230114 Fourth Quarter Activities Report

Fourth Quarter Activities Report
For period ending 31 December 2014
23 January 2015
Media enquiries
Rob Malinauskas
+61 8 8116 5918 / +61 (0) 438 862 132
robert.malinauskas@santos.com
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
Strong quarterly production, record sales revenue and appraisal success at Barossa
Santos today announced company records for sales revenue in both the quarter ($1.1 billion) and the full year
($4 billion), reflecting the successful ramp-up of production from the PNG LNG project as well as higher Cooper Basin
production.
Fourth quarter production of 15.1 mmboe - 15% higher than the corresponding quarter - brought full-year production to
54.1 mmboe. This was a 6 per cent increase on the previous year and within the company’s guidance range of
53-55 mmboe.
“Notwithstanding the fall in oil prices, Santos has delivered growth in full-year and quarterly production, and record sales
revenue,” Santos Managing Director and Chief Executive Officer David Knox said.
“These results affirm the strength of Santos’ underlying business, the transformation of our operations and the
positioning of the company as a major player in the Asian LNG market.”
“We look forward to further growth in 2015 with the start-up of GLNG in the second half of this year.”
“Commissioning of the GLNG LNG plant is well underway, with firing of the first gas turbine generator expected in the
coming weeks. GLNG is more than 90% complete and it remains on time and on budget,” Mr Knox said.
Santos also reported that the Barossa-3 appraisal well had intersected a gross gas bearing interval of 152 metres and
provides significant upside to the resource position for the Barossa gas field, offshore Northern Territory.
The Barossa-3 result strengthens Santos’ resource position in the Bonaparte Basin and means the Barossa gas field is
well positioned to supply gas for either back-fill or expansion at Darwin LNG.
Comparative performance at a glance
Corresponding period Q4 2014 Q4 2013 Change
Production (mmboe) 15.1 13.1 +15%
Sales (mmboe) 18.0 15.6 +15%
Sales revenue ($million) 1,090 1,065 +2%
Quarterly comparison Q4 2014 Q3 2014 Change
Sales (mmboe) 18.0 16.8 +7%
Full-year comparison 2014 2013 Change
Sales (mmboe) 63.7 58.5 +9%

Santos Ltd l Fourth Quarter Activities Report l 23 January 2015 Page 2 of 14
Sales gas, ethane and gas to LNG production of 66.3 petajoules for the quarter was 25% higher than the corresponding
quarter, reflecting a full quarter of PNG LNG production from both trains and higher gas production from the Cooper
Basin. Total sales gas, ethane and LNG sales revenues jumped 79% to $557 million for the quarter.
Quarterly crude oil production of 2.6 million barrels was 8% higher than the previous quarter, primarily due to higher
production from Mutineer-Exeter/Fletcher Finucane. The average oil price for the quarter was A$92 per barrel, 20%
lower than the previous quarter, reflecting lower global oil prices partially offset by a weaker Australian dollar. Total
crude oil sales revenues of $385 million for the quarter were 18% lower than the previous quarter reflecting lower oil
prices.
2014 Guidance
Full-year production of 54.1 mmboe was within the company’s guidance range of 53-55 mmboe.
Guidance on production costs and DD&A expense is maintained. Royalty-related taxation is anticipated to be in the
range of a $0 million to $40 million benefit, reflecting the impact of lower oil prices, additional transferable exploration
expenditure and augmentation on transferable exploration expenditure in respect of PRRT.
2014
Item Previous guidance Updated guidance
Production 53-55 mmboe 54.1 mmboe
Production costs $820-880 million No change
Depreciation, depletion & amortisation (DD&A) expense $18.50/boe No change
Royalty-related taxation expense/(benefit) (after tax) $60 million ($0 to $40 million)
Capital expenditure (including exploration and evaluation)1
$3.5 billion $3.6 billion
¹ Capital expenditure guidance excludes capitalised interest of $236 million.
Further detail of 2014 capital expenditure, including exploration and evaluation expenditure, is reported in the table on
page 8 of this report.
Guidance on 2014 financial outcomes above is preliminary and subject to finalisation of the company’s accounting and
audit process, which includes an impairment review being undertaken against the current lower oil price environment. As
such, the actual results for the year ended 31 December 2014 may differ from the guidance given in this update.
Santos will announce its results for the year ended 31 December 2014 on 20 February 2015. The full-year report
(incorporating Appendix 4E) and associated investor briefing presentation will be available on Santos’ website at
www.santos.com. A webcast briefing, including analyst/investor questions, will be available on Santos’ website from
11:00 am AEDT on 20 February 2015.
2015 Guidance
As announced to the market on 11 December 2014, Santos expects 2015 production to be in the range of 57-64 mmboe
and capital expenditure (excluding capitalised interest) to be approximately $2 billion.
Guidance on financial items will be provided with the full-year results on 20 February 2015.
The 2015 first quarter activities report will be released on 17 April 2015.

