Drillsearch Energy Limited announced Wednesday that production has commenced from the company’s Cadenza wet gas joint venture with Santos Limited in the Cooper Basin.
The joint venture with Santos is Drillsearch’s second producing wet gas joint venture, after the company's JV with Beach Energy. Drillsearch holds a 40 percent interest in the project, with Santos holding the remaining 60 percent operated stake.
The tie-in of Cadenza is part of an active program of wet gas connections in 2016. The next two wells planned to be brought online by the joint venture, Yarowinnie South-1 and Varanus South-1, are expected to be connected and brought online early in the second half of 2016.
Drillsearch Chief Executive Officer Walter Simpson commented in a company statement:
“The start-up of production in our joint venture with Santos is an important milestone. Our FY2016 connections program remains on track and we are on target to derive a bigger contribution to production from wet gas starting from this year.”
Drillsearch’s share of the connection costs is covered by the continuing free-carry under the Santos farm-in arrangements announced in July 2013.
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