceeds of the issuance were used to redeem
the company’s Euro 1 billion subordinated notes on 22 September 2017.
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 4 of 14
Core assets
Cooper Basin
Santos share Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Sales volume
Sales gas and ethane
Own product PJ 17.5 16.9 21.2 52.6 57.7
Third party PJ 0.7 0.7 0.2 2.0 3.2
Total PJ 18.2 17.6 21.5 54.6 60.9
Condensate
Own product 000 bbls 534.5 336.1 280.8 1,242.2 783.6
Third party 000 bbls 85.4 40.1 43.2 164.0 116.3
Total 000 bbls 619.9 376.2 324.0 1,406.2 899.9
LPG
Own product 000 t 42.6 19.1 17.5 94.2 64.1
Third party 000 t 7.3 2.0 4.0 11.3 6.6
Total 000 t 49.9 21.1 21.4 105.5 70.7
Crude oil
Own product 000 bbls 583.7 667.3 629.4 1,663.8 1,840.7
Third party 000 bbls 1,048.8 1,070.6 1,232.1 2,849.6 3,677.9
Total 000 bbls 1,632.5 1,737.9 1,861.4 4,513.4 5,518.5
Total sales volume mmboe 5.7 5.4 6.0 16.1 17.4
Total sales revenue US$million 212 204 195 591 539
Production
Sales gas and ethane PJ 14.4 13.9 15.0 43.0 46.5
Condensate 000 bbls 219.9 198.2 215.0 633.8 699.9
LPG 000 t 29.1 26.1 29.3 82.5 87.2
Crude oil 000 bbls 644.0 682.9 637.6 1,976.6 1,983.9
Total production mmboe 3.6 3.5 3.7 10.7 11.4
Capital expenditure US$million 54 46 36 138 126
Sales gas and ethane sales volumes were higher than the previous quarter primarily due to higher gas sales to LNG and
domestic markets.
Sales gas and ethane production was 4% higher than the previous quarter due to higher field capacity from new wells
on line. Condensate production was higher due to higher yields. Crude oil production was lower than the previous
quarter due to natural field decline partially offset by new wells on line.
Sixteen development and NFE/appraisal wells (eight gas and eight oil) were drilled during the quarter.
All eight gas development and appraisal wells were successful, and cased and suspended for future production.
Of the four development oil wells, three were cased and suspended for future production and one was drilling at month
end. All four appraisal oil wells drilled in the quarter were cased and suspended for future production.
An increased focus on exploration in 2017 has delivered four successful near field exploration (NFE) gas wells during
the year, and it is anticipated that at least two of these wells will be connected and producing by the end of the year.
Two further oil NFE prospects are planned to be drilled in the fourth quarter. An increased exploration program is
planned in 2018.
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 5 of 14
Queensland
Santos share Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Sales volume
GLNG
LNG - own product 000 t 162.9 145.5 170.8 481.3 410.0
LNG - third party 000 t 221.9 222.3 217.0 672.3 570.0
LNG �C total 000 t 384.8 367.8 387.9 1,153.6 980.0
Domestic contracts PJ 9.1 7.9 2.7 18.9 13.6
Eastern Queensland (non-operated)1 PJ 2.1 4.8 5.5 11.4 15.5
Total sales volume2 mmboe 5.6 5.6 5.0 16.2 13.9
Total sales revenue2 US$million 188 187 142 542 359
Production
GLNG
Sales gas to LNG PJ 10.9 10.4 9.2 31.1 21.7
Domestic contracts PJ 0.7 0.8 0.9 2.4 3.6
Eastern Queensland (non-operated)1 PJ 5.7 5.7 4.8 16.6 14.6
Total production2 mmboe 3.0 2.9 2.6 8.6 6.9
Capital expenditure US$million 50 47 60 125 156
1 Combabula, Ramyard, Spring Gully, Denison and Tardrum
2 Total sales volume, sales revenue and production include minor condensate production from Denison
GLNG - operational data (gross) Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Production
LNG1 000 t 1,230 1,073 1,310 3,670 3,258
Sales gas to LNG plant
Own product PJ 34 30 35 96 83
Third party PJ 40 36 45 126 116
Total sales gas to LNG plant PJ 74 66 80 223 200
LNG cargoes shipped 20 21 21 62 53
1 Includes LNG produced from GLNG equity gas, Santos portfolio gas and third-party quantities
Upstream equity sales gas production was approximately 4% higher than the previous quarter primarily due to strong
field performance from Fairview and higher Roma production. 53 new development wells were drilled in the GLNG
fields in the quarter, with 40 development wells connected to sales in the Fairview and Roma fields.