1. Production (Santos share)
Q4 2014 Q4 2013 Q3 2014 Full-year 20141
Full-year 2013
Sales gas and ethane (PJ)
Cooper 17.5 16.1 16.8 63.3 61.0
Carnarvon 14.5 16.6 11.9 54.2 64.9
Indonesia 6.5 6.3 6.1 25.1 26.9
Otway 3.5 4.7 4.5 16.0 18.4
Denison/Scotia/Spring Gully 3.1 3.2 3.3 12.4 12.0
GLNG 1.7 2.3 1.7 7.9 9.6
Vietnam 0.9 0.2 0.6 3.2 1.5
Other2
0.4 - - 0.4 1.9
Total production (PJ) 48.1 49.4 44.9 182.5 196.2
Total production (mmboe) 8.3 8.5 7.7 31.4 33.7
Sales gas to LNG (PJ)
PNG LNG 14.6 0.1 12.5 34.0 0.1
Darwin LNG 3.6 3.7 3.0 16.5 16.7
Total production (PJ) 18.2 3.8 15.5 50.5 16.8
Condensate (000 barrels)
Cooper 276.2 260.6 274.5 1,036.9 1,043.0
PNG LNG 382.9 - 347.5 915.6 -
Bayu-Undan 78.3 180.9 137.7 695.4 967.5
Carnarvon 141.4 149.2 120.6 533.4 627.5
Amadeus 10.2 7.9 11.5 41.0 28.4
Other3
4.5 6.8 6.0 19.7 25.4
Total production (000 barrels) 893.5 605.4 897.8 3,242.0 2,691.8
LPG (000 tonnes)
Cooper 34.9 32.7 32.2 128.4 125.7
Bayu-Undan 4.7 9.9 7.7 39.0 55.9
Total production (000 tonnes) 39.6 42.6 39.9 167.4 181.6
Crude oil (000 barrels)
Cooper 819.9 848.7 795.2 3,230.6 3,104.4
Vietnam 770.8 679.3 756.2 2,822.0 2,658.5
Fletcher Finucane/Mutineer-Exeter 454.8 894.3 257.8 1,443.6 2,167.9
Stag 271.1 263.5 323.3 1,085.5 1,124.3
Barrow/Thevenard 119.9 185.2 126.3 526.7 740.4
Amadeus 69.1 38.1 63.1 225.6 173.1
Indonesia 47.7 50.3 39.8 168.2 203.1
PNG 10.6 9.8 12.5 46.5 49.8
Queensland 9.5 13.1 12.3 46.0 49.9
Total production (000 barrels) 2,573.4 2,982.3 2,386.5 9,594.7 10,271.4
Total
Production (mmboe) 15.1 13.1 14.0 54.1 51.0
1
Preliminary and subject to audit.
2
Amadeus, Narrabri and Bangladesh.
3
Otway, Indonesia, Queensland and Bangladesh.

