• Provides update on non-binding proposal from XRG Consortium
• Exclusivity period extended until 22 August 2025
• Half-year results release deferred to 25 August 2025

Santos Limited (ASX: STO) has provided an update regarding the non-binding, indicative proposal (Indicative Proposal) received from a consortium led by XRG P.J.S.C., a subsidiary of Abu Dhabi National Oil Company and including Abu Dhabi Development Holding Company (ADQ) and Carlyle (the XRG Consortium), to acquire 100% of the issued shares of Santos (Potential Transaction). On 11 August 2025, Santos announced that the XRG Consortium had substantially completed due diligence and had not found anything that would cause it to withdraw its Indicative Proposal. The XRG Consortium also confirmed its commitment to working constructively to complete due diligence and to agree on a binding transaction. Santos consented to the XRG Consortium's request for an extension of the exclusivity period until Friday 22 August 2025. However, the parties have yet to reach agreement on acceptable terms of a binding scheme implementation agreement (SIA), and the XRG Consortium has indicated that it will not be in a position to sign a binding SIA by the end of the exclusivity period, as it is yet to obtain requisite final approvals. Accordingly, Santos does not expect the parties to enter into a binding SIA by 22 August 2025. Notwithstanding this development, discussions with the XRG Consortium remain ongoing. Santos has also announced that the release of its results for the half-year ended 30 June 2025 (Half-Year Results) will be deferred to Monday 25 August 2025 to align with the conclusion of the XRG Consortium's exclusivity period. As part of the Half-Year Results announcements, Santos will provide a further update on the status of discussions with the XRG Consortium.