Santos to Conduct Production Test on Casino-3 Wel

Santos will conduct a production test of the Casino-3 well located offshore Australia in the Otway Basin following the successful drilling of the appraisal well. Last week, Casino-3 intersected a 20-meter net gas column in the target Waarre sandstone.

Over the weekend wireline log, formation pressure and gas composition data was analyzed. This data indicates that a single gas pool connects Casino-3 with the previously drilled Casino-2 well.

Following completion of the logging program the Joint Venture has agreed to conduct a production test.

When testing operations are completed the well will be plugged and abandoned as planned.

Santos and its joint venture partners have already successfully concluded a long-term gas contract with TXU Australia to supply gas from the Casino field. The contract is conditional on the final results of the Casino-3 well and the confirmation of reserves for the Casino field.

The Casino gas field - first discovered in September 2002 - is located about 29 kilometers southwest of Port Campbell and 250 kilometers southwest of Melbourne. The Casino-3 well is located well is to be drilled approximately 3.3 kilometers northeast of Casino-1 and 2.4 kilometers northwest of Casino-2, which both intersected gas bearing Waarre sandstone reservoirs.

Participants in the VIC/P44 permit are Santos as operator with 50%; Peedamullah Petroleum Pty Ltd (Australian Worldwide Exploration) with 25.0% and Mittwell Energy Resources Pty Limited (Mitsui) with 25.0%.
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