Santos Increases 2P Reserves to 1,445 Million Barrels

Source: www.gulfoilandgas.com 2/8/2011, Location: Not categorized

Santos announced that proved and probable (2P) hydrocarbon reserves increased to 1,445 million barrels of oil equivalent (mmboe) as at the end of 2010. This represents a 2P reserves replacement ratio of 110% and is the company’s seventh successive annual increase in its reserves.

Successful exploration, appraisal and commercialisation activity, along with the sanctioning of new projects, added 165 mmboe of 2P reserves in 2010

The increase in reserves was driven by strong growth in coal seam gas (CSG) reserves dedicated to the GLNG project. Reserves also increased in the Cooper Basin and through the sanctioning of the Spar (Western Australia) and Wortel (Indonesia) gas projects.

After the sale of a 15% interest in GLNG to Total for $650 million announced in September (approximately 110 mmboe) and 2010 production of 50 mmboe, Santos’ year-end 2P reserves increased to 1,445 mmboe. Santos Chief Executive David Knox said consistent delivery of Santos’ strategy had again delivered reserves growth in 2010.

“The quality of our reserve base is also improving - more than half of our reserves are targeted at the higher margin LNG business.”

“Today’s announcement means Santos has delivered its seventh successive annual reserves increase, positioning the company for significant future production growth,” Mr Knox said.

On a proved (1P) basis, year-end reserves were 646 mmboe, after allowing for 2010 production of 50 mmboe. This represents a 1P reserves replacement ratio (RRR) of 201% on a 3-year rolling-average basis.

On a proved and probable (2P) basis, year-end reserves increased to 1,445 mmboe. This represents a 2P RRR of 457% on a 3-year rolling-average basis.


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