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Summary

Third Victorian Gas Discovery in 2001

Santos Limited, as Operator for PEP 154 is pleased to announce its third new field discovery in the Victorian section of the Otway Basin in 2001.

The exploration wildcat well Croft 1 has intersected a 60 metres gross gas column in the Cretaceous Waarre Sandstone over the interval 2025 metres to 2085 metres. Wireline logs are currently being evaluated and indications are of 34 metres net gas pay. After completion of wireline logs Croft 1 will be cased and suspended as a future gas producer. The well reached a total depth of 2529 metres.

Commenting, Santos Limited Managing Director John Ellice-Flint said,

“The well is the fifth Santos operated success in the area and follows on from the recent successes at McIntee 1 and Tregony 1.

“Croft 1 continues Santos’ 100% success rate in PEP’s 153 and 154.”

Currently Mylor 1, Penryn 1 and Fenton Creek 1 are on production through the Heytesbury facility. The Croft well is expected to come on production at 10-15 terajoules per day based on analogy with existing wells in the area.

The Croft 1 well is located approximately 7 kilometres to the south of the recent McIntee 1 gas discovery and 16 kilometres west of the Heytesbury Gas Facility.

Croft 1 is the third well of a five well program in PEP’s 153 and 154. The rig is expected to be released by the end of the week and will be transferred to Lavers, the next exploration well in the Otway Basin. The Lavers well is expected to spud by the end of April.The participants in the Croft 1 well are:

Santos Limited 90% (Operator)
Beach Petroleum NL 10%