Santos announced that oil production has commenced ahead of schedule and on budget from the $490 million Fletcher Finucane project in the Carnarvon Basin offshore Western Australia.

The Fletcher Finucane development was sanctioned in January 2012 and consists of a three-well subsea tie-back to the existing Santos-operated Mutineer Exeter floating production, storage and offloading facility.

Fletcher Finucane is projected to have an average gross production rate of 15,000 barrels per day for the first 12 months of production.

The project's gross proved and probable reserves are estimated at approximately 14 million barrels.

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