Santos doubles 2027 Western Australian drilling to two wells
Key points
- Santos and its venture partners expanded their 2027 Bedout Basin exploration programme from one well to two.
- The new Pavo South-1 well targets 74 million barrels of oil and gas, according to partner Carnarvon Energy.
- The joint venture aims to bolster resource volumes to support the proposed Dorado oil development.
Santos (ASX:STO) and its joint venture partners doubled their 2027 Bedout Basin drilling programme off Western Australia to two firm wells.
Previously, drilling a second well in the offshore permits depended entirely on the results of the initial Ara-1 well.
"A discovery would significantly enhance the proposed Dorado development," Carnarvon Energy (ASX:CVN) stated in its announcement.
Carnarvon Energy said the newly added Pavo South-1 well targets 74 million barrels of oil and gas with a 64% chance of success.
Following the announcement, the Santos share price stood at $8.72.
Carnarvon Energy holds a 20% stake in the Pavo South permit and 10% in Ara, alongside operator Santos and Taiwan's CPC Corporation.
Santos previously delayed Bedout Basin drilling and narrowed its focus to tier-one basins while facing opposition from environmental groups.
