031111 GLNG Investor Tour Presentation

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Santos LtdABN 80 007 550 923Ground Floor, Santos Centre60 Flinders StreetAdelaide South Australia 5000

GPO Box 2455Adelaide South Australia 5001

Direct: + 61 8 8116 5000Facsimile: + 61 8 8116 6723

TO: Company Announcements OfficeASX Limited

FROM:Company Secretary

DATE: 3 November 2011

SUBJECT: GLNG Investor Tour Presentation

Please find attached a presentation GLNG Investor Tour, being presented by Mark Macfarlanein Roma on Thursday 3 November 2011.

David Lim


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3-4 November 2011

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Disclaimer & Important Notice

This presentation contains forward looking statements that are subject to

.

expectations reflected in these statements are reasonable, but they may beaffected by a range of variables which could cause actual results or trends to

differ materiall includin but not limited to: rice fluctuations actual

demand, currency fluctuations, geotechnical factors, drilling and production

results, gas commercialisation, development progress, operating results,

engineering estimates, reserve estimates, loss of market, industrycompetition, environmental risks, physical risks, legislative, fiscal and

regulatory developments, economic and financial markets conditions in

various countries, approvals and cost estimates.

All references to dollars, cents or $ in this document are to Australian

currency, unless otherwise stated.

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Project Overview

Development of CSG

First LNG expected in 2015 on schedule

Arcadia Area

Surat Basins

FID Jan 2011

Queensland

US$16 billion project

5,000 jobs in construction

Scotia AreaFairview Area

,

420km pipeline and 7.8mtpatwo train plant

Roma Area

First cargo 2015

Customers

- PETRONAS, 3.5mtpa

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- Kogas, 3.5mtpa


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Strong Partnership / Contractors

Project partners have industry leading expertise providingend to end supply chain coverage

Predominantly fixed price EPC contracting strategy with

GLNG leveraging strength of partnerships

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Experienced Leadership Team

President GLNG

Experience:25 years Oil & Gas experience.Held position of Vice President

GM ExternalAffairs

Victoria Somlyay

GMDownstreamOperations

ProjectDirector Plant

& Port

GM UpstreamOperationsRob Simpson

GM Marketin gKartina Amin

(Acting)

GM LegalPatrick Ronan

DirectorGas Suppl yMike Hughes

GM HumanResourcesPeter White

GLNGProgramDirector

GM BusinessServices

Olivier Depraz

Eastern Australia for Santos

25+ years (including20+ years oil & gas)extensive operationaland financemanagement,business development,

35+ years oiland gas, 15years LNGprojectexperience

PETRONASsecondee.PreviouslyManagedMLNG. 28years

Totalsecondee.29 years oil& gasexperienceover a range

15+ yearspolitical &seniorcorporateaffairsexperience

15+ years HRexperience,significant oil& gasexperience,project

20 yrs legalexperience inconstruction,infrastructure,resources andfinance

PETRONASsecondee. 13years in oil &gas industrywith 8 years inLNG marketing

Totalsecondee. 40years projectmanagementexperience

30+ yearsoperationsand projectexperience

SupportGas Supply Execute Operate

international

management andstrategic planningexperience

operations

experience

of projects

with Total

experience

withinconstructionindustry

projects

globally

& trading

coveringAtlantic & AsiaPacific regions

5 structured for delivery


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Project Progress

First LNG expected in 2015 on schedule

Component Highlights

Upstream

~520 landholder agreements in place All cultural heritage clearances obtained

>500 Fluor personnel working on project

o a we s r e n e e s o a e

Industry leading position on water and brine management

- Two reverse osmosis (RO) plants, two associated water amendment facilities

- 1,300 ha drip irrigated chinchilla white gum, 234 ha RO permeate irrigatedforage, 102 ha pivot and drip irrigated forage at Mt Hope Station (landholderproperty, Roma)

Pipeline All cultural heritage clearances obtained

Production of line- i e commenced >100km alread manufactured

Plant andPort

Clearing of 144 hectare LNG plant site on Curtis Island complete, maintaining themangroves, construction commenced

Bulk earthworks >25% complete

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a n an og s cs s es we a vance


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Upstream

Fairview CSFairview CS--33 Arcadia ValleyArcadia Valley

Fairview CSFairview CS--33WallumbillaWallumbilla

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Santos CSG Involvement

Santos recently celebrated

Fairview Compressor Station 2Fairview Compressor Station 2

in the Roma area

Santos commencedcommercial production ofCSG in Queensland in 1995

~90% of Queenslands gasproduction

Santos funds local infrastructureSantos funds local infrastructure

Santos leveraging strongcommunity presence andgood engagement with

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landholders


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Upstream Overview

Fairview, Roma, Arcadia, Scotia

~520 landowner agreements with200 landowners in place

Arcadia Area

34,000 hectares of land owned- Used for key development activities

and environmental offsets Fairview Area 383 wells drilled to date

207 wells commissioned withcapacity ~240 TJ/d

Scotia Area

- Producing to domestic nomination- Injecting into storage

Roma underground storage

Roma Area

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- Ramp gas management tool- Injection commenced and ramping-up


