Santos expects the seismic program to start late in 2005 with the first of the exploration wells tentatively planned for 2007.
Santos has a 25% interest. Its partners are affiliates of Devon Energy Corporation (operator and 50%) and Teikoku Oil Company (25%).
The acreage is the North Qarun Block, located close to Cairo in the Gindi Basin of the Western Desert, said Santos managing director John Ellice-Flint.
“The North Qarun block adds to Santos’ growing international portfolio of exploration acreage, further diversifying and expanding our exploration options,” Ellice-Flint said.
“Importantly, it is close to existing oil and gas infrastructure with spare capacity.”
Santos initially entered North Africa with a 2004 farm-in into an eight-well exploration program, covering three exploration blocks in Egypt with Devon Energy.
