“We’re all conscious of what happened in North America, where the play opened up quite quickly,” David Knox, chief executive officer of the Adelaide-based energy company, said today on a conference call with reporters. “The potential is very large, but it is absolutely still a potential. We need to demonstrate that through drilling and scientific work.”
Santos drilled a vertical shale gas well in the Cooper Basin in December and plans to drill a horizontal well in the fourth quarter, the company said today in a presentation. The company plans to drill four “unconventional” wells in the area in the second half of this year, according to the document.
“It’s about using technology -- a lot of it that has been used successfully in North America -- to unlock these resources and drive down costs,” Knox told analysts earlier today after the company reported a 51 percent gain in full-year profit.
Santos rose 0.1 percent to A$13.56 at the close of trade in Sydney. The benchmark index rose 0.3 percent.
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