Gross daily production of 470 TJ/day from the Fairview field at the end of the quarter was in line with forecast. All 12
wells of the Fairview infield project have been top-set with the first well online expected in October. Drilling
commenced on the Fairview Dawson Bend project, with 10 wells drilled to the end of the quarter. The remaining well
will be drilled in October with the first well expected to be online in December.
The Roma field continues to de-water with gross daily production of 50 TJ/day at the end of the quarter, in line with
forecast. The Roma 2B project is 94% complete with all wells online, while the Roma 3A project is 98% complete with
all 29 wells online.
Gross daily production from the Scotia field at the end of the quarter was steady at 28 TJ/d. The Scotia CF1 project is
53% complete, with 60 wells drilled. The first well is expected to be online in October with the final well online by July
2018, 11 months ahead of schedule. Gross daily production from the Arcadia field at the end of the quarter was
steady at 8 TJ/d.
The LNG train 2 statutory shutdown was successfully completed in June and the LNG train 1 shutdown successfully
completed in July.
Eastern Queensland (non-operated) sales lower due primarily to higher gas banking from Combabula production.
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 6 of 14
PNG
Santos share Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Sales volume
PNG LNG
LNG1 000 t 285.7 300.1 272.8 818.6 791.7
Condensate 000 bbls 503.3 352.3 433.7 1,230.3 1,246.0
Crude oil 000 bbls 1.4 5.5 6.1 11.9 20.5
Total sales volume mmboe 3.2 3.2 3.0 9.0 8.7
Total sales revenue US$million 139 127 104 387 312
Production
PNG LNG
Sales gas to LNG1 PJ 17.1 15.7 15.9 48.9 46.3
Condensate 000 bbls 384.9 357.8 378.1 1,119.8 1,111.7
Crude oil 000 bbls 4.6 5.4 5.8 15.0 19.6
Total production mmboe 3.3 3.1 3.1 9.5 9.0
Capital expenditure US$million 3 4 3 11 4
1 Includes SE Gobe
PNG LNG operational data
(gross) Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Production
LNG Mt 2.2 2.0 2.0 6.2 5.9
Sales gas to LNG plant PJ 128 119 120 368 348
Condensate1 000 bbls 2,832 2,658 2,795 8,276 8,213
Sales gas (SE Gobe)2 PJ 5 5 5 13 12
LNG cargoes shipped 29 27 27 82 80
1 Measured at the Kutubu entry point
2 Purchased by PNG LNG
During the quarter, PNG LNG continued to operate well above nameplate capacity at a record annualised rate of
approximately 8.6 mtpa.
LNG sales volumes were lower than the previous quarter due to timing of shipments.
Planning continues for the drilling an appraisal well on the Muruk gas discovery in early-2018 and a potential exploration
well on the adjacent Karoma prospect in late-2018.
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 7 of 14
Northern Australia
Santos share Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Sales volume
Darwin LNG
LNG 000 t 72.9 87.1 94.8 255.0 285.9
Bayu Undan
Condensate 000 bbls 59.8 133.6 252.7 380.9 538.7
LPG 000 t 12.8 5.6 13.0 26.7 28.9
Total sales volume mmboe 0.8 1.0 1.2 3.0 3.5
Total sales revenue US$million 34 36 36 112 108
Production
Darwin LNG
Sales gas to LNG PJ 4.0 4.8 5.2 14.1 15.8
Bayu Undan
Condensate 000 bbls 69.4 130.6 217.8 355.7 499.0
LPG 000 t 7.7 8.6 12.5 24.9 27.7
Total production mmboe 0.8 1.0 1.2 2.9 3.4
Capital expenditure US$million 8 23 4 48 5
Darwin LNG / Bayu-Undan
operational data (gross) Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Production
LNG 000 t 715 794 842 2,406 2,748
Sales gas to LNG plant PJ 43 48 51 145 166
Condensate 000 bbls 1,345 1,316 2,221 4,334 5,447
LPG 000 t 78 71 123 237 284
LNG cargoes shipped 11 12 14 37 43
Darwin LNG sales volumes and production were lower than the previous quarter in-line with the delivery schedule of 11
LNG cargoes for the month.
