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Santos in gas discovery in Browse Basin, offshore Western Australia

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Santos (ASX: STO) has reported that the Burnside-1ST1 exploration well in permit WA-281-P in the Browse Basin offshore Western Australia has encountered a 65 metre gross gas column in the primary target, the Brewster Sandstone.

Further work will be done to determine the commercial significance of the discovery.

Santos has a 47.8306% interest in the well with Joint Venture Partners Chevron Australia (WA-281-P) Pty Ltd (24.83%), INPEX Browse Ltd (20%) and Beach Petroleum Ltd (7.3394%).

Santos Vice President Exploration, Trevor Brown said, “It’s pleasing to make a discovery in a basin with so many developments under consideration. Further work will now be done on recovered samples to understand the reservoir characteristics and an appraisal plan will be developed to define the size of the resource.”

The Burnside-1ST1 well is located approximately 450 kilometres from Broome and approximately 40 kilometres from Ichthys and other discovered fields. The water depth at location is 215 metres. Wireline logging has indicated the presence of gas throughout the relatively low-permeability sandstone interval.

Pressure data acquired within the reservoir supports the potential for the gas column to extend below the base of the sand. The reservoir penetrated in the Burnside-1ST1 well is within the same geologic formation that is gas-bearing in nearby fields such as Ichthys, Mimia and Prelude.

Quick facts: Santos Ltd

Price: 5.75 AUD

ASX:STO
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Market Cap: $11.98 billion
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