Santos is advancing development plans for its Quokka discovery on Alaska's North Slope following a successful appraisal well. The Quokka-1 well encountered a high-quality reservoir with approximately 143 feet of net oil pay, achieving a flow rate of 2190 barrels per day of oil after stimulation.

Development Scope and Potential

The company envisions a two-field project combining the Quokka and nearby Mitquq discoveries. Reservoir sands and fluid analyses correlate between the two, confirming high-quality, light oil. This supports the potential for a two-drill-site development with a combined production capacity of 80,000 barrels per day, which is comparable to the scale of the nearing Pikka Phase 1 project.

Appraisal and Resource Assessment

The appraisal results underpin the geological assessment of the accumulation. Santos plans a 3D seismic survey in the 2026-2027 winter to optimize field development. Resource estimation is ongoing; the operator previously reported best-estimate contingent resources of 177 million barrels of oil equivalent for the Quokka Unit, with current appraisal results to be included in this fiscal year's assessment.

Strategic Context and Partnerships

Quokka is located strategically east of the Pikka Phase 1 development, representing a high-return opportunity that extends Santos's development runway in Alaska. Santos holds a 51% operating interest in the Quokka unit, with Repsol holding the remaining 49%.

Pikka Phase 1 Status Update

Santos is nearing first oil at its Pikka Phase 1 project, which is mechanically complete with commissioning progressing. Fuel gas has been introduced to the plant, and production start-up is expected within weeks. As of March 31, 24 development wells had been drilled, with 20 fractured and flowed back. Following start-up, activities will include pipeline fill, inventory build, and the first cargo loading, with first sales revenue expected about two months after first oil. Plateau production capacity of 80,000 bpd is anticipated by mid-2026.