Ann: Santos 2018 Investor Day, page-8

No they didn't have much to comment on N'bri. Focus today was pretty much on the Balance sheet, disciplined approach to Growth, the Cooper Basin, Surat basin assets & the recent Quadrant acquisition.

STO r starting to use the term 'Super Basin' for the Cooper & want to poke around the Moomba car park. They stopped reporting 2C numbers, which is what some of the analysts wanted to probe to get a handle on reserve replacements. Will have to wait for the next Certification of reserves. KG can definitely talk non-stop under water that's for sure.

Noticed that Vince & KG were with Spence at WPL since 1998-'99 during the Voelte era so have seen some enough understanding of the large oilfields discovered & developed in WA. Hopefully they'll get the results at Dorado next year.

I'll just paraphrase what Bill & KG spoke about Dorado.

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Bill Ovenden STO's Executive VP (Exploration & New Ventures) :
Little bit about Dorado. There’s no doubt in our minds that this is the most exciting thing on anyone’s radar at the moment. It’s the biggest Oil discovery we think in the last decade offshore Oz. With the Quadrant acquisition we will be taking a 80% equity in that. What excites us about Dorado is that it's in Shallow waters in Jack-up (rig) country. It’s a simple trap, lovely high-quality massive sandstone reservoir involved in that trap, secondary stacked paysands below the Caley reservoir. Bulk of the Resource is in a focused geometry with highly mobile light oil phase so from that we expect really good recovery from the field. We are fast tracking appraisal next year once we complete the Quadrant acquisition with 2-3 appraisal wells & we’d be targeting FID 2021-22. Base development plan is 50000 bopd scenario net & cashflow from this will have an impact as seen in the past with Mutineer & Chim Sao developments. It's an exciting program and has got our Exploration guys wound up. Other Drilling results in the area has delineated a kitchen stacked with reservoir systems. Real credit to Quadrant. There is a lot more running room with more prospects & leads mapped linked to the HC kitchen. So, it’s a very powerful program for next year that will link with the drilling of Corvus-2 (near Reindeer) appraisal program in the Carnarvon. It's an active space for us & we r excited about this.
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KG mentioned that ...
'the numbers are conservative. Production rates could be significantly larger, but at this stage we don’t know, as we are yet to appraise the field, which is planned for next year with 2 to 3 wells.