ASX: STO oil production under full swing

ASX: STO oil production under full swing

Santos Limited (ASX: STO) has recently announced that Quarterly (2Q) Cooper Basin oil production was the highest in four years, and that Cooper Basin gas production was up 8% and oil production was up 17% compared to the prior quarter due to strong performance from recently connected wells more than offsetting the impact of a higher level of planned maintenance at Moomba. Marabooka-18 development well depicted 3.1 days from spud to rig release, fastest ever gas well drilled. WA gas production was up 10% compared to the prior quarter due to higher customer demand and commencement of two new sales contracts.

Combined with the restart in PNG LNG production following major earthquake activity in February 2018, second quarter production of 14.2 million barrels of oil equivalent (mmboe) was higher than the prior quarter due to strong production from the Cooper Basin and Western Australia gas. Despite the PNG LNG outage and planned shutdowns at Moomba and Bayu, Undan/Darwin LNG which reduced first half production by about 2 mmboe and sales revenue by approximately US$80 million, the strong increase in revenue was achieved.

Santos Ltd (ASX: STO) traded at a market price of $6.070 with a daily price change of $0.110 or a percentage change of 1.85% as at July 19, 2018, 4:15 pm AEST.

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