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The Santos Group announces the discovery of a new onshore gas field in PEP 108 in the Victorian section of the Otway Basin.

The exploration wildcat well Penryn 1 has intersected a 20m gross gas column in the Cretaceous Waarre Sandstone over the interval 1673m to 1693m.

Penryn 1 reached a total depth of 1823m and will be cased and suspended as a future gas producer.

The Penryn 1 well is located 2.4km southeast of the Fenton Creek 1 gas discovery well and 3km north of the recently completed Heytesbury Gas Facility. Currently Mylor 1 and Fenton Creek 1 are on production through this Facility.

Santos will be evaluating follow-up drilling opportunities in PEP 108.

Santos commenced its first direct sale of gas in Victoria in July 1999 following the commencement of gas production from the Heytesbury Gas Facility. This followed the first sale of Santos Cooper Basin gas into Victoria during 1998 through the interconnect between New South Wales and Victoria.

The Santos Group has a 100% interest in the Penryn 1 well.