Santos Drills Duster at Johnson-1

Joint venture partner Tap Oil reports that the Johnson-1 well has reached a total depth of approximately 3,100 meters measured depth. The target reservoir was intersected as prognosed but no shows were encountered and the well will be plugged and abandoned as a dry hole.

The Johnson-1 well is located in exploration permit WA-358-P, approximately 15 kilometers west of the Woollybutt Oil Field and 20 kilometers north of the Griffin Oil Field offshore Australia. The well was drilling using the Songa Mercur.

The Johnson-1 well targeted an oil prospect at the Top Barrow objective which has proven successful in the nearby Woollybutt, Griffin and Chinook/Scindian fields. The lack of success at Johnson-1 is disappointing however Tap had mitigated its exposure to this outcome by farming down its equity prior to drilling from 25% to 12.5%, in return for a carry on the cost of the well.

WA-358-P joint venture participants are Santos Offshore Pty as operator with 37.5%; Tap (Shelfal) Pty Ltd with 12.5%; OMV Barrow Pty Ltd with 25% and Nippon Oil Exploration (Dampier) Pty Ltd with 25%.

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