Santos today announced that US$2.5 billion of GLNG upstream capital expenditure will be brought forward from the post-2015 period. The revised estimated capital cost is US$18.5 billion to the end of 2015. Santos� net 30% share of the estimated increase is US$750 million.

This brought forward capital will fund upstream field development in the Fairview and Roma areas previously planned for post-2015. This is consistent with the strategy to optimise the project�s gas supply portfolio and will result in the drilling of an estimated 300 additional wells before the end of 2015.


Santos Chief Executive Officer David Knox said that GLNG is on track for first LNG in 2015, and that while the company was not immune from industry cost pressures, today�s announcement was not about significant overruns or changes to the scope of works approved at FID.

To view full details of the news announcement and presentation, please click on the following links:

http://www.santos.com/library/280612_GLNG_brings_forward_US2.5billion_of_upstream_capital_expenditure.pdf

http://www.santos.com/library/280612_GLNG_Project_Update_Presentation.pdf

Regards

Santos

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