2. Sales volumes and sales revenue (Santos share)
Q4 2014 Q4 2013 Q3 2014 Full-year 20141
Full-year 2013
Sales gas and ethane2
Sales – own product (PJ) 44.3 43.8 45.3 171.1 182.0
Sales – third party (PJ) 11.8 8.7 9.1 35.9 28.7
Total sales (PJ) 56.1 52.5 54.4 207.0 210.7
Average gas price (A$/GJ) 5.17 4.86 4.87 4.97 4.87
Total sales revenue ($million) 290 256 265 1,028 1,025
LNG3
Sales volumes (000 tonnes) 294.8 66.7 247.4 766.5 300.5
Average LNG price (A$/tonne) 904.71 828.48 879.06 859.21 853.95
Average LNG price (US$/tonne) 773.53 769.49 814.27 778.18 821.93
Total sales revenue ($million) 267 55 218 659 257
Condensate
Sales – own product (000 barrels) 947.8 810.7 771.2 2,991.1 2,664.8
Sales – third party (000 barrels) 36.1 70.7 28.8 136.3 155.4
Total sales (000 barrels) 983.9 881.4 800.0 3,127.4 2,820.2
Average condensate price (A$/bbl) 104.17 123.52 98.20 101.39 110.09
Average condensate price (US$/bbl) 89.06 114.73 90.97 91.83 105.96
LPG
Sales – own product (000 tonnes) 51.0 42.9 30.3 163.8 176.3
Sales – third party (000 tonnes) 3.0 3.4 1.4 8.8 10.5
Total sales (000 tonnes) 54.0 46.3 31.7 172.6 186.8
Average LPG price (A$/tonne) 836.84 1,115.95 902.15 897.20 939.56
Average LPG price (US$/tonne) 715.50 1,036.50 835.66 812.60 904.33
Crude oil
Sales – own product (000 bbls) 2,791.3 2,753.5 2,690.7 10,363.0 9,830.3
Sales – third party (000 bbls) 1,394.6 1,917.0 1,394.1 6,083.1 5,333.1
Total sales (000 bbls) 4,185.9 4,670.5 4,084.8 16,446.1 15,163.4
Average crude oil price (A$/bbl) 92.09 127.16 115.12 114.21 120.96
Average crude oil price (US$/bbl) 78.74 118.11 106.63 103.44 116.43
Total sales revenue ($million) 385 594 470 1,878 1,834
Total
Sales – own product (mmboe) 14.6 12.1 13.8 51.3 48.0
Sales – third party (mmboe) 3.4 3.5 3.0 12.4 10.5
Total sales volume (mmboe) 18.0 15.6 16.8 63.7 58.5
Third party product purchases ($million) 174 249 225 786 745
Sales – own product ($million) 875 768 848 3,105 2,772
Sales – third party ($million) 215 297 212 932 830
Total sales revenue ($million) 1,090 1,065 1,060 4,037 3,602
1
Preliminary and subject to audit.
2
Domestic sales gas and ethane.
3
LNG includes PNG LNG and Darwin LNG.

