Casino 2 Well Encounters Gas

The Ocean Bounty semisubmersible has drilled the Casino 2 well, in exploration permit VIC/P44, to a drill depth of 1763 meters (1738 meters below sea level). Strong gas shows have been encountered since penetrating what is interpreted to be the target reservoir formation at 1755 meters (1730 meters below sea level). Preparations are underway to cut and retrieve a core in the reservoir formation, drill ahead through the reservoir and down to a total depth of 2,276 meters prior to conducting a wireline reservoir evaluation program. Estimated time to reach total depth is approximately three more days.

Santos is the operator of VIC/P44 permit with a 50% interest and Strike Oil holds the remaining 50%.