The Santos Northern Territory (NT) Business Update is designed to keep stakeholders informed about our ongoing and proposed activities that require consultation, along with details regarding upcoming field activities. The update will also provide a snap shot of community activities across the NT. This update includes information about:

Darwin LNG

Located at Wickham Point, the Santos operated Darwin LNG (DLNG) is a single train liquefactionn and storage facility that started production in 2006. Darwin LNG was the first LNG production facility in the Northern Territory, and second in Australia. The Darwin LNG has the capacity to produce approximately 3.7 million tonnes of LNG per annum. With Bayu-Undan reaching end of field life, the Barossa gas field will be the source of gas to backfill DLNG, with first gas expected in 2025.

Darwin Life Extension Project

The Darwin Life Extension (DLE) project is approaching completion, having achieved the milestone of being “Ready for Start Up” and is now prepared to receive gas from the Barossa field. In November 2023, the DLNG facility was shut down for modification and refurbishment works to be completed to allow for continued LNG production, by optimising processing capability and allowing for a wider variation of feed gas composition from the Barossa field. The DLE Project will extend operation of DLNG to approximately 2050.

Beetaloo Basin

Santos is committed to carrying out appraisal activity in the Beetaloo Basin to determine the size, potential production rate, and characteristics of the shale gas reservoir. The appraisal phase follows successful exploratory drilling and will inform any future development proposals for the Basin. Responsible and successful appraisal of the Beetaloo Basin could, with the necessary agreements and approvals, lead to further development with potential benefits to the NT including:

• Jobs for local companies, increased regional and Aboriginal employment and procurement opportunities
• Royalties paid to the Territory which could be used for improving local community services, regional roads, more police, schools, hospitals, and infrastructure
• Community investment programs developed in partnership with Traditional Owners
• Appraisal gas recovered under the appraisal program may contribute to energy security for the NT, with increased domestic gas supply to the market.

Barossa LNG

Barossa LNG receives first gas

The BW Opal Floating Production, Storage and Offloading (FPSO) vessel has successfully received first gas into the facility to commence production operations.

This follows the BW Opal achieving Ready For Start Up (RFSU) status on 16 September 2025 and the commencement of flow from the subsea wells. This is a major milestone for Santos and its Barossa joint venture partners, PRISM Energy Australia and JERA Australia, in delivering the Barossa LNG project.

All six wells drilled in the Barossa gas field have intersected excellent reservoir quality. Testing has been completed on five of the six wells, demonstrating outstanding flow capacity that exceeds pre-drill estimates, with expected average potential well deliverability of around 300 million standard cubic feet per day. This success underscores the robust capacity of the Barossa field to sustain long-term production.

The Northern Territory Environment Protection Authority has renewed the Environment Protection Licence for Darwin LNG, commencing 19 September 2025, paving the way for first gas into, and start-up of, the Darwin LNG plant.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said, “RFSU for the BW Opal marked the formal transition from project execution to production operations, following RFSU for the Darwin LNG plant upon completion of the life extension work scope and the commencement of production from the offshore subsea wells."

The BW Opal is among the largest and most technically advanced FPSOs ever built, featuring a 358-metre hull and accommodation for up to 140 personnel. It has gas handling capacity of 850 million standard cubic feet per day and condensate handling capacity of 11,000 barrels per day. Industry-leading combined-cycle power generation, incorporating waste heat recovery and steam turbine technology, was used to maximise energy efficiency and is expected to reduce non-reservoir emissions by more than 50 percent (over 0.75 million tonnes of CO2e per year) compared to the Offshore Project Proposal accepted by the regulator NOPSEMA.

The FPSO is the production centrepiece of Santos’ Barossa LNG project and will be permanently located in the Barossa gas field approximately 285 kilometres offshore from Darwin in the Northern Territory of Australia. It will feed the Darwin LNG plant for the next two decades.

A semi-permanent mooring arrangement will also be installed in the Barossa Field. It will be positioned between the two southern drill centres and used by the Offshore Support Vessel when standing by in the field. The mooring buoy will be fitted with navigation lights. The SURF (Subsea, Umbilicals, Risers, Flexible) program has completed tie-in and testing of the subsea infrastructure for four wells and will finish work on the final two wells during this year.

All Barossa activities have been completed or are currently being undertaken in accordance with the relevant Commonwealth and NT environmental approvals.

Bonaparte Basin Activites

Overview

The Bonaparte Basin, located offshore between Western Australia and the Northern Territory, is a key focus area for Santos Midstream and Energy Solutions. It presents an opportunity to store carbon dioxide emissions from our own operations, as well as carbon dioxide generated from third-party sources.

CCS is a core component of Santos’ decarbonisation strategy, as well as the decarbonisation strategies of our customers and emitters in hard-to-abate industries.

Santos is seeking to acquire subsurface data via a 3D Marine Seismic Survey to identify and image detailed subsea geological formations for the potential injection and storage of carbon dioxide (CO2).

We are also seeking to drill up to three wells in the Basin, commencing with the drilling exploration of the Astraea-1 well. The purpose of the well is to evaluate subsea geological formations for the potential injection and storage of CO2.

Appraisal Drilling

G-11-AP CCS Appraisal Drilling Environment Plan

Activity summary: Santos is planning to drill up to three wells in greenhouse gas permit G-11-AP, starting with the Astraea-1 well. The purpose of the well is to identify subsea geological formations for the potential injection and storage of carbon dioxide (CO2). The Operational Area for the Astraea-1 well is approximately 115 km from the nearest coastline and approximately 275 km west-southwest from Darwin, Northern Territory.

EP status: Submission to NOPSEMA planned for Q1 2026.

Seismic Exploration activities

EOS 3D Marine Seismic Survey (MSS) Environment Plan

Activity summary: 3D marine seismic survey activity to appraise carbon capture storage potential of Santos’ greenhouse gas permit G-11-AP. Survey location is approximately 107 km from the nearest WA coastline and approximately 102 km from the nearest NT coastline. Activity commencement is planned for Q2 2026 at the earliest.

EP status: EP was submitted to NOPSEMA in Q3 2025.

Plug and Abandonment activities

Tern-2 Plug and Abandonment Environment Plan

Activity summary: Permanent plug and abandonment activity for one historic well previously temporarily abandoned. The well is approximately 300 km west-southwest of Darwin, and approximately 106 km off the coastline of Western Australia. Activity commencement is planned for Q4 2025 at the earliest.

EP status: EP to be resubmitted in Q4 2025 to align with the Well Operations Management Plan.

Source: Santos Northern Territory Quarterly Update October 2025