"In October 2012, Santos announced a farm-in agreement with Central Petroleum to earn up to a 70% interest in 13 permits across the Amadeus and Pedirka Basins. As part of the farm-in, Santos committed to a four-year three-phase exploration program in the region, commencing in mid-2013, as a first step in determining the geology and prospectivity of the oil and gas resources in these basins.
In mid-2013, over 1,800 kilometres of 2D seismic surveys were undertaken across multiple exploration licences in the Amadeus Basin. Processing of this seismic data is currently underway.
In April 2014, Santos completed the drilling of the Mt Kitty-1 exploration well, reaching a programmed total depth of 2,295 metres in meta-sedimentary basement. The well encountered gas shows and evaluation is on-going. "
CTP Price at posting:
14.0¢ Sentiment: None Disclosure: Held
