Santos farms in to Cooper Basin asset

SANTOS will take a 50% stake in NeuRizer and Bridgeport Energy's ATP2023 project in the Cooper Basin, Queensland.
Santos farms in to Cooper Basin asset Santos farms in to Cooper Basin asset Santos farms in to Cooper Basin asset Santos farms in to Cooper Basin asset Santos farms in to Cooper Basin asset

Paul Hunt

Senior Journalist: Energy & Commodities

Paul Hunt

On Wednesday, NeuRizer announced its privately-held joint venture partner Bridgeport Energy had inked a farm-in agreement with Santos whereby the latter would take a 50% interest and become operator.

NeuRizer was formerly known as Leigh Creek Energy which is developing a syn-gas project in South Australia but also has a portfolio of oil and gas assets acquired in 2020.

This will leave NeuRizer with a 20% stake in the project with Bridgeport Energy holding the remaining 30% while Santos picks up the other half.

ATP 2023 is about 10km north of Australia's onshore oilfield, known as Jackson. It covers about 434sq.km and is a conventional play.

"Having an experienced operator like Santos with extensive knowledge in the region highlights the prospectivity of ATP 2023," NeuRizer managing director Phil Staveley said.

"We look forward to undertaking the exploration drilling with Santos and Bridgeport and realising the potential for near term gas production."

Santos has already had success across its own fields nearby targeting the Toolachee and Patchawarra formations. Both have proved commercial levels of gas production.

Two other formations - Birkhead and Hutton - have been identified in the permit, and have historically produced oil nearby. 

Notably, ATP 2023 is surrounded by existing gas pipelines and infrastructure, which will mean successful discoveries can be tied-in to other projects reducing costs and ensuring gas to market in the short term.

Santos has already identified three prospects within ATP 2023 it plans to drill later this year. NeuRizer believes there are around 15 leads on the permit.

Previous work at ATP 2023 has seen two exploration wells drilled and patch 2D seismic. 

NeuRizer shares were up 6% at 17.5 cents.