In WA you will recall that the 2012 Crown discovery was one of...

In WA you will recall that the 2012 Crown discovery was one of the largest in Santos’
history. Today we are drilling the Lasseter Well, an investment of over $100 million by
Santos and its partners.

It is an exciting prospect, and one capturing a lot of attention from the industry. There is
of course exploration risk in drilling a well like Lasseter, but there is also upside potential
for the company and for shareholders. This is what being an exploration and production
company is all about.

And while PNG is loading up its 1st
commercial cargo as we speak, this year the Darwin
LNG project celebrated its 400th
cargo since 2006. These milestones showcase Santos’
growing knowledge in the LNG field.

Drilling is also underway in a three-well appraisal program in the Timor Sea - a potential
source of expansion for our operations in Darwin.

The Northern Territory also promises to build our pipeline of organic growth opportunities.
We have two very preliminary exploration plays onshore in the Territory.

There is an exploration program underway in the southern Amadeus Basin with
encouraging results from the first well at Mt Kitty, 230km south west of Alice Springs.

And to the southeast of Katherine, in the McArthur Basin, we expect to drill our first shale
well later this winter.

Very clearly, a huge amount of work is underway to meet the commitments which we
have made, but it is equally important to make sure that we maintain a clear pathway for
growth over the longer term.

There is a lot to be proud of in the Santos you see before you today. We are on the cusp
of having re-defined the business. We are achieving our vision of becoming a leading oil
and gas exploration and production company in Australia and in Asia