3. Activity by area
Comparisons between periods for gas, condensate and LPG production are made between the current quarter and the same quarter from the previous
year, as production is heavily influenced by seasonal factors. Conversely, comparisons for crude oil are made with the immediate previous quarter, as
oil production rates are not generally subject to seasonal variations. Both comparisons are available in the table on page 3.
Cooper Basin
Gas and gas liquids
Sales gas and ethane production of 17.5 petajoules (PJ) was the highest in three years and 9% above the corresponding
quarter reflecting the higher level of drilling activity undertaken throughout 2014 and the resultant increase in well
capacity beyond natural field decline. 20 new gas wells were brought on-line in the fourth quarter.
Condensate production was also higher reflecting the increased gas production.
The Big Lake infill drilling program continued during the quarter, with a further 9 wells successfully cased and suspended
as future gas producers. Drilling has concluded at Big Lake-133, the final well of the 33-well Big Lake campaign. Non-
pad development drilling also continued with Balcaminga-2, Kanowana-10, Leleptian-5 and 6, and Swan Lake-11 all
successfully drilled, cased and suspended. Drilling of a four-well pad in the Nephrite field is also in progress, with the
first two wells successfully drilled, cased and suspended.
An eight-well near field exploration campaign commenced in the South Australian Cooper Basin targeting condensate rich
structural-stratigraphic traps within the Patchawarra Formation. The first well, Varanus South-1 located in PEL 513, was
drilled to a total depth of 3,154 metres and cased and suspended as a gas discovery. Yarrowinnie South-1 located in
PEL 513, was drilled to 3,142 metres total depth and also cased and suspended as a gas discovery. Aquamarine-1,
located in PRL 133, reached total depth at 2,816 metres and was plugged and abandoned.
Appraisal activity continued on the Basin Centred Gas opportunity within the Gaschnitz region of South Australian Cooper
Basin Nappamerri Trough with the successful drilling of Gaschnitz-3 within PPL 101. The well was drilled to a total depth
of 3,937 metres and three cores obtained within tight sands, hybrid shale and deep coal unconventional targets. The
final well of the three-well drilling campaign, Gaschnitz-2, also located within PPL-101, was drilling ahead at 3,251 metres
at the end of the quarter.
In South West Queensland, Durham Downs-7, 8 and Durham Downs North-4 were drilled, concluding the four-well
program with all wells cased and completed as future gas producers.
Crude oil
Crude oil production of 819,900 barrels was 3% higher than the previous quarter due to lower downtime and new wells
online more than offsetting natural field decline.
Drilling was focused in South West Queensland where drilling continued using two rigs with Tickalara-25 and Tickalara-26
successfully cased and completed as future producers, and Cuisinier-17, Munro-8, Nubba-1 and
Tennaperra-4 all successfully drilled, cased and suspended.
Jenners-1, a near field oil exploration well drilled to 2,525 metres depth in PEL 100 and was plugged and abandoned.

Carnarvon
Gas production of 14.5 PJ was 22% higher than the previous quarter due to reduced customer outages but lower than
Q4 2013 due to lower customer nominations. Condensate production of 141,400 barrels reflected lower gas production.
Total oil production for the quarter of 845,800 barrels was 20% higher than the previous quarter, due to higher oil
production at Mutineer-Exeter after the completion of the work-over campaign in the third quarter. Production from the
Mutineer-Exeter/Fletcher Finucane wells was shut-in as planned in mid-January and the FPSO will undergo scheduled dry
dock maintenance during the first quarter.
PNG LNG
Gross gas production for the fourth quarter was 108.6 PJ (Santos share 14.6 PJ), measured at the inlet of the LNG plant.
25 LNG cargos were shipped during the fourth quarter, with a total of 55 cargos shipped in 2014. Gross condensate
production for the quarter was 2.8 mmbbls (Santos share 382,900 barrels), measured at the Kutubu entry point.
On 19 January 2015, the PNG LNG project operator announced that the project’s 120-day operational test period for the
LNG facilities had been successfully completed.
The Hides F1 (Hides Deep) well was spudded in early-October and successfully intersected the existing Toro reservoir.
This section of the well has been logged and cased as a future production well, and drilling continues on the exploration
section of the well targeting the Koi Iange formation below the Toro.
Bayu-Undan/Darwin LNG
Following the re-commencement of production in early-October post the planned shutdown at Bayu-Undan and Darwin
LNG, gross gas production of 53.1 PJ was in line with Q4 2013. 14 LNG cargos were shipped during the quarter. Santos’
net entitlement to production was 3.6 PJ of gas, 78,300 barrels of condensate and 4,700 tonnes of LPG.
The Bayu-Undan Phase 3 project is over 70% complete and on track to deliver first gas in 2015. The first well has been
successfully drilled, cased and completed, and drilling of the second well is currently underway.
Indonesia
Santos’ net entitlement to gas production of 6.5 PJ was slightly higher than the corresponding period due to production
from Peluang. Combined Wortel and Oyong gross gas production for the quarter averaged 77 TJ/day, while combined
gross production from Maleo and Peluang averaged 83 TJ/day. Oyong oil production for the quarter was 47,700 barrels.
Otway
Sales gas production of 3.5 PJ was lower than Q4 2013, due to natural field decline. Production from the Casino hub was
3.1 PJ of sales gas and 2,000 barrels of condensate. Minerva production was 0.4 PJ of sales gas and 1,200 barrels of
condensate.
Vietnam
Oil production from the Chim Sào and Dua fields was higher than the previous quarter due to better FPSO operating
efficiency and a full quarter of production from the Dua field. Two additional Chim Sào water injection wells were drilled
during the quarter for reservoir pressure maintenance as part of the field development plan. Average gross oil
production for the quarter from the combined fields was 28,877 barrels per day. Santos’ net entitlement to oil production
was up 2% to 770,800 barrels. Net entitlement gas production was 0.9 PJ.
In early January, the 100th crude oil cargo was loaded from the Chim Sào FPSO. Over 29 million barrels of oil have been
shipped since the start-up of the Chim Sào field in October 2011.

