Santos Announces Jeruk-3 Downgrade

The Jeruk-3 appraisal well is being drilled in the Sampang PSC, offshore Indonesia, approximately 1.8 kilometer west of Jeruk-1 and 40 kilometers southeast of Surabaya. Santos reported previously, the well tested oil from the top of the reservoir section.

The company said that the well has subsequently been deepened to 4,894 meters TVDSS. Interpretation of pressure data obtained to date infers an oil water contact at approximately 4,760 meters TVDSS.

The height of the known hydrocarbon column in the Jeruk structure is now considered to be approximately 145 meters, compared to the originally interpreted 379 meters. This has reduced the most likely contingent resource to less than the 170-mmbbl estimate previously provided to the market in January 2005.

Santos points out that the reservoir is complex, adding that a further appraisal will be required to determine whether a common oil water contact exists across the structure. The company said that a test of the bottom hole section of the Jeruk-3 appraisal well is planned for next week. This test is expected to confirm the interpreted location of the oil/ water contact and provide further reservoir and pressure data.

Following the completion of Jeruk-3, the rig will be released to drill other Santos wells, allowing time to integrate well and seismic data to better determine the most likely resource range.

Santos (Sampang) Pty Ltd is the operator of the Sampang PSC, with 40.5% interest. Other participants in the PSC include Singapore Petroleum Sampang Ltd (36%), Cue Sampang Pty Ltd (13.5%), and PT Petrogas Oyong Jatim (10%, subject to the finalization of documentation).

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