By OGJ editors
HOUSTON, Feb. 18 -- Santos Ltd., Adelaide, has acquired Basin Oil Pty. Ltd. from joint venture partner, OMV Petroleum Pty. Ltd., UK, and, consequently, has gained all OMV's interests in the Gippsland basin in Victoria and the Cooper basin in South Australia.
The acquisition boosts Santos interest in Gippsland to 90% and in the Cooper basin oil and gas fields to more than 66%.
It also made Santos the operator of Patricia Baleen and Sole gas fields, as well as the associated processing facilities at the Orbost plant in eastern Victoria.
Santos already operates the Cooper basin oil and gas fields, which supply gas under long term contracts to Adelaide, Sydney, and Canberra; the VIC/P55 exploration permit (66.67%); and Golden Beach gas fields, of which it now has a 100% working interest that it may farm down to other parties, Santos said.
The deal allows Santos to add proven and probable reserves of 8 MMboe from Patricia Baleen and Cooper basins with the 1.3 MMboe 2005 production. This production does not include amounts from Sole or Golden Beach fields.
The deal is expected to close in the second quarter of 2005 pending government approvals. The amount of the cash transaction was not disclosed.