Condensate sales volumes and production were lower than the previous quarter due to a prior-period adjustment to net
entitlement production and lower net entitlement compared to the previous quarter.
Following positive results from the two-well appraisal campaign in the Barossa field, good progress is being made on
the proposed development to supply backfill gas to Darwin LNG, with a FEED-entry decision expected in early-2018.
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 8 of 14
Western Australia Gas
Santos share Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Sales volume
Sales gas PJ 14.6 14.1 12.4 40.0 33.9
Condensate 000 bbls 16.8 129.3 229.5 219.2 424.4
Total sales volume mmboe 2.6 2.5 2.3 7.1 6.2
Total sales revenue US$million 59 65 51 175 125
Production
Sales gas PJ 13.7 12.5 12.1 37.6 38.1
Condensate 000 bbls 119.6 118.8 116.8 344.7 371.4
Total production mmboe 2.5 2.2 2.2 6.8 6.9
Capital expenditure US$million 13 3 11 18 21
Sales gas volumes and production were higher due to higher customer nominations from Varanus Island and Reindeer.
Condensate sales volumes were lower than the prior quarter due to the timing of liftings.
Other assets
Asia, New South Wales and Western Australia Oil (ANWO)
Santos share Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Sales volume
Sales gas1 PJ 5.0 5.6 9.2 17.3 28.8
Condensate2 000 bbls 2.5 0.4 2.8 3.8 7.8
Crude oil3 000 bbls 964.4 948.7 944.9 2,868.1 3,963.7
Total sales volume mmboe 1.9 1.9 2.5 5.9 8.9
Total sales revenue US$million 80 79 88 247 305
Production
Sales gas4 PJ 5.2 6.3 9.4 18.1 29.7
Condensate2 000 bbls 2.3 5.1 6.6 8.2 21.9
Crude oil3 000 bbls 927.5 984.5 1,153.4 2,884.3 3,872.9
Total production mmboe 1.8 2.1 2.8 6.0 9.0
Capital expenditure US$million 15 17 17 54 60
1 Indonesia, Vietnam, Victoria and Mereenie. Victorian assets and Mereenie sold effective 1 January 2017.
2 Indonesia and Victoria. Victorian assets sold effective 1 January 2017.
3 Mutineer-Exeter/Fletcher Finucane and Barrow Island (Western Australia), Vietnam, Indonesia and Mereenie. Mereenie sold effective 1 January 2017. Stag
(Western Australia) sold effective 11 November 2016.
4 Indonesia, Vietnam, NSW, Victoria and Mereenie. Victorian assets and Mereenie sold effective 1 January 2017.
Total production and sales volumes from the ANWO assets were lower than the previous corresponding period due to
the sale of the Victorian, Mereenie and Stag assets.
Sales gas production in Vietnam was in line with the previous quarter and in Indonesia, sales volumes were lower than
the prior quarter due to lower customer nominations and natural field decline. Oil production was in line with the previous
quarter in Vietnam and Western Australia. Oil production in Indonesia ceased at the end of the second quarter.
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 9 of 14
Corporate, exploration and eliminations
Santos share Units Q3 2017 Q2 2017 Q3 2016 2017 YTD 2016 YTD
Total sales volume mmboe 1.7 1.9 1.2 4.3 3.5
Total sales revenue US$million 81 71 34 192 94
Capital expenditure US$million 14 47 24 84 66
Sales volumes and revenues in the corporate segment primarily represents gas trading activities. Capital expenditure
primarily represents exploration and evaluation activities not recorded against assets.
Capital expenditure was lower primarily due to the farm-in to Muruk in PNG in the second quarter.
Capital expenditure
Total exploration, evaluation and development expenditure is summarised in the table below.
US$million Q3 2017 Q2 2017 Q3 2016 YTD 2017 YTD 2016
Capital expenditure
Exploration1 13 43 34 86 74
Evaluation 17 36 14 70 71
Development and other capex (including restoration) 127 108 107 322 293
Capital expenditure excl capitalised interest 157 187 155 478 438
Capitalised interest (0) 3 3 5 18
Total capital expenditure1 157 190 158 483 456
Exploration and evaluation expensed
Exploration 9 10 8 49 36
Evaluation 9 4 7 17 26
Total current year expenditure 18 14 15 66 62
Write-off of amounts capitalised in prior years - 1 - 5 0
Total expensed 18 15 15 71 62
1 Includes acquisition of exploration assets
Exploration activity
The table below details wells drilled during the third quarter and their status.
