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Summary

Elang Oil Field Production Increase

Elang Oil Field Production Increase

Santos Limited advises that there has been a significant increase in oil production from the Elang Oil Field which is located in the Timor Gap Zone of Co-operation.

The recently-completed Elang-1/ST1 well has now been connected to the fields production facilities initially producing at an estimated 20,000 barrels of oil per day (bopd).

This follows the successful completion and connection of the sidetrack from the original Elang 1 well, which has now been abandoned.

Prior to sidetracking the well, Elang-1 had been flowing at 3,000 bopd.

The Elang, Kakatua and Kakatua-North oil fields produced 26,750 barrels of oil on 4 March compared with 14,000 bopd prior to the commencement of the sidetrack well.

The remedial work on Elang-2, is now in progress and this well should be returned to production by the end of March.

Commenting on the outcome, Santos Managing Director Mr Ross Adler said:

“This is an excellent outcome, particularly given current oil prices. This result is expected to increase the life of the field well into 2001.”

The Elang Oil Field was discovered in 1994, together with the Kakatua satellite field. Elang-Kakatua commenced production in 1998 and is the only producing project in the Timor Gap. The Bayu-Undan Liquids Project, which is also located in the Timor Gap and in which Santos also has an interest, has recently received approval for development to proceed.

A sidetrack well (denoted by ST) is a well which branches off part way down a completed well (Elang-1 in this case) to reach another part of the reservoir to access additional oil.

Participating interests in ZOCA 91-12 in which the Elang Field is located are:

  • Phillips Petroleum Company (Operator) 42.417%
  • Santos Group 21.426%
  • Inpex Sahul Ltd 21.209%
  • Petroz Group1 14.948%