Santos Makes New Oil Discover in Alaska, Begins Development Planning
By David Winning
SYDNEY--Santos said recent success with the drillbit in Alaska is spurring plans for the development of an oil project that could mirror the production capacity of its Pikka Phase 1 operation.
Santos said the Quokka-1 appraisal well encountered a high-quality reservoir with around 143 feet of net oil pay in the Nanushuk formation. The well was drilled around six miles from the Mitquq-1 well, which discovered oil in 2020.
Santos said an initial test of the Quokka-1 well achieved a flow rate of 2,190 barrels of oil per day.
"Located strategically to the east of our Pikka phase 1 development, Quokka represents another high-return opportunity that strengthens our position on the North Slope and extends our development runway in Alaska for years to come," Managing Director Kevin Gallagher said.
Santos said it had begun development planning, including efforts to get permits. It owns 51% of the Quokka Unit, with Spain's Repsol owning the rest.
Santos announced the discovery alongside progress at the Pikka Phase 1 project. It expects first oil from Pikka in coming weeks, with maiden sales revenue around two months after it hits that milestone.
"Plateau capacity of 80,000 barrels of oil per day is expected in mid-2026," Santos said in Wednesday's regulatory filing.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
April 07, 2026 19:54 ET (23:54 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Companies to Invest in Now
The 10 Best Dividend Stocks
United States