Santos Limited (STO) announced a 42% or 427 mmboe increase in its year-end 2P reserves estimates, taking the company’s total 2P reserves to a record 1.44 billion barrels of oil equivalent. The company also increased its CSG 2P reserves by 60% to 3,748 petajoules (PJ).
Santos said 2P reserves dedicated to Santos’ portfolio of LNG projects are now more than 700 mmboe or almost 50% of total 2P reserves.
The company said the overall reserves increase was net of 2009 production of 54.4 mmboe. “It represents a 2P reserves replacement ratio for 2009 of 885% and is the company’s sixth successive annual increase in its reserves position,” Santos said.
The company also said that at year end, the Gladstone LNG project 2P reserves were 4,003 PJ.
”The reserves build for GLNG was ahead of target and exceeded the reserves requirement for the first train,” Santos said.
“GLNG project 2P reserves have grown three-fold since 2007.”
As at 1313 AEDT, Santos shares were up 5c to $13.25.