Denison/Scotia/Spring Gully
Sales gas production of 3.1 PJ was in line with Q4 2013, with higher production from Spring Gully offset by lower
production from Scotia and Denison.
Two appraisal wells were drilled in the Denison field during the quarter, with the Mahalo-7 well currently testing as part
of the 5-well Mahalo pilot and core obtained from the East Lynne-1 well.
GLNG
Sales gas production of 1.7 PJ was lower than Q4 2013 due to lower domestic gas nominations. The Fairview field was
produced to meet domestic nominations with the remaining production injected into storage. First gas from Fairview was
introduced into the GLNG gas transmission pipeline in early-October.
Bonaparte
In mid-October 2014, the Barossa-3 appraisal well was spudded in NT/RL5, offshore Northern Territory. Barossa-3 is the
second well in a three well campaign and follows the successful Barossa-2 appraisal well which intersected 88 metres of
net pay across a 217 metre gross interval in mid-2014.
Barossa-3 is located approximately 300 kilometres north of Darwin, 9 kilometres from the Barossa-1ST1 discovery well
and 14 kilometres from the successful Barossa-2 appraisal well.
Barossa-3 intersected a gross gas bearing interval of 152 metres. Wireline logging has confirmed 104 metres of net pay
over the Jurassic-aged Elang Formation sands between 4,032 and 4,184 metres measured depth relative to the rotary
table (MDRT).
Barossa-3 flow tested gas to surface at a rate of 27 mmscf/day through a 68/64 inch choke with a flowing well head
pressure of 1,304 psi. The test was conducted over a 139 metre interval between 4,031 and 4,170 metres MDRT, with
three zones open to flow totalling 113 metres. The well flowed gas to surface continuously for the planned 22 hour main
flow period of the test. Well test flow rates were constrained by the downhole tubing size.
A condensate gas ratio in the range of 4-5 bbls/mmscf was measured at surface, with gas composition analysis indicating
a carbon dioxide content of 18-19%.
The result at Barossa-3 provides significant upside to the resource position for the Barossa gas field and demonstrates
the presence of high permeability sands over an extensive area of the field. The Barossa-3 result strengthens Santos’
resource position in the Bonaparte Basin and means the Barossa gas field is well positioned to supply gas for either back-
fill or expansion at Darwin LNG.
Drilling has commenced on the third well in the campaign, Barossa-4. The Barossa appraisal drilling campaign is being
funded by joint venture partner, SK E&S, up to a US$260 million cap. Santos holds a 25% interest in the Barossa-Caldita
joint venture along with partners ConocoPhillips (37.5% and operator) and SK E&S (37.5%).
Narrabri
At end of 2014, the Bibblewindi East and West pilots were on line, as was the Tintsfield pilot. The Dewhurst South and
North pilots were also commissioned and brought on line. The Wilga Park Power station was also on line powered by
natural gas from the Bibblewindi pilots. All water from the appraisal pilots is being transferred to the newly
commissioned Leewood water facility outside the Pilliga.
Work has commenced on the next phase of exploration activity at Dewhurst while work also continues on preparation
of the Environmental Impact Statement for the proposed Narrabri Gas Project.

