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Santos makes gas-condensate discovery in the Browse Basin

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Santos (ASX:STO, OTCMKTS:SSLTY) has made a significant gas-condensate discovery at WA-274-P in the Browse Basin off Western Australia.

Shares in the company should trade higher on the Lasseter-1 exploration well intersecting 78 metres of net pay.

Lasseter adds to the company’s strong position in the Browse, one of Australia’s premier hydrocarbon provinces, and follows on the Crown-1 gas discovery it made in late 2012 just 35 kilometres west-northwest.

In addition, the discovery is located close to existing and proposed liquefied natural gas projects in the area.

The discovery also follows on Apache Corporation (NYSE:APA) and Carnarvon Petroleum (ASX:CVN) major oil discovery in the Canning Basin to the southwest.

Lasseter-1 intersected a gross gas condensate bearing interval of 405 metres with wireline logging confirming 78 metres of net pay over the Jurassic-aged Lower Vulcan and Plover intervals.

This has been confirmed by pressure and sample data. The samples also confirm excellent mobility in the higher porosity sands in the Lower Vulcan.

Multiple independent hydrocarbon columns are interpreted, including an estimated 250 metre column for the Lower Vulcan reservoirs.

Multiple hydrocarbon samples have been recovered and the initial analysis confirms a condensate to gas ratio in the range of 10 to 25 barrels per million standard cubic feet of gas, consistent with proximal field gas compositions and pre-drill expectations.

The well will be plugged and abandoned as planned.

The Crown-1 discovery in 2012 had intersected 61 metres of net gas pay in the Jurassic-aged Montara, Plover and Malita reservoirs.

Santos has a 30% operating interest in WA-274-P. Its partners are Chevron (NYSE:CVX) with 50% and Japan’s Inpex (20%).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Santos Ltd

Price: 5.74 AUD

ASX:STO
Market: ASX
Market Cap: $11.96 billion
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