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The Burnside-1ST1 exploration well in permit WA-281-P has struck a 65 metre gross gas column in the primary target, which is the Brewster Sandstone.
"Further work will be done to determine the commercial significance of the discovery," Santos said in a statement to the Australian stock exchange.
The reservoir is in the same geologic formation that is gas-bearing in nearby fields such as Ichthys, Mimia and Prelude.
Santos says various tests have indicated there is gas throughout the fairly low permeability sandstone interval and that there is potential for the gas column to extend below the base of the sand.
Santos vice president of exploration Trevor Brown said it was pleasing to make a discovery in a basin with so many developments under consideration.
"Further work will now be done on recovered samples to understand the reservoir characteristics and an appraisal plan will be developed to define the size of the resource."
The Burnside-1ST1 well will be plugged and abandoned.
Santos operates the WA-281-P permit with a 47.8306 per cent stake.
Its joint venture partners are Chevron Australia, which has 24.83 per cent, INPEX Browse Ltd, with 20 per cent, and Beach Petroleum Ltd, 7.3394 per cent.
Santos shares were up 25 per cent at $14.65 and Beach Petroleum stock was up one cent at 83 cents at 1038 AEDT.
(AAP) sld
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