Santos' Alaska Oil Find Boosts Holdings

0:00Santos, the state's biggest company out of Adelaide, just dropped news on a major oil fine in Alaska at their Kwaka One Well. They call it exceptional quality high grade, like gravity oil from a top notch reservoir with estimates around 117 million barrels, though that's getting a fresh look. This hit during that global oil crunch from the Strait of Hormuz shut down in the Iran War, and now they're kicking off development plans right there. CEO Kevin Gallagher is hyped, saying it beefs up their Alaska holdings big time, sitting pretty next to the Pika oil project that's already rolling. Pika's mechanically done, fuel gas is flowing smooth, so first oil drops in the coming weeks, with cash from sales two months after that. Meanwhile, their Borosa gas project in the Northern Territory restarts mid-April at full tilt after swapping out some seals and clearing lines. Even sold three gas cargos already this quarter. Share slipped about five and a half percent today, but these moves lock in years of strong

1:02plays ahead. This has been Adelaide News Today, powered by AI, I'm Corey with the story.