4. Capital expenditure
Total exploration, evaluation and development expenditure is summarised in the table below. Numbers for 2014 are preliminary and subject to audit.
Q4 2014 Q4 2013 Q3 2014 Full-year 2014 Full-year 2013
Capital expenditure ($million)
Exploration 51 84 93 323 391
Evaluation 112 98 61 292 227
Development and other PP&E 668 1,031 748 2,980 3,523
Capitalised interest 62 66 50 236 228
Total capital expenditure 893 1,279 952 3,831 4,369
Exploration and evaluation expensed ($million)
Exploration 69 97 20 162 135
Evaluation 34 19 21 75 62
Total current year expenditure 103 116 41 237 197
Write-off of amounts capitalised in prior years 17 - - 26 3
Total expensed 120 116 41 263 200
4.1 Exploration activity
Well name Basin/area Target Santos % Well status
Tanumbirini-1 McArthur – NT Gas 50˚ C&S, gas discovery
Hides F1 (Hides Deep)#
Papuan – PNG Gas 24 Drilling
Ehsan-1#
Offshore Malaysia Gas 25*
Drilling
Telus-1#
Offshore Malaysia Oil 25*
P&A
#
Not operated by Santos.
˚Santos is funding 100% of the well cost as part of farm-in obligations.
*
Santos is funding 33.33% of the well cost as part of farm-in obligations.
Northern Territory
The Tanumbirini-1 exploration well was drilled in EP 161 to a total depth of 3,945 metres. Multiple thick intervals of
organic-rich rock were intersected at the primary objective Mid-Velkerrie level, accompanied by significant mud gas
shows. Elevated gas readings were encountered over a total gross interval in excess of 500 metres. A 90 metre core was
taken and extensive wireline evaluation conducted. The well is being cased and suspended for later re-entry.
Papua New Guinea
The Hides F1 (Hides Deep) well was spudded in early-October and successfully intersected the existing Toro reservoir.
This section of the well has been logged and cased as a future production well, and drilling continues on the exploration
section of the well targeting the Koi Iange formation below the Toro.

