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MOOMBA OIL DISCOVERY

The Santos Group, as Operator for the PPL 9 Joint Venture Parties, announces the discovery of a new pool oil discovery in the South Australian section of the Cooper/Eromanga Basins.

The Moomba 119 high angle oil exploration well has reached a total depth of 2313m in the Jurassic Hutton Formation and has penetrated a 10m oil column in the Jurassic Hutton Sandstone.

While this zone was not tested in Moomba 119, comparison with the nearby Moomba 104 discovery that came on line at over 4,000 barrels of oil per day, indicates the zone in Moomba 119 may be capable of flowing at a similar rate. The well is being cased and suspended as a future oil producer, with production expected to commence within two months.

The Moomba 119 is the second New Pool discovery this year, and represents the fourth successive New Pool discovery on the Moomba Structure.

Additional potential exists within the Moomba Field for similar oil accumulations in the Hutton Sandstone.

This discovery will be followed up with further drilling.

The Moomba 119 well is located approximately 7.5 km south-southeast of the Moomba plant.

The interest holders in PPL 9 are:

  • Santos Group 59.75%
  • Delhi 20.21%
  • Origin Energy Resources Ltd 13.19%
  • Novus Australia Resources NL 4.75%
  • OMV Group 2.10%