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Santos’ highly anticipated Apus-1 wildcat disappoints in Australia

© Supplied by ShutterstockOffshore oil and gas operations in Australia
Offshore oil and gas operations in Australia

Santos’ (ASX:STO) Apus-1 exploration well near the Dorado oilfield offshore Western Australia has failed to find commercial hydrocarbons, reported partner Carnarvon Energy (ASX:CVN).

Although “excellent quality reservoirs in the Caley and Milne Members were intersected” unfortunately, a “commercial hydrocarbon pool has not been discovered,” Carnarvon said yesterday.

“Hydrocarbon charge and seal were recognised as key risks for the Apus-1 well pre-drill. The early interpretation of the drilling results indicates there is evidence of hydrocarbons migrating to the Apus location; however, they may not have migrated in sufficient quantity for a commercial hydrocarbon pool to form, or sufficient hydrocarbons were not able to be retained within the closure that was drilled. The Apus Island is surrounded by shale-filled channels which isolates it from the Dorado and Pavo discoveries,” added Carnarvon.

In March, Santos said the Pavo-1 exploration well near the Dorado field offshore Western Australia in the Bedout sub-basin made a “significant oil discovery” that has an estimated breakeven cost at less than $10 per barrel.

Santos hits ‘significant oil discovery’ with Pavo-1 near Dorado

Carnarvon managing director Adrian Cook said that “collectively, the Pavo-1 and Apus-1 results open up the potential of the Bedout Sub-basin by proving the existence of hydrocarbons and high-quality reservoirs a considerable distance east and southeast from the Dorado and Roc fields.

At this time, we remain highly confident of discovering additional resources in and around our two main fields and further across the Bedout Sub-basin, and plan to provide further information on these opportunities in due course.

Our exploration endeavours in the Bedout Sub-basin have delivered us two large and important assets in terms of the Dorado oil, gas and condensate field, and the more recent Pavo oil field. In addition to maturing our future exploration plans, the development and production of the Dorado and Pavo resources will be a core focus for Carnarvon with the Dorado Phase 1 liquids development on track for a final investment decision (FID) this year.”

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