MUTINEER EXETER CRUDE OIL. Santos Limited

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Crude Assay Job Number 08-January-2015 43.1 API 0.10 mgkoh/g TAN 0.038 %m Sulphur 11.8 K Factor on behalf of Santos Limited :Report By Approved By: Joshua Camens Lab. Supervisor Jhonas Fernandez Lab. Manager Intertek - Commodities Port Adelaide Laboratory Australia NATA accredited lab for ASTM D2892 Full accreditation details available at http://www.nata.com.au/index.php/scopeinfo/?key=13651 Accreditation No. 13658

Crude Assay Job Number Date: January 8, 2015 Santos Limited 60 Flinders Street Adelaide SA 5001 Australia For the Attention of : Cathy Frost Sample(s) received from : Santos Limited Sample(s) submitted as : Mutineer Exeter Crude Oil 2 x 20 L epoxy lined cans 5 x 20 ml VOA vials 2 x 1 L glass bottle Sample description : Mutineer Exeter Crude oil dated 21-11-14 ex FPSO Modec, Venture 11 Seals on Sample(s) : Sealed: 0066772,0066762,0066795,0066770

TABLE OF CONTENTS Report ID: Description Page No. Sample Details Assay Slate Summary 1 Properties of Whole Crude Oil 2 Distillation Overview 3 Front End Overview 4 Graph of True Boiling Point (Cumulative % mass and % volume) 5 Graph of Cumulative % Middle Volume vs API Gravity 6 Graph of True Boiling Point vs Simulated Distillation 7 Properties of Naphtha 8 Properties of Kerosene 9 Properties of Gas Oil 10 Properties of Residue Detailed Hydrocarbon Analysis, Full report (C5-70 C) Component List. Total by group type & Carbon number. Detailed Hydrocarbon Analysis, Full Report (70-140 C) Component List. Total by group type & Carbon number. 11 appendix i appendix ii

Whole Crude LPG Naptha C5-70C Naptha 70-140C Kerosene 140-230C Gas Oil 230-360C Residue 360C+ ASSAY SLATE SUMMARY Report ID Crude ID Client ID Date Santos Limited 08-January-2015 Cut Range Test Fractional Distillation Method ASTM D2892 Unit mass% 0.1 4.0 22.9 26.2 32.7 14.1 vol% (note 1) 0.1 4.9 25.2 27.0 30.6 12.3 Density @15 C kg/l (note 6) 0.8098 0.5600 0.6556 0.7331 0.7879 0.8663 0.9297 ASTM D5002/ASTM Specific Gravity @60/60 F - 0.8102 0.5600 0.6558 0.7333 0.7883 0.8668 0.9303 D4052/ IP 365 API Gravity API 43.1 121.2 84.3 61.5 48.0 31.7 20.6 Rapid Yield SIMDIS ASTM D7169+LE C See page 3 Aromatics - FIA ASTM D1319 %volume 7.5 Aniline Point ASTM D611 C 61.15 Aniline Gravity Product ASTM D611, Calc - 6819 (note 2) Arsenic (Note 3) ICP-MS wt ppb <10 Lead (Note 3) ICP-MS wt ppb <10 Ash Content ASTM D482 %mass 0.012 Asphaltenes IP143 %mass 1.3 Carbon Residue - Micro ASTM D4530 %mass 5.9 Characterisation Factor UOP375-11.8 Colour Saybolt ASTM D6045 - +30 Copper Strip Corrosion ASTM D130-1A 1A 1A Cetane Index ASTM D4737(proc. A) - 47.0 Cloud Point ASTM D2500 C -13 Colour - ASTM ASTM D6045 - <0.5 DHA ASTM D6730 %volume/%mass See appendix i See appendix ii Distillation ASTM D86 C See page 10 Freeze Point ASTM D2386 C -58.5 Kinematic viscosity @ -20 C 3.130 Kinematic viscosity @ 20 C 2.199 1.435 6.317 ASTM D445 cst Kinematic viscosity @ 40 C 1.574 1.084 3.761 Kinematic viscosity @ 50 C 1.384 3.045 66.80 Metal - Nickel <1 1 Metal - Copper <1 <1 Metal - Iron ICPES wt ppm <1 1 Metal - Sodium <1 3 Metal - Vanadium <1 <1 Metal - Mercury (Note 3) UOP938 wt ppb <1 Naphthalenes ASTM D1840 %volume 0.14 Nitrogen - Basic UOP269 wt ppm 355 Nitrogen - Total ASTM D4629 wt ppm 107 787 RON (Note 4) DHA Calc - 68.3 55.1 Pour Point - Upper ASTM D5853 C <-36 Pour Point ASTM D97 C -12 +33 Reid Vapour Pressure (Note 5) ASTM D323 psi 2.61 Salt Content ASTM D3230 PTB <1 Sediment by Extraction ASTM D473 %mass 0.04 Smoke Point ASTM D1322 mm 29.5 Sulphur - Mercaptan UOP163 wt ppm 2 1 <1 1 Sulphur - Total ASTM D5453 wt ppm 6.8 <1.0 17 273 Sulphur - Total IP 336 %mass 0.038 0.17 Total Acid Number ASTM D664 mg KOH/g 0.10 <0.10 0.46 Water by Distillation ASTM D4006 %volume 0.00 Wax Content UOP46 %mass <5.0 18.2 NOTES: (1) Volumes are expressed as per ASTM D2892 which stipulates volumetric expansion normalisation among fractions boiling below 150 C in proportion to their yields. (2) Aniline point not possible on the residue as sample matrix outside of instrument's scope. (3) Arsenic, Lead and Mercury values were determined on separate acid washed VOA vial samples supplied by the client. (4) Calculated DHA properties are indicative only and are not meant to replace values derived by relevant physical testing methods. (5) RVP was tested on a separate 1L bottle sample supplied by client. (6) LPG density is estimated and for indicative purpose only. Unable to perform actual analysis due to insuficient amount of fraction. Santos Mutineer Exeter Crude oil - Final Report.xls Page 1 of 11

