from Santos today - $380m-440mil Dorado capex for CVNSuccessful...

from Santos today - $380m-440mil Dorado capex for CVN

Successful appraisal programme has de-risked development options for the field. Preferred
concept is FPSO and wellhead platform development, targeting FEED in 2Q 2020

Preferred development concept is an initial phase of oil and condensate
development followed by future phase of gas export
+ Recoverable liquids resource 158 mmbbl 2C gross, 126 mmbbl 2C STO net
+ Low CO2
resource, with gas injection in support of enhanced oil recovery
+ Shallow water depth allows for simple wellhead platform (WHP) and FPSO
development
+ 8 to 10 platform wells at start-up (including gas injection wells)
+ FEED targeted for 2Q 2020
+ Based on new build FPSO:
+ Estimated initial gross oil production rate expected to be
between 75-100 kbbl per day1
+ Estimated gross capex to first oil expected to be between
$1.9 - 2.2 billion1
+ FPSO re-deployment and lease options under consideration could reduce
capex

Controlling position around the world class Dorado discovery
+ Dorado discovery proves a world class liquids-rich petroleum
system with high quality reservoirs
+ Sparsely explored permits contain multiple play types, some of
which remain untested
+ Focus on extension of Lower Triassic Dorado play in shallow
water southern part of permits
+ Low cost exploration drilling
+ Excellent economics for shallow-water tie-backs to a future
Dorado hub
+ Santos has a controlling operated position in the basin,
augmented by recent capture of WA-541-P
+ Commitment to acquire 2,950km2 of new 3D seismic and
drill three wells within three-year primary term
+ Planned 2020-2021 work program includes seismic acquisition
and drilling Pavo-1 and Apus-1 subject to joint-venture
approval