Santos says Oyong has 100 MBO in place

Australian oil and gas company Santos Limited said on Wednesday that its Oyong discovery in Sampang production sharing contract (PSC) area in East Java has 100 million barrels of oil and 100 billion cubic feet of natural gas in place.

Santos managing director and CEO John Ellice-Flint said in a presentation Wednesday that the numbers were confirmed after the 3 D seismic and other studies were undertaken and currently Santos is in the process of completing pre development study for the field.

Santos discovered oil and gas in Oyong last year.

Santos holds 45 percent working interest in Sampang PSC, while Coastal Indonesia Sampang and Cue Eenrgy Limited holds 40 percent and 15 percent, respectively.

Separately, some media also reported that Santos is possibly interested to acquire Australian oil and gas company Novus Petroleum Ltd. given that Novus' assets in Indonesia and the U.S. align it well with Santos.

"We have looked at, and will continue to look at all these companies," Ellice-Flint said after a reporter asked about acquisition opportunities including Novus. (alex)