Well name Basin/area Target Santos % Well status
Humboldt South 1# Mahalo - QLD Gas 30.00% P&A, successful corehole
# Not operated by Santos.
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 10 of 14
Drilling summary
Near-field exploration (NFE) / Appraisal wells
Well name Basin/area Target Santos % Well status
Okotoko North 1 Cooper - QLD Gas 60.06% C&S, successful gas
Koree South 2 Cooper - SA Gas 66.60% C&S, successful gas
Tennaperra 5 Cooper - QLD Oil 70.00% C&S, successful oil
Merrimelia 63 Cooper - SA Oil 66.60% C&S, successful oil
Merrimelia 65 Cooper - SA Oil 66.60% C&S, successful oil
Merrimelia 67 Cooper - SA Oil 66.60% C&S, successful oil
Judga 4 Cooper - QLD Gas 60.10% C&S, successful gas
Development wells
Well name Basin/area Target Santos % Well status
12WCS N51PST# Block 12W Chim Sao
Vietnam
Oil 31.90% Drilling
Big Lake 143* Cooper - SA Gas 86.81%** C&S, successful gas
Combabula 67# Combabula - QLD Gas 7.28% Drilling
Combabula 97# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 144# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 251# Combabula - QLD Gas 7.28% Drilling
Combabula 252# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 270# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 271# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 272# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 273# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 274#* Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 293# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 294# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 295# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 296# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 313# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 314# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 316# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 317# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 318# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 337# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 338# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 339# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 340# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 353# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 360# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 444# Combabula - QLD Gas 7.28% C&S, successful gas
Combabula 445# Combabula - QLD Gas 7.28% C&S, successful gas
Durham Ranch 86# Spring Gully - QLD Gas 4.00% C&S, successful gas
Durham Ranch 113# Spring Gully - QLD Gas 4.00% C&S, successful gas
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 11 of 14
Well name Basin/area Target Santos % Well status
Durham Ranch 114# Spring Gully - QLD Gas 4.00% Drilling
Durham Ranch 115# Spring Gully - QLD Gas 4.00% C&S, successful gas
Durham Ranch 171# Spring Gully - QLD Gas 4.00% C&S, successful gas
Durham Ranch 277# Spring Gully - QLD Gas 4.00% C&S, successful gas
Durham Ranch 377# Spring Gully - QLD Gas 4.00% Drilling
Durham Ranch 393# Spring Gully - QLD Gas 4.00% C&S, successful gas
Durham Ranch 874# Spring Gully - QLD Gas 4.00% C&S, successful gas
FV11-49-2 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-56-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-59-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-60-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-61-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-62-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-65-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-66-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV11-67-1 (re-entry) Fairview - QLD Gas 30.00% C&S; successful gas
FV12-22-4 Fairview - QLD Gas 30.00% Drilling
FV12-37-1* Fairview - QLD Gas 30.00% C&S; successful gas
FV12-37-2 Fairview - QLD Gas 30.00% C&S; successful gas
FV12-38-1 Fairview - QLD Gas 30.00% C&S; successful gas
FV12-39-1 Fairview - QLD Gas 30.00% C&S; successful gas
FV12-40-1 Fairview - QLD Gas 30.00% C&S; successful gas
FV12-41-1 Fairview - QLD Gas 30.00% Plugged back and side-tracked
FV12-41-1ST1 Fairview - QLD Gas 30.00% Plugged back and side-tracked
FV12-41-1ST2 Fairview - QLD Gas 30.00% C&S; successful gas
FV12-42-1 Fairview - QLD Gas 30.00% C&S; successful gas
FV12-43-1 Fairview - QLD Gas 30.00% C&S; successful gas
FV13-28-1 Fairview - QLD Gas 30.00% C&S; successful gas
FV13-29-1 Fairview - QLD Gas 30.00% C&S; successful gas
Irtalie East 6 Cooper - QLD Oil 55.50% C&S, successful oil
Jack Lake 6 Cooper - SA Gas 66.60% C&S, successful gas
Jack Lake 7 Cooper - SA Gas 66.60% C&S, successful gas
