Overview

• BW Opal reached Ready for Start-Up on 16 September and achieved First Gas on 20 September, initiating 60% of the contractual dayrate.
• The next steps are an Interim Performance Test to raise the payable dayrate to 85% followed by Practical Completion for 100% and commencement of the firm charter.
• The Northern Territory EPA renewed the Darwin LNG licence effective 19 September, clearing plant start-up as the FPSO begins supplying the facility for the coming decades.
• Testing on five of six drilled wells indicates deliverability around 300 mmscfd per well, exceeding pre-drill estimates and supporting sustained output.
• Santos will recognize an estimated $665 million lease liability and about $1.4 billion right-of-use asset with gearing expected to rise by roughly 2.4 percentage points.