Santos Ltd and its Japanese and Malaysian partners hit oil in an exploration well in deep water off Sabah in east Malaysia, and are planning to drill further to evaluate the find, the Australian company said today.
“A significant oil discovery has recently been made at the Bestari-1 exploration well,” Santos said in a filing to the Australian Stock Exchange.
Santos said the well hit 67 metres of high quality oil in depths ranging from 1,860 metres to 2,702 metres below the sea.
“While there is still a lot of work to be done in determining recoverable volumes, this is a large structural closure potentially capable of supporting significant column heights,” Santos vice-president John Anderson said in emailed comments.
Full story: http://www.malaysiakini.com/news/293174
