Santos Limited
(ASX:STO) says it has made a “significant” natural gas discovery at its Crown-1 exploration well off the coast of Western Australia.
The oil and gas producer says it has found a combined 61 metre gas column up to a depth of 4998 metres and aims to reach a total depth of 5200 metres.
Santos’ Head of Exploration says the gas discovery is well positioned and in close proximity to existing and proposed LNG projects.
Santos operates the well and owns 30 per cent of the surrounding exploration permit. Chevron and Inpex own the remaining interest.
In the first half of the 2012 financial year Santos generated a net profit of $262 million.