Whole Properties of Crude Oil Report ID Crude ID Client ID Date Santos Limited 08-January-2015 Test Method Unit Simulated Distillation ASTM D7169 + LE - See page 3 Density @15 C kg/l 0.8098 Specific Gravity @60/60 F ASTM D5002-0.8102 API Gravity API 43.1 Arsenic (Note 3) ICP-MS wt ppb <10 Lead (Note 3) ICP-MS wt ppb <10 Characterisation Factor UOP375-11.8 Kinematic viscosity @20 C 2.199 Kinematic viscosity @40 C ASTM D445 cst 1.574 Kinematic viscosity @50 C 1.384 Metal - Nickel <1 Metal - Copper <1 Metal - Iron ICPES wt ppm <1 Metal - Sodium <1 Metal - Vanadium <1 Metal - Mercury (Note 3) UOP938 wt ppb <1 Nitrogen - Total ASTM D4629 wt ppm 107 Pour Point - Upper ASTM D5853 C <-36 Reid Vapour Presure (Note 5) ASTM D323 psi 2.61 Salt Content ASTM D3230 PTB <1 Sediment by Extraction ASTM D473 %mass 0.04 Sulphur - Mercaptan UOP163 wt ppm 2 Sulphur - Total IP336 %mass 0.038 Total Acid Number ASTM D664 mg KOH/g 0.10 Water by Distillation ASTM D4006 %volume 0.00 Wax Content UOP46 %mass <5.0 NOTES: (3) Arsenic, Lead and Mercury values were determined on separate acid washed VOA vial samples supplied by the client. (5) RVP was tested on a separate 1L bottle sample supplied by client. Santos Mutineer Exeter Crude oil - Final Report.xls Page 2 of 11

