GLNG Participants – Greater Meridian CSG Project assets

MN-65041

Santos, Petroliam Nasional Berhad (**PETRONAS**), TotalEnergies and Korea Gas Corporation (**KOGAS**) are participants via various subsidiary entities in the unincorporated joint ventures that make up the GLNG Project in Queensland (**GLNG Participants**). The GLNG Project includes various upstream gas production joint ventures and a downstream joint venture for the transportation and processing of gas into liquefied natural gas (**LNG**) for export. The GLNG Participants hold varying interests in the upstream joint ventures, but each is operated by a subsidiary of Santos. The downstream joint venture is operated by GLNG Operations Pty Ltd (**GLNG OPL**), and each party holds shares in GLNG OPL proportional to its interest in the downstream joint venture. Certain related bodies corporate of the GLNG Participants (Santos CSG Pty Ltd, PAPL (Upstream) Pty Ltd, TotalEnergies EP Australia IV Pty Ltd and KGLNG E&P Pty Ltd) propose to acquire assets that make up the Greater Meridian Joint Venture from Westside Corporation Pty Ltd (**Westside**) and Mitsui E&P Australia Pty Ltd (**Mitsui**), as well as some adjacent gas exploration assets that are solely owned by Westside (**the Acquisition**). The Greater Meridian Joint Venture is a producing coal seam gas development located near Moura in Queensland’s Bowen Basin. Currently, approximately 90% of the gas produced by the Greater Meridian Joint Venture is supplied to GLNG under a gas supply agreement until 2034, with the remainder supplied to domestic gas customer Queensland Nitrates. Westside has a 51% interest, and Mitsui has a 49% interest in this joint venture. Westside’s adjacent assets are undeveloped gas resources. Santos (ASX: STO) is an ASX-listed oil and gas company that operates across Australia, Papua New Guinea, Timor-Leste and the United States of America. In Australia, Santos supplies gas to wholesale customers in both Eastern Australia and Western Australia. PETRONAS is a global energy company owned by the Government of Malaysia. In Australia, PETRONAS has equity interests in a number of Australian gas exploration and production permits, including interests located in the Northern Territory. TotalEnergies is a French listed multi-energy company that produces and markets fuels, natural gas and electricity. In Australia, a subsidiary of TotalEnergies is also a participant in the Ichthys LNG Project in the Northern Territory (has 26% interest), various interests in gas exploration permits in offshore Western Australia and the Northern Territory. KOGAS is a South Korean state-owned oil and gas company that supplies natural gas in South Korea. In Australia, it has offtake agreements from the GLNG Project and a 10% interest in the Prelude floating LNG project located the Browse Basin in Western Australia. Westside is an oil and gas producer owned by Landbridge Group, a Chinese multinational company that targets investments in Northern Australia. Westside has no other assets that currently produce gas in Queensland or Eastern Australia. Mitsui is an Australian subsidiary company that owns and manages oil and gas interests on behalf of Mitsui & Co., Ltd, which is a conglomerate headquartered in Japan. It holds various interests in a number of oil and gas projects across Eastern Australia and Western Australia.