Santos strikes oil in Malaysian drilling

Dateline 2015-03-26, The Sidney Morning Herald:

Santos has reported a “significant” oil discovery in its deep-water exploration campaign in Malaysia, providing a welcome piece of good news for investors.

The Bestari-1 well, drilled with Malaysian national operator Petronas, comes just two months after Santos completed a deal to buy a 20 per cent stake in the Block R Production Sharing Contract containing the exploration prospect.

Santos’s vice-president for Asia, John Anderson, said Santos was “very encouraged” by the find, which he said had similarities to “some of the other world-class fields in the area”.

Block R, located offshore East Malaysia, lies in an area where large fields have been discovered, including Murphy Oil’s Kikeh and Shell’s Gumusut-Kakap oilfields.

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