Santos confirms oil discovery offshore Western Australia

Carnarvon Energy

23/03/2022 24:09

March 23 (Reuters) - Australia's Santos Ltd  STO.AX  said on
Wednesday its Pavo-1 exploration well has confirmed a
significant oil discovery near its Dorado facility, offshore
Western Australia.
    Santos Chief Executive Officer Kevin Gallagher described the
Pavo-1 discovery as a "great result" that could add further
material value to the project through a potential low-cost
tie-back to the proposed Dorado development plan.
    "With the global oil and gas markets seeing increased
volatility, low CO2 oil and gas resources at Dorado and Pavo add
significantly to Australia's national energy security." 
    Santos shares rose 0.3% in early trade, with oil and gas
explorer Carnarvon Energy  CVN.AX , which holds a 30% interest
in Pavo-1, jumping as much as 35%.
    "Subject to the joint venture making a final investment
decision this year, the Dorado production infrastructure is
planned to be in place by the end of 2025," Carnarvon Chief
Executive Officer Adrian Cook said, adding that the results
bring a significant value to the Dorado development plan. 
            

 (Reporting by Indranil Sarkar in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
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