Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2010drilling result▲ Good
Cuisinier-2 (Santos op) reached 2,037m and was cased and suspended, with up to 7m of potential Murta oil pay and further shows. Commerciality will be decided by cased-hole tests in Q1 2011. Continues the Cuisinier-1 oil field appraisal.
1 Dec 2010drilling progress report● Neutral
Partner ESG's monthly report: Brigalow Park 2 in PEL 238 (Santos 35%) drilled to 753m with 11.6m net Black Jack and 14.7m net Maules Creek coal. Culgoora 2 corehole has spudded. Routine coal appraisal, no reserve change.
1 Dec 2010drilling spud● NeutralMajor
Partner Tap reports Zola-1 (WA-290-P, Santos 24.75%) has spudded. Tap estimates mean recoverable gas of 1.0 tcf with 2.0 tcf upside, with the well planned to about 5,000m in 40-50 days. This is a significant exploration well for Santos.
24 Nov 2010farm in farm out agreement▲ GoodMajor
Santos farms into Octanex's WA-323-P and WA-330-P in the Carnarvon Basin, earning 75% and operatorship by shooting 3D seismic, drilling one well and reimbursing past costs. Octanex is carried on 25%. Subject to approvals and permit renewals.
24 Nov 2010drilling result▲ GoodMajor
Spar-2 (Santos 45%, Apache op) found 55m net gas pay and flowed 58 mmcf/d, so the Spar resource is expected to be well above the 335 PJ gross previously stated. It will tie back via Halyard; the rig moves to Zola-1.
17 Nov 2010drilling result▲ Good
Partner Bow Energy repeats the Barta North-1 result: up to 4.5m net Murta oil pay and a moderate Birkhead show, cased and suspended for Q1 2011 testing. Cuisinier-2 appraisal well has spudded. Repeats ref 6, with small differences in pay estimate.
17 Nov 2010drilling spud● Neutral
Santos-operated Cuisinier-2 appraisal well has begun drilling, planned to 2,034m, 465m northeast of the Cuisinier-1 Murta oil discovery that is already producing. Partner Victoria Petroleum's 15% is carried at no cost.
15 Nov 2010farm in farm out completion▲ GoodMajor
Santos elects to proceed to Phases 2B and 2C of the PEL 456 farm-in with Apollo Gas, drilling a multi-well pilot and a further corehole to earn another 35%. This resolves the 15 November decision; Apollo cites encouraging Brawboy-Cuan results.
12 Nov 2010drilling result▲ Good
Barta North-1 (Santos op, ATP 752P) reached 2,090m and was cased and suspended, with 2 to 5m of probable Murta oil pay and a moderate Birkhead show. Commerciality is unproven until cased-hole tests in Q1 2011; rig moves to Cuisinier-2.
3 Nov 2010drilling spud● Neutral
Santos-operated Barta North-1 oil exploration well in ATP 752P has begun drilling, planned to 2,031m, six kilometres from the Cuisinier-1 oil discovery. Partner Victoria Petroleum has a 15% interest in the well, carried at no cost.
3 Nov 2010drilling progress report▲ Good
Partner Beach's October report: Irtalie East-1 (Santos op, Beach 38.5%) found 6m net oil pay in Hutton sandstone and was suspended as a future producer. Strzelecki Northeast-1 was suspended as a gas producer. Coonatie-18 also suspended as a gas producer.
1 Nov 2010drilling progress report● Neutral
Partner ESG's monthly report: Culgoora 1A in PEL 238 (Santos 35%) drilled to 1,053m with 8.4m net Black Jack and 10.7m net Maules Creek coal; rig moved to Brigalow Park 2. Coal-seam appraisal data, no reserve change stated.
27 Oct 2010resource reserve update▲ Good
Apollo Gas reports an initial 3C contingent resource of 939 BCF (gross) for PEL 456, over 218 km2 of a 5,953 km2 permit. Santos holds 15% now and must decide by 15 November whether to continue to the next phases.
25 Oct 2010resource reserve update▲ Good
Partner Comet Ridge (40%) books contingent resources at the Mahalo joint venture (ATP 337P), where Santos holds 30%: 221 PJ of 2C net to Comet Ridge. Santos's own share is not stated in this release.
6 Oct 2010drilling progress report▲ Good
Beach's September report: Santos-operated Coonatie-20 reached 3,239 m and is cased and suspended as a future gas producer. Coonatie-18 is drilling, and Strzelecki Northeast-1 and Irtalie East-1 are due to spud this week.
