SANTOS reported a profit drop of almost 50% yesterday and a share price fall of over 4% but CEO Kevin Gallagher charted a way forward even after project deferrals, capital spend cut and write downs.

This  included confirmation of a three-well infill campaign at the Bayu Undan field first flagged in its second quarter results, which Santos expects to extend the legacy gas field's life out to 2025. 

Santos will drill two platform wells and one subsea well with sanction planned for the end of the year, Gallagher said.  

It will be the first campaign drilled with Santos as operator of the offshore asset, which is now fully under Timor-Leste jurisdiction since the small nation ratified the maritime boundary treaty with Australia last year.  

It will also provide ongoing revenue to the nation given royalties from the field are its single largest source of revenue. 

This  included confirmation of a three-well infill campaign at the Bayu Undan field first flagged in its second quarter results, which Santos expects to extend the legacy gas field's life out to 2025. 

Santos will drill two platform wells and one subsea well with sanction planned for the end of the year, Gallagher said.  

It will be the first campaign drilled with Santos as operator of the offshore asset, which is now fully under Timor-Leste jurisdiction since the small nation ratified the maritime boundary treaty with Australia last year.  

It will also provide ongoing revenue to the nation given royalties from the field are its single largest source of revenue. 

Source: Energy News Bulletin

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