The Company has been awarded a permit by the Commonwealth and Tasmanian governments to explore for oil and gas in Block T/40P, located 100 kilometers off Tasmania's north western coast.
The new permit area, covering approximately 315 square kilometers, is the fifth offshore exploration permit held by Santos in the Sorell Basin.
Santos has been awarded the block for a period of six years with a work program which may result in expenditure of up to $23 million being invested in 2D and 3D seismic and the drilling of one well.
"This builds on Santos' strong operating position in the waters off Southern Australia's Otway and Sorell Basins, where we now hold the exploration rights to eight blocks", Santos' Managing Director, Mr. John Ellice-Flint, said.
"The new block not only adds to our established position in the area but also is on trend with our other deep water blocks in the Otway and Sorell Basins," he said.
"Acquiring this block – which is largely in water depths of less than 200 meters - enables us to further evaluate the Cretaceous Shipwreck Group reservoirs along trend from existing fields and opportunities."
Santos holds a 100 percent interest in T/40P and is the operator.
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