1 Oct 2010drilling progress report● Neutral
ESG's monthly report: Ellendale 1 corehole (PEL 433, Santos 35%) reached 426 m with 5.2 m net coal. Culgoora 1 in PEL 238 (Santos 35%) stuck at 189 m, was plugged back, and Culgoora 1A is redrilling at 89 m.
16 Sept 2010drilling result▲ Good
Apollo Gas reports coal seam gas holes Cuan-1 (1,422 m, 78.5 m coal, up to 15 m3/t, 99% methane) and Turill-1 (1,110 m, 31 m coal) completed in PEL 456. Santos holds 15% with an option to go to 50%; results called promising.
1 Sept 2010drilling progress report● Neutral
Beach's August report: Coonatie-19 is cased and suspended, and Coonatie-20 is at 2,779 m, with more rain delaying Santos-operated drilling. Two further Coonatie wells remain in the seven-well campaign (Beach 17.14%). Beach's own Encounter-1 shale well is due mid September.
30 Aug 2010farm in farm out agreement▲ GoodMajor
Santos sold 55% of its Spar (WA-4-R) interest to Apache for US$31m upfront, with up to US$85m more depending on Spar 2 reserves. Santos keeps 45% of Halyard and Spar; Apache operates. Halyard is due online mid 2011, with about 335 PJ gross recoverable.
4 Aug 2010drilling progress report● Neutral
Beach's July report: Santos-operated Watson West-1 is cased and suspended as a future oil producer. Coonatie-19 is to be cased as a gas producer, and Coonatie-20 is at 1,949 m. Heavy rain has suspended Coonatie drilling. Irtalie East-1 is planned for August.
26 July 2010drilling progress report▲ Good
Apollo reports Cuan-1 in PEL 456 (Santos farm-in) at 1,290 m with about 70 m of coal intersected, and gas flared during testing. Brawboy-2 is complete at 1,089 m, with test interpretations awaited. Early, encouraging field observations only; no final results.
21 July 2010drilling scheduled● Neutral
Tap says Apache may start Zola-1 in WA-290-P (Santos 15%) as early as August, a roughly 5,000 m Carnarvon Basin well on trend with Gorgon. Tap estimates 0.2-2.0 tcf recoverable. Tap farmed out 10% to Apache in May.
13 July 2010drilling result● Neutral
Pan Pacific repeats the Tap news: Apache's sole-risk Laurel-1 in TP/7 found no commercially significant hydrocarbons and was plugged. Barberry-1 in TL/2 (Santos 15%) has begun with partners not participating, but they can back in on a discovery.
13 July 2010drilling result▲ Good
Drillsearch reports Watson West-1 in the Naccowlah Block (Santos 55%) found 6-8 feet of oil pay and will be cased as a Basal Birkhead producer. Oil in place is estimated at 300,000-400,000 barrels, a small near-field discovery.
13 July 2010drilling result● Neutral
Apache's sole-risk Laurel-1 in TP/7 found no commercially significant hydrocarbons and was abandoned. Apache has begun the sole-risk Barberry-1 in TL/2 (Santos 15%), which Santos is not joining, though partners can back in on a discovery.
7 July 2010drilling progress report● Neutral
Beach's June report: Santos-operated Inca-1 (Beach 30%) is cased and suspended as a future oil producer, and Watson West-1 (Naccowlah, Santos 55.5%) has spudded. Coonatie-16 is cased, and Coonatie-19 and -20 are drilling. Beach reports monthly now.
1 July 2010drilling progress report● Neutral
ESG's monthly report: Baradine Creek 1 (PEL 434) has intersected about 3.5 m of coal at 554 m, and Camurra 2 (PEL 6) about 6.4 m of coal at 902 m. Santos holds 35% of PEL 434 and, per the About ESG section, of PEL 238.
23 June 2010drilling progress report● Neutral
Beach's weekly report: Santos-operated Inca-1 (Beach 30%) is drilling at 1,766 m, and Coonatie-17 is being cased as a future Permian gas producer. Beach's own shale gas wells are delayed, and it will now report drilling monthly.
16 June 2010drilling progress report● Neutral
Beach's weekly report: Genoa North-2 (Santos operator, Beach 30%) was cased and suspended as a future oil producer, and the rig moved to the Inca-1 oil exploration well. Coonatie-16 and -17 gas wells in PPL 131 (Santos 72.32%) are due to resume.
15 June 2010drilling result● Neutral
Apache's sole-risk Bath-1 well in TL/2 (Santos 15%, not participating) found no significant hydrocarbons in its main target, but found oil in the shallower Taunton reservoir. Apache is now drilling Laurel-1 in TP/7 (Santos 18.71%), also without Santos.