Crude Name: Report ID: Sample Number: DISTILLATION OVERVIEW Volumes are expressed as per ASTM D2892 which stipulates volumetric expansion normalisation among fractions boiling below 150 C in proportion to their yields. 0-001 Cumulative % Density API mass (kg/l) SG 60/60F Gravity %volume ASTM D2892 TBP DATA Cum. % volume Cum. Mid. %vol Temp C % mass Mid %vol 15.0 0.1 0.1 0.5600 0.5600 121.2 0.1 0.1 0.1 0.1 70.0 4.0 4.1 0.6556 0.6558 84.3 4.9 5.0 2.5 2.5 110.0 11.6 15.7 0.7218 0.7220 64.5 13.0 17.9 9.0 11.4 140.0 11.3 27.0 0.7449 0.7453 58.4 12.2 30.2 15.1 24.0 170.0 9.7 36.7 0.7645 0.7649 53.5 10.3 40.5 20.2 35.3 200.0 8.3 45.0 0.7880 0.7884 48.0 8.5 49.0 24.5 44.7 230.0 8.2 53.2 0.8166 0.8171 41.7 8.2 57.1 28.6 53.1 250.0 6.0 59.2 0.8374 0.8379 37.4 5.8 62.9 31.5 60.0 280.0 8.7 67.9 0.8594 0.8599 33.1 8.2 71.2 35.6 67.0 310.0 6.7 74.6 0.8759 0.8764 30.0 6.2 77.4 38.7 74.3 330.0 5.9 80.5 0.8788 0.8793 29.4 5.4 82.8 41.4 80.1 360.0 5.4 85.9 0.8861 0.8866 28.1 4.9 87.7 43.9 85.3 360+ 14.1 100.0 0.9297 0.9303 20.6 12.3 100.0 50.0 93.9 (6) LPG density is estimated and for indicative purpose only. Unable to perform actual analysis due to insuficient amount of fraction. SIMDIS DATA temp C mass% temp C mass% temp C mass% 27.8 0.5 164.8 34 277.1 68 36.1 1 168.0 35 281.6 69 60.3 2 170.7 36 285.5 70 63.3 3 173.1 37 287.7 71 68.7 4 178.4 38 292.9 72 71.8 5 181.9 39 297.6 73 80.7 6 185.5 40 301.2 74 89.8 7 188.8 41 304.3 75 91.8 8 192.5 42 309.5 76 91.9 9 194.4 43 313.6 77 98.4 10 198.2 44 316.5 78 98.4 11 202.3 45 322.9 79 100.9 12 206.4 46 328.7 80 100.9 13 209.8 47 332.8 81 100.9 14 213.1 48 340.3 82 100.9 15 214.6 49 345.2 83 104.9 16 218.1 50 352.7 84 117.5 17 221.7 51 358.1 85 117.5 18 225.6 52 366.9 86 117.6 19 228.7 53 373.7 87 118.5 20 231.9 54 381.4 88 121.2 21 233.5 55 391.5 89 125.7 22 236.5 56 402.2 90 125.7 23 240.3 57 413.1 91 125.7 24 243.8 58 424.6 92 132.9 25 247.0 59 439.1 93 135.2 26 250.1 60 457.0 94 144.0 27 252.3 61 486.1 95 144.9 28 255.0 62 538.4 96 148.0 29 259.3 63 650.7 97 150.8 30 263.4 64 719.9 97.4 156.4 31 266.7 65 159.5 32 269.5 66 161.9 33 272.0 67 Santos Mutineer Exeter Crude oil - Final Report.xls Page 3 of 11

Front End Overview REPORT ID: ASSET ID: Boiling Range Yield C mass% vol % LPG (C1-C5) 0.1 0.1 Density @15 C (Note 6) kg/l 0.5600 Specific Gravity @60/60 F ISO8973-0.5600 API Gravity API 121.2 Boiling Range C Yield mass% vol % C5-70C 4.0 4.9 Density @15 C kg/l 0.6556 Specific Gravity @60/60 F D4052-0.6558 API Gravity API 84.3 Summary mass% vol% n-paraffins 46.290 47.356 Iso-Paraffins 44.826 45.032 Naphthenes 8.884 7.612 Aromatics <0.010 <0.010 Olefins <0.010 <0.010 Unidentified <0.010 <0.010 DHA CALCULATED PROPERTIES** Average Molecular Weight : Relative Density: Octane Number: 79.3 0.6494 68.3 Boiling Range C 70-140C Yield mass% 22.9 vol % 25.2 Density @15 C kg/l 0.7331 Specific Gravity @60/60 F D4052-0.7333 API Gravity API 61.5 Summary mass% vol% n-paraffins 25.645 27.043 Iso-Paraffins 29.177 30.285 Naphthenes 44.897 42.437 Aromatics 0.282 0.236 Olefins <0.010 <0.010 Unidentified <0.010 <0.010 DHA CALCULATED PROPERTIES** Average Molecular Weight : Relative Density: Octane Number: 105.0 0.7259 55.1 **Calculated DHA properties are indicative only and are not meant to replace values derived by relevant physical testing methods (6) LPG density is estimated and for indicative purpose only. Unable to perform actual analysis due to insuficient amount of fraction. Santos Mutineer Exeter Crude oil - Final Report.xls Page 4 of 11

