• Strong production and cash flow in H1 2025
• Barossa Gas project on track for start-up in Q3 2025
• Pikka phase 1 accelerated to Q1 2026
• Received non-binding indicative acquisition proposal

Santos' principal activities during the first half of 2025 were the exploration, development, production, transportation and marketing of hydrocarbons, and the development of decarbonisation technologies. Revenue is derived primarily from the sale of gas and liquid hydrocarbons. There have been no significant changes to the principal activities of Santos during 2025. A focus on operational excellence and project execution has delivered strong production and cash flow in the first half of 2025. The Barossa Gas project is on track for start-up in the third quarter of 2025, and guidance for Pikka phase 1 has been accelerated to the first quarter 2026. Together these projects are expected to ensure Santos is in a strong position to deliver sustainable, competitive shareholder returns over the long term. In June 2025, Santos Limited announced it received a non-binding indicative proposal from a consortium led by XRG P.J/S/C., a subsidiary of Abu Dhabi National Oil Company, including Abu Dhabi Development Holding Company and Carlyle, for the acquisition of all the ordinary shares on issue for a cash offer price of US $5.76 per Santos share via a scheme arrangement.

Santos expects the Barossa Gas project to commence production in the third quarter of 2025, and Pikka phase 1 to be accelerated to the first quarter of 2026. These projects are expected to ensure Santos is in a strong position to deliver sustainable, competitive shareholder returns over the long term.

Santos is focused on delivering operational excellence and project execution to drive strong production and cash flow. The company is also investing in decarbonisation technologies, including carbon capture and storage projects, to support the transition to a lower-carbon future.