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Summary

Fenton Creek 1

FENTON CREEK 1

The Santos Group, as Operator for PEP 108 announces the discovery of a new gas field in the Victorian section of the Otway Basin.

The exploration wildcat well Fenton Creek 1 flowed gas on drill stem test (DST 2) at 169,900 cubic metres per day (6.0 million cubic feet per day) accompanied by 6.9 kilolitres condensate per day (43 barrels per day) from reservoir sands in the Late Cretaceous Waarre Sandstone over the interval 1574m-1584m. The test was run through a 12.7 mm (0.5) surface choke. A previous test (DST 1) of the Early Cretaceous Eumeralla Formation over the interval 1699m-1714m flowed gas at a rate too small to measure through a 6.35mm (0.25) surface choke.

The Fenton Creek 1 well is located 2 km north-northeast of the Mylor 1 gas discovery well approximately 170 km west-southwest of Melbourne.

Fenton Creek 1 reached a total depth of 1840m and will be cased and suspended as a future gas producer. The Santos Group will now drill Gordon 1, a gas exploration well in PEP 119 in the western Otway Basin.

Commenting on the find, Mike Hannell, General Manager of the South Australian Business Unit said This well, which has an excellent flow rate, is the first well operated by the Santos Group in the Otway Basin and there are a number of follow up opportunities in the permit. This wildcat exploration success has maintained the Business Unit’s 100% discovery success rate for 1997.

The participants in the Fenton Creek 1 well are:

*Santos (BOL) Pty Ltd 50%

Cultus Petroleum NL 50%

The participants in PEP 119 are:

*TMOC Exploration Pty Ltd 60%

Cultus Petroleum NL 40%

* A wholly owned subsidiary of Santos Group.