Fletcher finds oil in Carnarvon basin

Drilling has concluded on the Fletcher-1 and Fletcher-2 wells in exploration permit WA-191-P in the Carnarvon basin offshore Western Australia.

Offshore staff

ADELAIDE, Australia -- Drilling has concluded on the Fletcher-1 and Fletcher-2 wells in exploration permit WA-191-P in the Carnarvon basin offshore Western Australia.

Fletcher-1 lies 15 km (9 mi) east of the Mutineer oil production facilities. Sidetrack well, Fletcher-2, was drilled to its total depth intersecting a similar geological section to Fletcher-1. Preliminary analysis of logging while drilling data indicates a 12-m (39-ft) gross oil column.

The Fletcher-2 well intersected the Legendre formation slightly up-dip of the Fletcher-1 well and has demonstrated the continuation of the oil column to the northeast. The well is being plugged and abandoned.

According to partner Tap Oil, the Fletcher wells have discovered a new oil trend in WA-191-P. While the resource in the immediate vicinity of the wells is expected to be small, the potential of the greater Fletcher trend could be significant. Further evaluation will determine the area potential.

Santos Ltd. operates the WA-191-P joint venture with 33.4% interest. Partners include Tap (Shelfal) Pty. Ltd. with 8.2% interest, Kufpec Australia Pty. Ltd. with 33.4% interest, and Nippon Oil Exploration (Dampier) Pty. Ltd. with 25% interest.

8/28/2007

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