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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.