Temperature, o C TRUE BOILING POINT CURVE NOVEMBER 2014 380.0 360.0 340.0 320.0 300.0 280.0 260.0 240.0 220.0 200.0 180.0 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 Vol%-TBP Mass%-TBP 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Cumulative % Recovered Santos Mutineer Exeter Crude oil - Final Report.xls Page 5 of 11

API Gravity 120.0 Graph of API vs Mid Volume NOVEMBER 2014 110.0 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Cumulative Middle % Volume Santos Mutineer Exeter Crude oil - Final Report.xls Page 6 of 11

Temperature, o C Graph of True Boiling Point vs Simdis NOVEMBER 2014 760 740 720 700 680 660 640 620 600 580 560 540 520 500 480 460 440 420 400 380 360 340 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 mass%-tbp mass%-ht Simdis 0 10 20 30 40 50 60 70 80 90 100 Cumulative % Recovered Santos Mutineer Exeter Crude oil - Final Report.xls Page 7 of 11

C5-70C 70-140C Properties of Naphtha Report ID Crude ID Client ID Date Santos Limited 08-January-2015 NAPHTHA Test Method Unit Fractional Distillation ASTM D2892 mass% 4.0 22.9 vol% (Note 1) 4.9 25.2 Density @15 C kg/l 0.6556 0.7331 Specific Gravity @60/60 F ASTM D4052-0.6558 0.7333 API Gravity API 84.3 61.5 Copper Strip Corrosion, 3H @ 50 C ASTM D130-1A RON (Note 4) Calc - 68.3 55.1 Sulphur - Mercaptan UOP 163 wt ppm 1 <1 Sulphur - Total ASTM D5453 wt ppm 6.8 <1.0 NOTES: (1) Volumes are expressed as per ASTM D2892 which stipulates volumetric expansion normalisation among fractions boiling below 150 C in proportion to their yields. (4) Calculated DHA properties are indicative only and are not meant to replace values derived by relevant physical testing methods. Santos Mutineer Exeter Crude oil - Final Report.xls Page 8 of 11

140-230C Properties of Kerosene Report ID Crude ID Client ID Date Santos Limited 08-January-2015 Kerosene Test Method Unit Fractional Distillation ASTM D2892 mass% 26.2 vol% (Note 1) 27.0 Density @15 C kg/l 0.7879 Specific Gravity @60/60 F ASTM D4052-0.7883 API Gravity API 48.0 Aromatics - FIA ASTM D1319 %volume 7.5 Aniline Point ASTM D611 C 61.15 Aniline Gravity Product ASTM D611, Calc - 6819 Colour Saybolt ASTM D6045 - +30 Copper Strip Corrosion, 2H @ 100 C ASTM D130-1A Freeze Point ASTM D2386 C -58.5 Kinematic viscosity @ -20 C 3.130 Kinematic viscosity @ 20 C ASTM D445 cst 1.435 Kinematic viscosity @ 40 C 1.084 Naphthalenes ASTM D1840 %volume 0.14 Smoke Point ASTM D1322 mm 29.5 Sulphur - Mercaptan UOP 163 wt ppm 1 Sulphur - Total ASTM D5453 wt ppm 17 Total Acid Number ASTM D664 mg KOH/g <0.10 Notes: (1) Volumes are expressed as per ASTM D2892 which stipulates volumetric expansion normalisation among fractions boiling below 150 C in proportion to their yields. Santos Mutineer Exeter Crude oil - Final Report.xls Page 9 of 11

230-360C Properties of Gas Oil Report ID Crude ID Client ID Date Santos Limited 08-January-2015 Gas Oil Test Fractional Distillation Method ASTM D2892 Unit mass% 32.7 vol% (note 1) 30.6 Density @15 C kg/l 0.8663 Specific Gravity @60/60 F ASTM D4052-0.8668 API Gravity API 31.7 Copper Strip Corrosion, 3H @ 50 C ASTM D130-1A Cetane Index ASTM D4737(proc. A) - 47.0 Cloud Point ASTM D2500 C -13 Colour - ASTM ASTM D6045 - <0.5 Kinematic viscosity @ 20 C 6.317 Kinematic viscosity @ 40 C ASTM D445 cst 3.761 Kinematic viscosity @ 50 C 3.045 Pour Point ASTM D97 C -12 Sulphur - Total ASTM D5453 wt ppm 273 Notes: (1) Volumes are expressed as per ASTM D2892 which stipulates volumetric expansion normalisation among fractions boiling below 150 C in proportion to their yields. Test - LV% Method Unit 230-360C Distillation - IBP 249.5 Distillation - 5% 258.6 Distillation - 10% 261.0 Distillation - 20% 264.9 Distillation - 30% 269.1 Distillation - 40% 274.1 Distillation - 50% C 280.4 Distillation - 60% 287.7 ASTM D86 Distillation - 70% 296.8 Distillation - 80% 307.7 Distillation - 90% 320.4 Distillation - 95% 329.6 Distillation - FBP 333.7 Distillation - Recovery 98.2 Distillation - Residue %volume 1.4 Distillation - Loss 0.4 Santos Mutineer Exeter Crude oil - Final Report.xls Page 10 of 11

