Name of the Project
Dorado oil and gas project.

Location
Bedout subbasin, off the shore of Western Australia.

Project Owner/s
Santos (80%) and Carnarvon Petroleum (20%).

Santos is seeking interest from the market in nonoperated equity in Dorado and potentially other Western Australia oil assets.

Project Description
Dorado is an integrated oil and gas project that is planned to be developed in two phases.

Phase 1 development involves the production of oil and condensate through a wellhead platform (WHP), as well as floating production, storage and offloading facility (FPSO).

The selected concept of a FPSO and WHP allows for the optimal integrated development of the gas and liquids resource and retains sufficient flexibility to support future exploration success. Gas will be reinjected in the initial phase to enhance oil and condensate recovery.

Phase 2 will then develop the significant natural gas resources in the Bedout subbasin and provide future backfill supply to Santos’ current Western Australia domestic gas infrastructure assets.

Dorado is expected to have an initial gross oil production rate of between 75 000 bbl/d and 100 000 bbl/d of high-quality crude, which is expected to earn a premium to regional pricing benchmarks.

Potential nearby tie-in opportunities, starting with the Pavo and Apus prospects, to be drilled early next year, could be easily tied back into the Dorado infrastructure and materially increase the value of the project.

Potential Job Creation
Not stated.

Capital Expenditure
Phase 1 has an estimated gross capital cost of about $2-billion, assuming a purchased FPSO.

Planned Start/End Date
The project is on schedule for a final investment decision in about mid-2022.

Latest Developments
Santos announced the launch of front-end engineering design (FEED) for the Dorado project at the end of June.

The FEED contracts for the FPSO facility and WHP design are being finalised and are expected to be awarded over the next few months. This follows the competitive pre-FEED phase of the project where top-tier contractors have been engaged for these major work packages.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Santos investor enquiries, Andrew Nairn, tel +61 8 8116 5314 or email andrew.nairn@santos.com.
Santos media enquiries, James Murphy, tel +61478333974 or email james.murphy@santos.com.