Santos says Timorese oil well output beyond expectations

Santos Ltd of Australia says the output of the first of its three wells in the Bayu-Undan field off southern Timor-Leste exceeds its expectations.

The well produces 178 million standard cubic feet of gas and 11,350 barrels of oil a day, according to a written statement issued by Santos last week.

Santos says it intends to finish drilling the second well early next year.

The three Bayu-Undan wells will help prolong the life of the field and create jobs for Timorese, Santos says.

The biggest shareholders in Santos are two Chinese concerns, distributor of gas ENN Ecological Holdings Co. Ltd and private equity firm Hony Capital.