The oil rate is one of the highest ever from a North West Shelf appraisal well test.

sorry, just wanted to get that out there as a heading - if Santos is excited enough to say that stuff

As an upside, notes I've made suggest this testing was done with D3 being the least porous out of all 3 wells in both Caley and Baxter (perm measurements not given in some sections)

Caley

D1 – gross Caley hydrocarbon package of 96.1 metres True Vertical Thickness (“TVT”) with a net oil pay of 79.6 metres TVT. Excellent reservoir characteristics were interpreted from the logging with average porosity of around 20% with hydrocarbon saturation of 82.5%. Permeabilities ranged between 100 to 1,000 millidarcy in the Caley hydrocarbon zone.

D2 – net oil pay of approximately 40 metres taking into account the oil-water contact, with average porosity of around 17%

D3 - 53 metres of predominantly oil bearing net pay with an average porosity of 16%

The initial clean-up flow rate test achieved a maximum possible measured rate of approximately 11,100 barrels per day of oil and21 million standard cubic feet (“MM scf”) per day of associated gas through a 68/64” choke. The oil flow rate is one of the highest from a North West Shelf appraisal well test.

The results were also achieved with only a 220 psi drawdown

The well test was conducted over an approximate 11 metre section of net Caley reservoir, between 3,999 and 4,015 metres

The composition of the oil and associated gas that has flowed to surface on this test from the Caley reservoir are as anticipated with no basic sediments and water (BS&W). Non-hydrocarbon gases are nominal with around 1.8% carbon dioxide (CO2).

Baxter

D1 – 21m gross, 10.5m net HC's

D2 – 13 metres of net pay with an average porosity of 14%. In the Baxter reservoir, a secondary target, condensate rich gas was extracted from the well as expected. The wireline logging also confirmed that a hydrocarbon column was encountered with no gas-water contact identified. Pressure data indicates the column likely extends for several hundred metres

D3 - 9 metres of net pay with an average porosity of 12%

The flow rate achieved a maximum possible measured rate of approximately 48 million standard cubic feet (“MM scf”) per day of gasand 4,500 barrels (“bbls”) per day of associated condensate through a 60/64” choke. This is equivalent to approximately 15,300 barrels of oil equivalent (“boe”) per day using Carnarvon’s 4.45 Bscf per MMBoe conversion rate for the Baxter gas. The well test was conducted over an approximate 7.4 metre interval of net Baxter reservoir and importantly was achieved with only 150 psi drawdown.

The gas and condensate compositions from the Baxter well test are in line with expectations with around 2 to 5% basic sediments and water (BS&W). Non-hydrocarbon gases are nominal with around 1.5% carbon dioxide (CO2).

Crespin

D1 – gross hydrocarbon package of 50 metres and a net oil pay thickness of 22 metres. The quality of the reservoir encountered was better than pre-drill estimates with average porosities of 14 per cent.

D2 – The Crespin reservoir was water-wet as anticipated

D3 – hydrocarbon column of around five metres with an average porosity of around 9%.

Milne

D1 – 30 metres and a net pay thickness of 18 metres. The average porosity of 13 per cent was also better than the pre-drill estimates.

D2 – Samples from the Milne reservoir were recorded as oil bearing on the rig. The very light nature of this oil may result in this hydrocarbon phasing being re-classified as a highly condensate rich gas. No water contact was encountered in the Milne section in the Dorado-2 well.

D3 - no hydrocarbons were intersected

D1 comment - The high quality of the reservoir was further reinforced by the rapid time taken to extract the oil samples and the high mobility recorded while undertaking formation testing. The Caley, Baxter and Milne sands did not encounter any water, whereas the lower section of the Crespin sand contains an interpreted water contact.

D2 comment - Importantly, the well encountered high quality and productive reservoirs in each target. Initial indications (pending confirmation from laboratory analysis) are that fluid compositions are similar to the light oils and gases that were sampled in Dorado-1, where high condensate yields range from 70 to 245 barrels per million standard cubic feet. The Joint Venture can now confidently continue with its plans for a fast-tracked Caley oil development and a more substantial full field development, which is expected to incorporate the Roc discovery, on a staged basis.

D3 comment - The Dorado-3 wireline results strongly support progressing to the flow testing stage