Santos Ltd (ASX: STO) has announced a significant oil discovery at the Pavo-1 exploration well
Santos Ltd (ASX: STO) has announced the Pavo-1 exploration well has confirmed a significant oil discovery 46 kilometres east of the Dorado field in the Bedout Sub-basin, offshore Western Australia.
Following the announcement, shares in Santos Ltd fell 0.26% to $0.7.77/share.
When a mining company announces a new resource discovery it’s exciting times for shareholders.
A lot of capital goes into exploration and when a new deposit is found there’s usually a share price boost.
Discovery is the reward stage for investors, particularly of junior mining stocks, searching for undiscovered deposits of natural resources.
When discussing new resource discoveries it’s beneficial to know the difference between greenfield and brown exploration.
Greenfield exploration is looking for mineral deposits in areas that have not been explored.
In brownfield exploration deposits are being sought near or next to an already existing mine.
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