360C+ Properties of Residue Report ID Crude ID Client ID Date Santos Limited 08-January-2015 Residue Test Method Unit Fractional Distillation ASTM D2892 mass% 14.1 vol% (note 1) 12.3 Density @15 C kg/l 0.9297 Specific Gravity @60/60 F IP 365-0.9303 API Gravity API 20.6 Aniline Point ASTM D611 C Aniline Gravity Product ASTM D611, Calc - Note 2 Ash ASTM D482 %mass 0.012 Asphaltenes IP143 %mass 1.3 Carbon Residue - Micro ASTM D4530 %mass 5.9 Kinematic Viscosity @ 50 C ASTM D445 cst 66.80 Metal - Nickel 1 Metal - Copper <1 Metal - Iron ICPES wt ppm 1 Metal - Sodium 3 Metal - Vanadium <1 Nitrogen - Basic UOP269 wt ppm 355 Nitrogen - Total ASTM D4629 wt ppm 787 Pour Point ASTM D97 C +33 Sulphur - Total IP336 %mass 0.17 Total Acid Number ASTM D664 mg KOH/g 0.46 Wax Content UOP46 %mass 18.2 NOTES: (1) Volumes are expressed as per ASTM D2892 which stipulates volumetric expansion normalisation among fractions boiling below 150 C in proportion to their yields. (2) Aniline point not possible on residue as sample matrix outside of instrument's scope. Santos Mutineer Exeter Crude oil - Final Report.xls Page 11 of 11

Detailed Hydrocarbon Analysis CRUDE ID: REPORT ID: Boiling Range C Yield mass% vol % C5-70C 4.0 4.9 Component mass% vol% ethane 0.076 0.146 propane 1.018 1.320 n-butane 3.297 3.699 2,2-dimethylpropane 0.219 0.241 i-pentane 12.854 13.471 n-pentane 17.862 18.522 2,2-dimethylbutane 1.491 1.491 cyclopentane 0.351 0.306 2,3-dimethylbutane 2.769 2.717 2-methylpentane 16.485 16.391 3-methylpentane 9.093 8.889 n-hexane 23.978 23.613 2,2-dimethylpentane 0.409 0.394 methylcyclopentane 5.283 4.582 2,4-dimethylpentane 0.597 0.576 2,2,3-trimethylbutane 0.096 0.091 3,3-dimethylpentane 0.066 0.062 cyclohexane 2.814 2.347 2-methylhexane 0.394 0.377 2,3-dimethylpentane 0.122 0.114 1,1-dimethylcyclopentane 0.097 0.084 3-methylhexane 0.231 0.218 1c,3-dimethylcyclopentane 0.109 0.095 1t,3-dimethylcyclopentane 0.075 0.065 1t,2-dimethylcyclopentane 0.109 0.095 n-heptane 0.060 0.057 methylcyclohexane 0.046 0.039 Santos Mutineer Exeter Crude oil - Final Report.xls appendix i

CRUDE ID: REPORT ID: Boiling Range C Yield mass% vol % Class Summary mass% vol% n-paraffins 46.290 47.356 Iso-Paraffins 44.826 45.032 Naphthenes 8.884 7.612 Aromatics <0.010 <0.010 Olefins <0.010 <0.010 Unidentified <0.010 <0.010 DHA CALCULATED PROPERTIES** Average Molecular Weight : Relative Density: Octane Number: C5-70C 0.6494 68.3 **Calculated DHA properties are indicative only and are not meant to replace values derived by relevant physical testing methods 4.0 4.9 79.3 Santos Mutineer Exeter Crude oil - Final Report.xls appendix i

