Santos using new rigs, pattern drilling to exploit Cooper basin oil

Adelaide-based Santos Ltd. plans to spend $160 million (Aus.) to drill 100 wells in the Cooper and Eromanga basins in its new oil exploitation program. The initial program targets 6-7 million bbl of proven plus probable net reserves.Contingent upon success, Santos may release another $110 million (Aus.) to drill an additional 70 wells, targeting an additional 4-5 million bbl proven plus probable reserves.After more than 40 years since its first gas discovery in the Cooper basin, Santos announced it would spend another $900 million (net; Aus.) in a $1.3 billion program to renew its reserve base. Santos’ share of production to date is more than 100 million bbl oil, and the company est...

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