Santos Buys Into Two PNG Oil, Gas Permits

Santos has acquired 30% interest in two permits, PPL 261 and PPL 426, in the Western Province of Papua New Guinea from Talisman Energy.

Talisman will remain operator of the permits.

In addition, Santos and Talisman are in exclusive discussions for Santos to acquire a 50% interest in PPL 287. Three exploration wells are planned in the permits, with the first well, Kupio-1 in PPL 261, expected to spud in early September.

“The Foreland area of PNG is prospective for both gas and oil and Santos looks forward to working with our new partners Talisman and Mitsubishi in the exploration program,” Santos Vice President Asia Pacific Martyn Eames said.