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Fairview Wells Capacity ~200 TJ/d

7000

800012.00

bl/d)

/d)

6000

8.00

10.00

alWells(

lWells

(T

Water capacity forindividual wells

Gas capacity forindividual wells

40006.00

orIndivid

rIndividu

Current average water capacityCurrent average gas capacity

2000

2.00

4.00

Capacity

capacityf

,from 619 bbl/d in Jan 2010

. ,from 1.0 TJ/d in Jan 2010

00.00 Wate

r

Gas

10

-


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Upstream Status

We have the rigs we need

-

Multi-Pad Well Heads

in operation- Wet weather in first quarter of

2011 impacted the drilling program

- Expect to drill ~135 wells in 2011and ~170 wells in 2012

Pad drilling- Updating rig fleet

- Reduced footprint, lower total cost

- Higher productivity

- Mobilisation to field commenced

- All long lead items ordered

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EIS approval for 2,650 wells

- Sufficient for current field development plans


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Nodal Compressor Unit Being Tested

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Temporary Camp Construction

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Reserves and Resources

GLNG has 9 tcf of dedicated reserves and resourcesGLNG dedicated 2P+ 2C (PJ) 2

NSAI estimates GLNGultimate 2P CSG reserves

8,000

10,000

from existing acreage1

In addition to CSG

6,000

378%

549%exclGLNGsale

reserves, an os osupply 750 PJ

2,000

,

1247%

0

2010

2P CSG 2P STO 2C CSG

2

1,000 PJ = 0.94 tcf

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NSAI: Netherland, Sewell & Associates, Inc. Based on their analysis, NSAI believe that continued developmentand appraisal drilling in the GLNG dedicated areas has a reasonable likelihood of extending the 2P reserves

area into most of the regions now categorised as possible reserves or 2C contingent resources.


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Water Management

Santos water infrastructure well

- 2 x Reverse Osmosis (RO) Plants Romaand Fairview

- 2 x Associated Water AmendmentFacilities (AWAF) Roma and Fairview

- Regional bore inventory of around 400

bores- ngo ng mon or ng o aroun ores

Plans going forward- 3 x RO Plants (Fairview, Roma and

Arcadia Valley)- 2 x AWAF (Fairview)- 3 x Mobile RO Plants (Roma and Fairview)

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No Impact on Viability of GAB

Imperviousformation

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Extensive Water Monitoring

Santos has an extensivegroundwater management plan

Supported by one of Australiaslargest and best proactive

programs

Will be actively monitoring over

oca ons across our e sto confirm our modelling andearly warning of any impacts

Launched on-line water portal,which will make public andtrans arent results of

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monitoring


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CSG: Producing Usable Water

Treated CSG water is an

Landholders in Roma regionrecognising the value

Pilot irrigation trial on Santos landin Fairview very successful

up to 25 times productivity Launched first irrigation project

with private landholder at MountHope Station last month. Santos providing up to 700 ML of treated water,p vo rr ga on sys em cover ng ec ares an ec ares o r p, an130 hectares of forage crops. Further projects to be rolled out

Planning Roma aquifer re-charge. Inject 10 ML of treated water per day.

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Boost Roma town water supply providing around 50 years of extra watersupply


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Hydraulic Fracturing

Established oil and gas industry practice for more than 60 years

Going forward will depend on the geology of the area

Purpose, to open coal seams without natural fractures to allowextraction of more as- Individual wells more productive, limiting drilling and surface footprint

Process involves pumping a mixture of sand and water and a very

- Chemicals are safe in the concentration used; found in household

We are transparent about the chemicals we use- n we s e- Inform regulator and landholder

Extensive regulations in place in Queensland

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- Water management and testing requirements


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Pipeline

Line-Pipe, Jindal SAW

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Status

Saipem

-

- GLNG personnel embedded with Saipem inFarno- Ex ected to start la in i eline 2012 on track

- Two full pipe laying seasons to complete

Engineering and procurement more than

LineLine--Pipe atPipe at JindalJindal SAWSAW

Line pipe production commenced

- More than 100 km to date at approximately 150

joints (1.8km) per day Marine crossing line pipe complete and in

storage in Batam

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Geotechnical survey has been completed

along the main pipeline route

LineLine--Pipe atPipe at JindalJindal SAWSAW


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Pipeline Route / Scope

LNG TerminalLNG TerminalKP 400KP 400

KP 300KP 300

KP 200KP 200

420km x 42 #600420km x 42 #600 PipelinePipeline Free flow capacity sized for two trainsFree flow capacity sized for two trains 22--layerlayer FBE CoatingFBE Coating plusplus epoxy liningepoxy lining

