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Summary

Bilip 1 - announcement of PNG oil discovery

Santos , as operator of the Bilip exploration well in PPL 190 in the Southern Highlands of PNG, has completed wire-line logging operations.At 6 am the well was at 2,540 metres and was preparing to drill ahead.

A 30 metre gross hydrocarbon column has been recorded with an oil water contact at 2,453 metres in the Iagifu sandstones.

The Bilip oil discovery is located 10 kilometres southeast of the SE Gobe oil field.

All depths are by reference to the rotary rig table.

Interests in the Bilip 1 well are:

Santos Group 31.278% (Operator)
Oil Search 31.278%
Murray Petroleum Co. Ltd 26.497%
Cue PNG Oil Company Pty. Ltd 10.947%