Santos announced its acquisition of a 75% interest in the Carnarvon Basin permits WA-323-P and WA-330-P that host Winchester, a large prospect which has a geological setting similar to the recent Zola gas discovery.
The farm-in agreement with Octanex N.L was conditional on various regulatory approvals including renewal of the permits, which have now all been received. Santos Vice President WA & NT, John Anderson , said Winchester presented a significant growth opportunity for Santos in Western Australia, and planning was underway for a 3D seismic survey later this year.
“ Under the arrangement with Octanex we have three years in which to drill a well, but we interpret Winchester as a robust prospect so we are considering bringing that forward, possibly by the end of next year ,” he said.
“ It’s an attractive prospect, in shallow water and if successful, is well located for a variety of development options .”
Under the farm-in, Octanex will be free-carried in respect of its 25% interest through the 3D survey, the first well and other exploration costs, except for any follow-up wells.
Santos is operator of both permits.
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Source: Santos, June 10, 2011;