In the PNG foreland, analysis of the successful NW Koko-1 and Manta-1 wells in PPL 261 and PPL 426 is continuing.
Seismic acquisition in the frontal foldbelt area is in progress in PPL 269.
Malaysia
A two-well exploration program commenced during the quarter in Deepwater Block S, offshore Malaysia. The first well,
Telus-1, was drilled during the fourth quarter. The well was plugged and abandoned at the end of the quarter. The
second well, Ehsan-1, was spudded on 31 December 2014 and is currently drilling ahead.
4.2 Seismic activity
Permit Basin/area Survey Type km/km2
Status
ATP 259L
PL 80, 112, 155, 156
Cooper – QLD Coolah 3D Onshore 3D 92.1 km2
36% complete
ATP 636P Cooper – QLD Gumbo 3D Onshore 3D 83.4 km2
15% complete
EPP 43 Ceduna – SA Springboard MC3D Offshore 3D
(Multiclient)
2,704 km2
34% complete
SS-11 Bay of Bengal –
Bangladesh
St Martins 2D Offshore 2D 275.1 km 9% complete
5. Development projects
GLNG project (Santos 30%, operator)
Sanctioned in January 2011, GLNG includes the development of CSG resources in the Bowen and Surat Basins in south-
east Queensland, construction of a 420-kilometre underground gas transmission pipeline to Gladstone, and two LNG
trains with a combined nameplate capacity of 7.8 mtpa on Curtis Island. The project has an estimated gross capital cost
of US$18.5 billion from the final investment decision to the end of 2015 when the second train is expected to be ready
for start-up, based on foreign exchange rates which are consistent with the assumptions used at FID (A$/US$ 0.87
average over 2011-15).
The project is more than 90% complete and remains on track for first LNG in the second half of 2015, within budget.
Upstream
In 2014, 119 wells were drilled in the GLNG acreage (86 development wells and 33 appraisal wells), 153 wells were
completed and 307 wells were connected. Twenty-one wells were drilled in the GLNG acreage during the fourth quarter,
which included 17 development wells (eight in Fairview and nine in Roma) and four appraisal wells.
In total, 358 wells are on-line. At Fairview, 252 wells are on-line and deliverability continues to exceed expectations, with
average per-well gas capacity of 2 TJ/day. At Roma, 106 wells are on-line and average per-well gas capacity continues
to grow in-line with expectations, with one development well already producing 2 TJ/day.
Commissioning of the Fairview 5 gas processing hub was completed during the quarter and the facility is now
operational. Construction is complete at Fairview hub 4 and nearing completion at Roma hub 2, and commissioning
activities are underway at both facilities.
Construction of the 120-kilometre Comet Ridge to Wallumbilla pipeline loop is also complete and commissioning is well
underway.

Gas transmission pipeline
The 420-kilometre gas transmission pipeline to Curtis Island is complete, gassed-up and handed over to the operations
team. Rehabilitation works along the pipeline route have been completed and the two interconnects to the QGC pipeline
are also complete.
LNG plant
All 111 LNG plant modules (82 train 1 and 29 train 2 modules) have been set on their foundations. Piping installation,
pressure testing, cable pulling and terminations continue to progress in both trains.
Commissioning of the LNG plant is well underway, with an increasing number of subsystems commissioned or handed
over for commissioning, including main flare, instrument air, nitrogen and emergency electric power generation. Firing of
the first gas turbine generator is expected in the coming weeks.
Pneumatic pressure testing of both LNG tanks is complete and installation of the perlite insulation is nearing completion
on the first tank. The LNG loading jetty is complete.
GLNG, Curtis Island, January 2015.

7. Drilling summary
7.1 Appraisal/evaluation wells
The table below details wells drilled during the fourth quarter and their status.
Barossa-3#
Bonaparte – NT Gas 25 P&A, successful gas
Cuisinier-17 Cooper - QLD Oil 54.64 C&S, successful oil
Cuisinier-18 Cooper - QLD Oil 54.64 P&A
Cuisinier-19 Cooper - QLD Oil 54.64 Drilling
Munro-8 Cooper - QLD Oil 60 C&S, successful oil
Nubba-1 Cooper – QLD Oil 44.42 C&S, successful oil
Tennaperra-4 Cooper - QLD Oil 70 C&S, successful oil
Tickalara-25 Cooper - QLD Oil 70 C&C, successful oil
Tickalara-28 Cooper - QLD Oil 70 P&A
Wicho East-1 Cooper – QLD Oil 54.64 P&A
Aquamarine-1 Cooper - SA Gas 60 P&A
Gaschnitz-2 Cooper – SA Gas 66.6 Drilling
Gaschnitz-3 Cooper – SA Gas 66.6 C&S, successful gas
Varanus South-1 Cooper - SA Gas 60 C&S, gas discovery
Yarowinnie South-1 Cooper - SA Gas 60 C&S, gas discovery
Jenners-1#
Cooper - SA Oil 25.84 P&A
East Lynne-1 Denison - QLD CSG corehole 50 P&A, corehole obtained
Mahalo-7 Denison - QLD CSG 30 C&S, successful CSG
Yebna North-5 Fairview - QLD CSG 23.85 Drilling
Norwood South-2 Roma - QLD CSG 30 C&S, successful CSG
Charmwood-1 Roma - QLD CSG 30 C&S, successful CSG
Saint Kilda-2 Roma - QLD CSG 30 C&S, successful CSG
7.2 Development wells
The table below details development wells drilled during the fourth quarter and their status.
Bayu Undan DS-01
STI#*
Bonaparte – NT Gas 11.50 C&C, successful gas
Bayu Undan DS-02#
Bonaparte – NT Gas 11.50 Drilling
Durham Downs-7ST1*
Cooper – QLD Gas 60.06 C&C, successful gas
Durham Downs 8 Cooper – QLD Gas 60.06 C&C, successful gas

