Santos (ASX:STO) and its joint venture partners APA and Lagniappe Alaska struck oil at the Sockeye-2 exploration well in Alaska, according to a Tuesday statement by the company.
The well was drilled to a depth of 10,500 feet, encountering a high-quality Paleocene sand reservoir with 25 feet of net oil pay and 20% porosity, Santos said.
The discovery confirms the resource potential of the area and comes as Santos advances its Pikka Phase 1 project in Alaska, which is 80% complete and on track for first oil by mid-2026, said Bruce Dingeman, executive vice president and president of Santos' Alaska operations.
Santos' shares rose nearly 1% in recent Tuesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.