Detailed Hydrocarbon Analysis (continued) Boiling Range C5-70C CRUDE ID: Yield, mass% 4.0 REPORT ID: Yield, vol % 4.9 Totals by Group Type & Carbon Number (in Mass Percent) C1: n-paraffins: I-paraffins: Olefins: Naphthenes: Aromatics: Total: C2: 0.076 0.000 0.000 0.000 0.000 0.076 C3: 1.018 0.000 0.000 0.000 0.000 1.018 C4: 3.297 0.000 0.000 0.000 0.000 3.297 C5: 17.862 13.073 0.000 0.351 0.000 31.285 C6: 23.978 29.838 0.000 8.097 0.000 61.913 C7: 0.060 1.915 0.000 0.437 0.000 2.411 C8: C9: C10: C11: C12: Total : 46.290 44.826 0.000 8.884 0.000 100.000 Oxygenates: Total Heavies: Total Unknowns: Grand Total: 0.000 0.000 0.000 100.000 Totals by Group Type & Carbon Number (in Volume Percent) C1: n-paraffins: I-paraffins: Olefins: Naphthenes: Aromatics: Total: C2: 0.146 0.000 0.000 0.000 0.000 0.146 C3: 1.320 0.000 0.000 0.000 0.000 1.320 C4: 3.698 0.000 0.000 0.000 0.000 3.698 C5: 18.522 13.712 0.000 0.306 0.000 32.539 C6: 23.613 29.488 0.000 6.930 0.000 60.031 C7: 0.057 1.832 0.000 0.377 0.000 2.266 C8: C9: C10: C11: C12: Total : 47.356 45.032 0.000 7.612 0.000 100.000 Oxygenates: Total Heavies: Total Unknowns: Grand Total: 0.000 0.000 0.000 100.000 Santos Mutineer Exeter Crude oil - Final Report.xls appendix i

Detailed Hydrocarbon Analysis CRUDE ID: REPORT ID: Boiling Range C Yield mass% vol % 70-140C 22.9 25.2 Component mass% vol% i-pentane 0.089 0.104 n-pentane 0.206 0.239 2,2-dimethylbutane 0.048 0.054 2,3-dimethylbutane 0.163 0.178 2-methylpentane 1.059 1.177 3-methylpentane 0.795 0.869 n-hexane 3.448 3.796 2,2-dimethylpentane 0.251 0.270 methylcyclopentane 1.257 1.219 2,4-dimethylpentane 0.467 0.504 2,2,3-trimethylbutane 0.085 0.089 3,3-dimethylpentane 0.182 0.190 cyclohexane 2.380 2.219 2-methylhexane 3.458 3.699 2,3-dimethylpentane 0.946 0.988 1,1-dimethylcyclopentane 0.453 0.436 3-methylhexane 3.570 3.772 1c,3-dimethylcyclopentane 1.220 1.189 1t,3-dimethylcyclopentane 1.125 1.091 3-ethylpentane 0.257 0.267 1t,2-dimethylcyclopentane 1.761 1.701 n-heptane 10.672 11.330 methylcyclohexane 17.840 16.831 1,1,3-trimethylcyclopentane 0.805 0.781 ethylcyclopentane 0.907 0.859 2,5-dimethylhexane 0.562 0.589 2,4-dimethylhexane 0.665 0.689 1c,2t,4-trimethylcyclopentane 0.766 0.728 3,3-dimethylhexane 0.206 0.211 1t,2c,3-trimethylcyclopentane 0.630 0.593 2,3,4-trimethylpentane 0.042 0.043 2,3,3-trimethylpentane 0.048 0.048 toluene 0.053 0.045 2,3-dimethylhexane 0.669 0.682 2-methyl-3-ethylpentane 0.117 0.120 2-methylheptane 3.191 3.319 Santos Mutineer Exeter Crude oil - Final Report.xls appendix ii