KP 100KP 100

KP 00KP 00

WallWall thickness,thickness, 14.1mm to 19.7mm14.1mm to 19.7mm 66 MLVsMLVs LauncherLauncher andand receiver trapsreceiver traps 1 x 5.5km Marine Crossing1 x 5.5km Marine Crossing

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pe ne pera onspe ne pera ons en reen re


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LNG Plant and Port

TEG Vessels in Manuf actur e, China

23 LNG Plant model, Curtis IslandLNG Plant model, Curtis Island


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Plant and Port Scope

Located at Curtis Island,

Two 3.9 mtpa trains,two LNG storage tanks

FishermansFishermansLandingLanding

MOFMOF

GLNG PlantGLNG Plant

Process

Lump sum contractingR GR G TannaTanna

Gladstone PortsCorporation carrying outdred in works

Port CentralPort Central

All critical path permits for mainland and Curtis Island delivered

Site position means GLNG less dependent on dredging than other LNG

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Plant Status

Commenced construction on Curtis

Earthworks >25% of required4 million m3 completed

Completed first Factory AcceptanceTest for refrigeration gas turbine

Culvert Installation, Curtis IslandCulvert Installation, Curtis Island

R G Tanna Raw Materials Facility andCurtis Island pioneer rampoperational

Accommodation Units

MacMahonSite offices

All key equipment purchase ordersfor Train 1 and Train 2 issued

Kitchen /Dining building

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ng neer ng an procuremencomplete

Plant Site, Curtis IslandPlant Site, Curtis Island


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Port Status

Western basin main works

Van Oord / DredgingInternational joint venture(VODI)

Dredging by Coastal Dredging &Construction at materials

offloadin facilit >60% Dredging, Gladstone HarbourDredging, Gladstone Harbour

complete and on track

Bund wall construction for thewestern basin com lete

Berth pocket dredging complete

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Western Basin, Bun WaWestern Basin, Bun Wa


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Curtis Island, Clearing Completed

MOFCamp Accommodation

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33 October 2011October 2011


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Plant Material Offloading Facility

AA JJ HollandsHollands Office andOffice and laydownlaydown

Pioneer Ramp

BB RO plant areaRO plant area

CC -- Batch PlantBatch PlantDD -- Haul RoadHaul Road

A

BC

D

Ferr TerminalAggregate Berth

Lo-Lo and Ro-RoBerth face

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3 October 2011


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Port Central Ferry Terminal and RoRo

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RG Tanna LoLo and RoRo Facility

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5 October 2011


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Fishermans Landing Barge Landing

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External Environment

Respectful relationshipsRespectful relationshipsCoCo--existenceexistence

32 Economic opportunitiesEconomic opportunitiesBeneficial use of waterBeneficial use of water


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Overview

Bipartisan support for CSG industry in Queensland. Recognised

Strong positive track record in the Roma region

- Over 50 ears of as roduction

- Fifteen years of CSG

Santos operates on grazing land, not cropping land Continued positive traction with Government with most major

primary and secondary approvals completed

nves men n wa er n ras ruc ure over e pas wo years

- Industry leading position on water and brine management

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Boosting Local Economies, Communities

Substantial economic benefits for Queensland regions

Santos em lo s almost 200 eo le in Surat Basin. Will row to a constructionworkforce of 1,000 people in the fields

Provided opportunities for local businesses a long term industry revitalisingthe regions

- a new airport terminal- industry medical helicopter

- new allied health facility att e ospita- social and affordable housing= more than $16 million in the

Maranoa re ion lus morethan $11 million in Gladstone

Project Road-use Management Planbeing finalised including LNG

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with Queensland Government


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Our Actions Speak for Us

~520 land access agreements~

Standard rates of compensationreviewed regularly

Strong community ties andrespectful interaction with

We can co-exist with agricultureand boost the productivity of

utilisation of CSG water We can do this in a way that is safe and sustainable, and with no impact

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We will deliver a once in a generation economic opportunity

for Queenslands regions


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Conclusion

First LNG ex ected in 2015 on schedule

Key messages

World class contractors executing with experiencedowners team

Co-existence with agriculture and communities

for regional communities

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Contact Information

Head off ice

Adelaide Andrew Nairn

Ground Floor, Santos Centre

60 Flinders Street

Adelaide, South Australia 5000

Level 10, Santos Centre

Direct: + 61 8 8116 5314

Email: [email protected]

GPO Box 2455

Adelaide, South Australia 5001

Telephone: +61 8 8116 5000Nicole Walker

Investor Relations ManagerFacsimile: +61 8 8116 5050

Useful email contacts

Level 10, Santos Centre

Direct: + 61 8 8116 5302

Email: [email protected]

[email protected]

Website:

www.santos.com

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[email protected]

Documents

031111 GLNG Investor Tour Presentation