Santos Limited (ASX: STO) - Shares edged up as company confirmed significant natural gas resource in PNG

ASX listed natural gas company, Santos Limited (ASX: STO) confirmed the presence of significant natural gas resource at Barikewa-3 well which is located in the Papua New Guinea’s onshore Forelands region. STO’s Barikewa-3 well, situated 10 kilometres from the PNG LNG gas pipeline, is announced to have intersected 25 metres of net gas pay within the Toro and Hedinia reservoir objectives.

As per the company’s management, Barikewa’s location and its significant gas-water contact in Hedinia will play a key role in the expansion of Liquified Natural Gas (LNG) project.

After having on-site analysis of the gas from the drill-stem test and wireline sampling, the company reported a dry gas containing approximately 20% nitrogen and low levels of other impurities to be in line with pre-drill expectations.

The well, in Santos’ 40% owned petroleum permit PRL9, reached total depth of 1,943 metres in mid-July and is expected to be plugged and abandoned as scheduled upon completion of the test and data retrieval. With the release that confirmed significant natural gas resource in PNG, STO’s shares edged up by 0.915% to $6.62 on August 08, 2018, before market close.

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