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Summary

Farmout of Permit WA-209-P

Farmout of Permit WA-209-P

Santos announces that it has reached agreement to farmout 18.166% of its interest in Carnarvon Basin exploration permit WA-209-P, to co-venturers Apache (Operator) and Globex Far East. This will reduce Santos equity in the permit from 54.166% to 36.00%. The terms and conditions of the farmout involve a full carry of Santos interest through two forthcoming exploration wells; Lepus and Caribou.

The farmout excludes the Stag Production Licence, WA-15-L and relates only to the exploration permit.

The farmout exploration program will focus upon the northern part of permit WA-209-P, following upon the discovery of the Reindeer gas resource in late 1997. The carried interest in the program will permit significant participation in any commercial discovery.

The first well in the farm-out program will be Lepus-1. The well is due to spud on or around 8 January 1998. The second well in the program is anticipated to be drilled in March/April.

Subsequent to the farm-out arrangement, interests in permit WA-209-P are:

  • Apache Northwest Pty Ltd (Operator) 45.00%
  • Santos Offshore Pty Ltd 36.00%
  • Globex Far East 19.00%