Kelsall 4 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 5 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 6 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 7 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 8 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 9 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 10 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 11 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 12 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 13 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 14 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 15 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 16 Scotia - QLD Gas 30.00% C&S; successful gas
Kelsall 17 (top hole) Scotia - QLD Gas 30.00% Suspended for later deepening
Meadows 1 Fairview - QLD Gas 30.00% C&S; successful gas
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 12 of 14
Well name Basin/area Target Santos % Well status
Merrimelia 66 Cooper - SA Oil 66.60% Drilling
Mount Kingsley 14 Arcadia - QLD Gas 30.00% C&S; successful gas
Mount Kingsley 15 Arcadia - QLD Gas 30.00% C&S; successful gas
Mount Kingsley 16 Arcadia - QLD Gas 30.00% C&S; successful gas
Mount Kingsley 17 Arcadia - QLD Gas 30.00% C&S; successful gas
Mount Kingsley 18 Arcadia - QLD Gas 30.00% C&S; successful gas
Mount Kingsley 19 Arcadia - QLD Gas 30.00% C&S; successful gas
Reedy Creek 53# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 62# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 63# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 88# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 94# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 95# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 96# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 120# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 121# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 126# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 127# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 148# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 150# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 155# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 156# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 157# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 181# Combabula - QLD Gas 7.28% C&S, successful gas
Reedy Creek 182# Combabula - QLD Gas 7.28% C&S, successful gas
RM02-55-1 Roma - QLD Gas 30.00% C&S; successful gas
RM02-56-1 Roma - QLD Gas 30.00% C&S; successful gas
RM07-24-1 Roma - QLD Gas 30.00% C&S; successful gas
RM07-95-1 Roma - QLD Gas 30.00% C&S; successful gas
RM08-14-5 Roma - QLD Gas 30.00% C&S; successful gas
RM08-16-5 Roma - QLD Gas 30.00% C&S; successful gas
RM08-89-1 Roma - QLD Gas 30.00% C&S; successful gas
RM08-90-1 Roma - QLD Gas 30.00% C&S; successful gas
RM09-14-3 Roma - QLD Gas 30.00% C&S; successful gas
RM09-15-2 Roma - QLD Gas 30.00% C&S; successful gas
RM09-61-1 Roma - QLD Gas 30.00% C&S; successful gas
RM12-06-5 Roma - QLD Gas 30.00% C&S; successful gas
RM12-69-1 Roma - QLD Gas 30.00% C&S; successful gas
RM12-70-1 Roma - QLD Gas 30.00% C&S; successful gas
RM12-72-1 Roma - QLD Gas 30.00% C&S; successful gas
RM13-02-5 Roma - QLD Gas 30.00% C&S; successful gas
RM13-57-1 Roma - QLD Gas 30.00% C&S; successful gas
RM13-59-1 Roma - QLD Gas 30.00% C&S; successful gas
RM13-60-1* Roma - QLD Gas 30.00% C&S; successful gas
Roti 5 Cooper - QLD Gas 60.10% C&S; successful gas
Roti 6 Cooper - QLD Gas 60.10% C&S; successful gas
Scotia 46 (top hole) Scotia - QLD Gas 30.00% Suspended for later deepening
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 13 of 14
Well name Basin/area Target Santos % Well status
Scotia 52 Scotia - QLD Gas 30.00% C&S; successful gas
Scotia 57 (top hole) Scotia - QLD Gas 30.00% Suspended for later deepening
Scotia 58 Scotia - QLD Gas 30.00% C&S; successful gas
The Rock 6 Scotia - QLD Gas 30.00% C&S; successful gas
Woodroyd 2 (top hole) Scotia - QLD Gas 30.00% Suspended for later deepening
Zeus 11 Cooper - QLD Oil 70.00% C&S; successful oil
Zeus 12 Cooper - QLD Oil 70.00% C&S; successful oil
# Not operated by Santos
* Spud in Q2 2017, completed in Q3 2017
** LTAP = Less than all parties
Seismic activity
The table below details seismic activity during the third quarter and status.
Permit Basin/area Survey Type km/km2 Status
WA459P Bonaparte Fishburn 3D 3D 600 km2 100% complete
ATP752B, ATP1189AB, PL303,
PL508, PL509 Cooper Barta West 3D 3D 350 km2 100% complete
ATP1189P, PL80, PL112,
PL136, PL152, PL156, PL1013 Cooper Bolah 3D 3D 220.5 km2 56% complete
Santos Ltd l Third Quarter Activities Report l 19 October 2017 Page 14 of 14
Abbreviations and conversion factors
Abbreviations Conversion factors
C&C cased and completed Sales gas and ethane, 1 PJ 171.937 boe x 10?
C&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