Detailed Hydrocarbon Analysis (continued) CRUDE ID: REPORT ID: Boiling Range C Yield mass% vol % 70-140C 22.9 25.2 Component mass% vol% 4-methylheptane 1.270 1.308 3,4-dimethylhexane 0.133 0.134 1c,2c,4-trimethylcyclopentane 0.051 0.048 1c,3-dimethylcyclohexane 0.049 0.047 3-methylheptane 2.516 2.587 1c,2t,3-trimethylcyclopentane 6.525 6.148 3-ethylhexane 2.593 2.638 1,1-dimethylcyclohexane 0.700 0.651 2,2,5-trimethylhexane 0.057 0.058 3c-ethylmethylcyclopentane 0.362 0.343 3t-ethylmethylcyclopentane 0.323 0.306 2t-ethylmethylcyclopentane 0.574 0.542 1,1-methylethylcyclopentane 0.098 0.091 2,2,4-trimethylhexane 2.384 2.341 n-octane 10.486 10.836 2,4,4-trimethylhexane 0.139 0.136 N1 0.137 0.127 1c,2-dimethylcyclohexane 0.357 0.326 2,3,5-trimethylhexane 0.334 0.336 1,1,4-trimethylcyclohexane 4.142 3.894 2,4-dimethylheptane 0.491 0.498 ethylcyclohexane 0.510 0.472 *1c,3c,5-trimethylcyclohexane 0.162 0.153 3,3-dimethylheptane 0.531 0.531 3,5-dimethylheptane 0.199 0.200 1,1,3-trimethylcyclohexane 0.110 0.101 ethylbenzene 0.090 0.075 Ethybenzene 2 0.036 0.030 1c,2t,4t-trimethylcyclohexane 0.368 0.342 I3 0.112 0.111 1,3-dimethylbenzene 0.103 0.086 3,4-dimethylheptane* 0.301 0.299 N14 0.159 0.148 4-ethylheptane 0.085 0.086 1c,2t,3-trimethylcyclohexane 0.482 0.462 3-ethylheptane 0.588 0.588 Santos Mutineer Exeter Crude oil - Final Report.xls appendix ii

Detailed Hydrocarbon Analysis (continued) CRUDE ID: REPORT ID: 70-140C Boiling Range Yield C mass% 22.9 vol % 25.2 Component mass% vol% 1c,2t,4c-trimethylcyclohexane 0.122 0.114 1,1,2-trimethylcyclohexane 0.524 0.475 I8 0.396 0.394 I9 0.132 0.131 n-nonane 0.833 0.843 2,6-dimethyloctane 0.050 0.050 Boiling Range C Yield mass% vol % Class Summary mass% vol% n-paraffins 25.645 27.043 Iso-Paraffins 29.177 30.285 Naphthenes 44.897 42.437 Aromatics 0.282 0.236 Olefins <0.010 <0.010 Unidentified <0.010 <0.010 DHA CALCULATED PROPERTIES** Average Molecular Weight : Relative Density: Octane Number: 70-140C **Calculated DHA properties are indicative only and are not meant to replace values derived by relevant physical testing methods 22.9 25.2 105.0 0.7259 55.1 Santos Mutineer Exeter Crude oil - Final Report.xls appendix ii

Boiling Range 70-140C CRUDE ID: Yield, mass% 22.9 REPORT ID: Yield, vol % 25.2 Totals by Group Type & Carbon Number (in Mass Percent) C1: C2: C3: C4: n-paraffins: I-paraffins: Olefins: Naphthenes: Aromatics: Total: C5: 0.206 0.089 0.000 0.000 0.000 0.295 C6: 3.448 2.064 0.000 3.637 0.000 9.149 C7: 10.671 9.215 0.000 23.306 0.053 43.246 C8: 10.486 12.012 0.000 11.886 0.228 34.613 C9: 0.833 5.747 0.000 6.068 0.000 12.648 C10: 0.000 0.050 0.000 0.000 0.000 0.050 C11: C12: Total : 25.645 29.177 0.000 44.897 0.282 100.000 Oxygenates: Total Heavies: Total Unknowns: Grand Total: 0.000 0.000 0.000 100.000 Totals by Group Type & Carbon Number (in Volume Percent) C1: C2: C3: C4: n-paraffins: I-paraffins: Olefins: Naphthenes: Aromatics: Total: C5: 0.239 0.104 0.000 0.000 0.000 0.343 C6: 3.796 2.277 0.000 3.438 0.000 9.511 C7: 11.330 9.779 0.000 22.107 0.045 43.261 C8: 10.836 12.367 0.000 11.203 0.191 34.596 C9: 0.843 5.708 0.000 5.689 0.000 12.240 C10: 0.000 0.049 0.000 0.000 0.000 0.049 C11: C12: Total : 27.043 30.285 0.000 42.437 0.236 100.000 Oxygenates: Total Heavies: Total Unknowns: Grand Total: 0.000 0.000 0.000 100.000 Santos Mutineer Exeter Crude oil - Final Report.xls appendix ii