Durham Downs North 4 Cooper – QLD Gas 60.06 C&C, successful gas
Ipundu North 5DW1 Cooper – QLD Oil 60 C&C, successful oil
Ipundu North 7DW1 Cooper – QLD Oil 60 C&C, successful oil
Tickalara-26 Cooper – QLD Oil 70 C&C, successful oil
Balcaminga-2 Cooper – SA Gas 66.6 C&S, successful gas
Big Lake-120*
Cooper – SA Gas 66.60 C&S, successful gas
Big Lake-121 Cooper – SA Gas 66.60 C&S, successful gas
Big Lake-126*
Kanowana-10 Cooper – SA Gas 66.60 C&S, successful gas
Leleptian-5*
Leleptian-6 Cooper – SA Gas 66.60 C&S, successful gas
Mudera-17 Cooper – SA Gas 66.60 C&S, successful gas
Nephrite South-10 Cooper – SA Gas 66.60 C&S, successful gas
Nephrite South-11 Cooper – SA Gas 66.60 C&S, successful gas
Swan Lake-11 Cooper – SA Gas 66.60 C&S, successful gas
Tallerangie- 2*
FV13-20-5^
Fairview – QLD CSG 23.85 C&S, successful CSG
FV13-20-6^
FV13-20-7^
FV18-03-1*
FV18-03-2*
FV18-03-3*
FV18-03-4*
FV18-03-5*
FV18-03-6^
FV18-03-7^
FV18-03-8^
FV18-26-1 Fairview – QLD CSG 23.85 C&S, successful CSG

FV18-26-2 Fairview – QLD CSG 23.85 Suspended for further deepening
12W-CS-S181#
Nam Con Son -
Vietnam
Water injector 31.875 C&C, water injector
12W-CS-N191#
Nam Con Son -
Vietnam
Water injector 31.875 C&C, water injector
Angore B1#
Papuan – PNG Gas 13.50 Drilling
RM09-24-1 Roma – QLD CSG 30 C&S, successful CSG
*
Spudded during third quarter 2014
^
Spudded during second quarter 2014
#
Not operated by Santos

8. Abbreviations and conversion factors
Abbreviations Conversion factors
PJ petajoules Sales gas and ethane, 1 PJ 171.937 boe x 10³
TJ terajoules Crude oil, 1 barrel 1 boe
GJ gigajoules Condensate, 1 barrel 0.935 boe
mmbbl million barrels LPG, 1 tonne 8.458 boe
mmboe million barrels of oil equivalent LNG, 1 PJ 18,040 tonnes
mmbtu million British thermal units
mmscf million standard cubic feet
mtpa million tonnes per annum
T tonnes
P&A plugged and abandoned
C&S cased and suspended
C&C cased and completed
NFE near-field exploration
WI water injector
ST side track
CSG coal seam gas
LNG liquefied natural gas
pa per annum
PSC production sharing contract
FPSO floating production, storage & offloading
DW deepened well

230114 Fourth Quarter Activities Report

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230114 Fourth Quarter Activities Report