Santos Ltd. (ASX:STO) announced a “significant” gas condensate discovery at the Lasseter-1 exploration well in WA-274-P, which is situated in Western Australia’s offshore Browse Basin.

As quoted in the press release:

The well intersected a gross gas condensate bearing interval of 405 metres. Wireline logging to date has confirmed 78 metres of net pay over the Jurassic-aged Lower Vulcan and Plover intervals, between 4,880 and 5,285 metres MDRT.

This interpretation has been confirmed by pressure and sample data. The samples confirm excellent mobility in the higher porosity sands in the Lower Vulcan. Multiple independent hydrocarbon columns are interpreted, including an estimated 250 metre column for the Lower Vulcan reservoirs.

Multiple hydrocarbon samples have been recovered and the initial analysis confirms a condensate to gas ratio in the range of 10-25 bbls/mmscf and inerts consistent with proximal field gas compositions and pre-drill expectations.

Bill Ovenden, head of exploration at Santos, commented:

Lasseter is a material discovery that adds to our strong position in the Browse, following our success with the Crown discovery in 2012.

The Lasseter discovery is well positioned, in close proximity to existing and proposed LNG projects in the Browse Basin and other material Santos joint venture exploration prospects. The Lower Vulcan reservoir system, which is optimally developed between the Ichthys and Poseidon structural trends, holds great promise.

Click here to read the full Santos Ltd. (ASX:STO) press release.