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Summary

Cabernet 1

CABERNET 1

Santos Ltd, as Operator for the Murta Block, announces the discovery of a new gas field in the South Australian section of the Cooper/Eromanga Basins.

The exploration well, Cabernet 1 flowed gas at 345,500 cubic metres per day (12.2 million cubic feet per day) from a portion of the reservoir sands in the Early Permian, Lower Patchawarra Formation over the interval 2299-2337m. The test was run through a 13mm (0.5) surface choke. Twelve barrels of condensate and mud was also recovered Further testing of this discovery is currently ongoing.

Cabernet 1 well is located 12km east of the Garanjanie Field and approximately 44km south of the Moomba gas plant. The well is near existing facilities and will provide an early connection opportunity.

The well will be cased and suspended as a future gas/condensate producer. Additional drilling to test the full potential of this discovery is under consideration.

Commenting on the find, Mr. Ross Adler, Managing Director of Santos Ltd said :

Early indications are that this could be the best gas discovery in South Australia since 1994. A preliminary estimate indicates that the well has addressed approximately 30 BCF of reserves with potential upside of 50 BCF reserves. This is equivalent to approximately 6 months supply of South Australian gas demand.

The participants in the Cabernet 1 well are :

  • Santos Group 59.75%
  • Delhi Petroleum 20.21%
  • Boral Energy Resources Ltd 13.19%
  • Crusader Resources 4.75%
  • Basin Oil 2.10%