Oil and gas giant Santos (ASX:STO) has announced that the initial flow test of the Caley reservoir in Western Australia has confirmed the main oil pool in the field is capable of producing flow rates at the higher end of pre-drill expectations.
The Caley reservoir is part of the Dorado-3 appraisal well. Santos owns an 80 per cent stake in the Dorado field after it acquired Quadrant Energy in 2018, while Carnarvon Petroleum owns a 20 per cent stake.
Santos says the initial flow test achieved a maximum measured rate of about 11,100 barrels of oil per day.
Santos Managing Director and Chief Executive Officer Kevin Gallagher said the test result was extremely positive
Shares in Santos (ASX:STO) are trading 2.24 per cent higher at $7.52.