Santos Confirms Bianchi-1 Gas Discovery

Australia-based Santos announced a gas discovery at the Bianchi-1 well in Retention Lease WA-49-R, located in the Carnarvon Basin offshore Western Australia.

Wireline logging and pressure testing has confirmed 367 feet (112 meters) of net gas pay between 15,577 feet (4,748 meters) and 17,530 feet (5,343 meters) in the primary target Triassic-aged Mungaroo formation.

Preliminary wireline evaluation has highlighted good reservoir properties in line with those observed at Zola-1, discovered in April 2011.

The gas column lies within a separate fault block down dip of the Zola-1 gas discovery, which is approximately 3.7 miles (6 kilometers) to the south-west. The water depth at the well location is 787 feet (240 meters).

Santos Vice President Western Australia and Northern Territory John Anderson said Bianchi confirmed a significant northern accumulation in the greater Zola complex, materially adding to the resource potential of the area.

“The Zola and Bianchi discoveries are strategically placed near proposed and existing gas infrastructure and these additional volumes bolster joint venture discussions around commercialization options,” Anderson said.

Santos Head of Exploration Bill Ovenden said the success at Bianchi was a further promising step in the evaluation of the prospectivity of the Zola structural trend.

“This well has provided us with confidence that multiple material, low-risk drilling opportunities exist within the retention lease and within the adjacent WA-290-P license areas,” he said.

Santos holds 24.75 percent of WA-49-R and WA-290-P. Apache (operator) holds 30.25 percent, OMV Australia 20 percent, JX Nippon 15 percent and Tap Oil 10 percent.


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John Smith | Jul. 15, 2013
TAP looks more undervalued than ever before.

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