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Drillsearch Energy Ltd And Santos Limited Form Joint Venture To Accelerate Western Cooper Wet Gas Commercialsation

Wednesday, 3 Jul 2013 06:31pm EDT 

Drillsearch Energy Ltd announced that it has entered into a series of binding transactions with Santos Limited (Santos) accelerating Western Cooper Wet Gas commercialisation and expanding Drillsearch's Cooper Basin oil Reserves and production. Under this transaction, Santos will earn a 60% interest and Operatorship in the Western Cooper Wet Gas Project (PEL 106A and PEL 513 - see attached map) through the following: PEL 106A – funding a $75 million firm work program of exploration, appraisal and field development works; and PEL 513 – funding a firm work program valued by Drillsearch at $45 million covering all of the outstanding firm permit work commitments including acquiring 100km2 3D seismic, drilling six firm commitment exploration wells plus one additional contingent exploration well. Additionally, Drillsearch has entered into a firm Gas Sales Agreement ("GSA") covering expected production from PEL 106A and PEL 513 through 2025. The GSA will be for the sale of raw gas with separate pricing for the condensate, LPG and sales gas components. Condensate and LPG pricing will be linked to international product pricing, less specific transport and processing charges. Under the GSA, initial gas sales by Drillsearch are targeted to be up to a maximum daily quantity of 70 mmscf/day raw gas. 

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