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    Santos farms into Queensland oil, gas permit

Summary

Santos will earn a 50% equity interest in ATP 2023 and will operate a three-well gas exploration programme.

by: Shardul Sharma

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Santos farms into Queensland oil, gas permit

Urea producer NeuRizer on May 11 announced that Santos will farm-in and take operatorship of oil and gas permit ATP 2023 in Queensland's Cooper basin from Bridgeport Energy.

Santos will earn a 50% equity interest and will operate a three-well gas exploration programme targeting the Toolachee Formation gas play.

NeuRizer’s wholly-owned subsidiary Leigh Creek Oil and Gas has earned a 20% participating interest in ATP 2023 under a farm-in arrangement with Bridgeport that was executed in February 2020. Interests in ATP 2023 will now be - Santos 50% (operator), Bridgeport 30% and Leigh Creek Oil and Gas 20%.

Santos has identified three prospects with drilling planned to start later this year. As part of the joint operating agreement for ATP 2023, Santos will produce a work programme and budget to be submitted for approval within 30 days of taking over operating responsibilities, NeuRizer said. This will include the cost and timing of the exploration wells.