Cooper BasinSouth and East coast gas supply growth

1959 Innamincka 1

1963Gidgealpa 2First gas discovery

1969Moomba PlantFirst domestic gas supply

1983Port BonythonFirst liquids Shipment

1992Cross border gasFirst sales

2015GLNGFirst supply to LNG

2019+Build& Grow

2

Cooper BasinObjectives

+ 20+ year Reserve/Production life

+ Production plateau/new play growth

+ Swing producer to East Coast

+ Leveraged carbon business

How?

+ Disciplined operating model

+ Leveraged data, knowledge and technology

+ Balanced capital allocation (target inventory)

+ Prudent infrastructure re-lifing Horizontal Drilling

Fracturestimulation

~70% of drilled conventional 2C converts to 2P

CCS

CO2

inje

ctio

n in

to

depl

eted

rese

rvoi

rs

Grow annual production to 17-19mmboe by 2025

A disciplined operating modelImproved efficiencies are delivering growth

3

50% 72%

201567

72%

4.8

2.42018

2016

Well costUS$million

Wells drilledno. of wells / year

ReservesReplacement Ratio

Low-cost, efficient drilling enables…

improved capital efficiency and more wells leading to…

increased production and reserves replacement.

2017 2018

5

32

722015

2015-

2019LE

115

With drilling efficiencies and <US$40/BBL Upstream FCFBP realised, risk tolerance rises, programme mix is more balanced – and new reserves and resources result

4

Renewed focus on appraisal and wildcat exploration

98

29941

Prospective* 2C resources 2P reserves

Developed Undeveloped

Reserve estimates are as at 31 December 2018

Cooper Basin Reserve / ResourcesNet mmboe

+ Wildcat exploration – new play maturation & running room, material resource adds

+ NFE exploration – rate, liquids, quick cycle tie-back and acreage management

+ Appraisal activity – unlocking reserves, project framing

+ Development drilling –undeveloped to developed 2P, quick cycle tie-back

22%

30%

49%

Drilling Program Composition2019 Estimate

Prospective Resource

Contingent Resource

UndevelopedReserve

* Indicative volumes are sum of the unrisked mean

Deploying an increased proportion of wells utilising horizontal, frac, and UBD technologies

Case Studies+ Underbalanced drilling+ Carbon Capture and Storage+ Appraisal – Moomba South Patchawarra+ Exploration – Moomba new plays

– Deep coal: Liquids-rich gas

Narrows key uncertainties

6

Underbalanced drilling

10s bcfLow PressureReservoirs

100s bcfFracture StimulationReplacement

>100bcfEvaluationof rate while drilling

* Volumes reflect “forecast” 2P conversion “from undeveloped to developed reserves using UBD development”, as well as 2P Addition

UBD is the only technology which has been consistently successful in developing low pressure Cooper reservoirs Moomba South - Toolachee

Informed go forward completion decisionsBarrolka

Capex reduction and productivity uplift by effectively developing stacked, variably depleted sands, without fracture stimulationDullingari

7

Cooper Carbon Capture and Storage (CCS) project

+ 2018 CCS Concept defined

+ 2019 1H Appraisal drilling complete

+ 2019 Q4 CO2 injection test

+ 2020 Q1 facilities FEED entry

+ 2020 H2 FID CCS project

+ 2022 CO2 injection and storage

Gidgealpa

MOOMBA

Tirrawarra

Della

StrzeleckiCentral

CO2 transmission pipeline

MOOMBA Compress Dehydrate FACILITY OPTIONALITYGidgealpa, Tirrawarra,

Della, Central, Strzelecki

Injection wells

High graded Cooper Basin CO2 storage

locations

+ Contingent Patchawarra resource located beneath historical Toolache-Daralingie production

+ Significant reserves and historical production in adjacent fields

+ Incremental upside emerging (granite, wash)

+ 2019 Q4 Phase 2 – planning 8 well pilot program

+ 2020 H1 Phase 2 Execution / planning full development

Monetising a large contingent and prospective resource opportunity

8

Appraisal - Moomba South

8.7mmscf/d

up toHigherliquids

Lower

8Wells

(Phase 1)

2018 Appraisal Campaign

650Bcf

2C CRevaluated

milli

met

res

10,330ft 10,389ft

Granite Wash Fresh GraniteWeathered Granite

milli

met

res

milli

met

res

10,277ft

9

Exploration new plays - Moomba

+ Thick intervals of gas-saturated granite, weathered granite, alluvial fans

+ Challenging , complex reservoir+ Proven sustained flow in multiple tests + 2019 Planning, reservoir characterisation,

additional coring and horizontal drilling+ 2020 Bespoke fracture stimulation designs

New incremental reserves and material contingent resource adds in complex old reservoirs

10%porosity

5mD kaporosity

Moomba 72 @

9865ftWeatheredGranite

Porosity / Permeability NetworkMatrix

Micro-porosity / fractures

Open fractures

Exfoliation Joints

Cooper deep coal: Liquids-rich gasTransformational play potential

4.7TcfProspective Resource*mapped

+ Material and scalable+ Proven sustained flow in multiple tests, repeatable

PLTs + 2019 Horizontal well planning / frac design trials+ 2020 Drill horizontal seeks to establish

commercial rate thresholds and step-change EUR/well

0.2mmscf/dP50 Qi per coal seam(vertical)

30bbl/mmscfTypical Tirrawarracoal condensate to gas ratio

* On a raw, gross and unrisked basis

0.01

0.1

1

Probability

Qi per stage Permian Deep Coal FracsLognormal Distribution

Qi p

er s

tage

fro

m

initi

al M

PLT

mm

scf/d

P50

P90

P10

0.17

0.05

0.45

11

Summary

60 YearsSince Innamincka‐1 spud

Vision 

2025Transform, Build and Grow

First gas

Moomba Plant

Port Bonython

Cooper Oil

LNG Export

CCS

Swing producer into domestic and export markets

Horizontal DrillingLeverage technology and dataThroughout the project cycle

Transform50 YearsSince first pipeline gas

17 -19

Thank You / Questions?