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Darwin Shelf Acreage Award

Darwin Shelf Acreage Award

Santos announces that a study group, of which it is the operator, has been offered an exploration permit covering acreage gazettal area NT/97-1, located in the Bonaparte Gulf, approximately 240 km north-west of Darwin.

The acreage awarded arises from bids lodged in response to the acreage gazettal closing October 1997. The basis of the award is a guaranteed work program over the first three years consisting of a 4,500 km of seismic survey, 1,000 km of seismic reprocessing and two exploration wells.

The acreage is located in the Darwin Shelf of the Bonaparte Basin. No wells have previously been drilled in NT 97-1.

Santos regional studies and geochemical survey indicate that the block contains a number of prospective oil plays, which will be detailed and matured to drilling status by the planned seismic program, which is anticipated to commence in late 1998 or early 1999.

The interests in the study and bidding group, which will be reflected in the permit upon award, are as follows:

  • Santos Group(Operator) 37.5%
  • Petroz NL 25.0%
  • Beach Petroleum NL 25.0%
  • Arrow Resources NL 12.5%