Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2020farm in farm out agreement● Neutral
Armour Energy and Santos amended the South Nicholson Basin farm-in: Santos pays A$6m now in place of up to A$15m contingent permit payments and takes over pursuing outstanding permit applications. Its A$64.9m free carry is unchanged.
16 Apr 2020farm in farm out agreement● NeutralMajor
Santos signed a non-binding letter of intent to sell a 12.5% Barossa interest to JERA, which already holds 6.1% of Darwin LNG. After sell-downs Santos would hold 50% of Barossa. Barossa FID is now expected to be deferred until conditions improve (previously targeted Q2 2020).
2 Mar 2020drilling scheduled▲ GoodMajor
Santos approved a final investment decision on Van Gogh Infill Phase Two in WA-35-L: three new horizontal wells tied back to existing infrastructure. First oil is targeted for late 2021, with drilling from early 2021. Santos holds 52.5% and operates.
3 Oct 2019farm in farm out agreement● Neutral
Melbana extended by one month, to 4 November 2019, the deadline for Santos and Total to exercise options on 40% each of Beehive (WA-488-P). Both have finished technical work and need time for commercial analysis and approvals. Partner's announcement; no decision yet.
13 Aug 2019drilling result● Neutral
Dukas-1 met much higher pressure than predicted at 3,704 m and will be suspended short of the target. Santos says drilling on needs a higher-specification rig. Gas to surface suggests a working petroleum system. A forward plan will follow within months; Santos is carrying the cost to earn 70%.
23 July 2019drilling progress report● Neutral
Central reports that Dukas-1, which Santos operates, hit a stuck liner hanger that paused drilling. The equipment has since been recovered and drilling to total depth is planned. The update also covers Central's separate Project Range wells with Incitec Pivot.
6 June 2019drilling result▲ GoodMajor
Dorado-2, drilled two kilometres down-dip from the July 2018 Dorado-1 discovery, found 40 m of net oil pay and further pay in other zones. Santos says Dorado is larger than expected and gas resources should rise significantly. The rig moves to Roc South-1, then Dorado-3.
16 May 2019farm in farm out agreement▲ GoodMajor
Santos signed a binding letter of intent to buy 14.3% of PRL 3 (P'nyang gas field, PNG) for US$187m total, about US$120m on signing a sale agreement and the rest contingent. P'nyang holds about 4.4 tcf of 2C resource, advancing the PNG LNG expansion.
16 May 2019farm in farm out agreement▲ Good
Oil Search's side of the P'nyang deal: a binding letter of intent for Santos to buy 14.32% of PRL 3, with Oil Search selling 1.65% for US$21.6m. Aligns PRL 3 with PNG LNG ahead of a three-train expansion. Same transaction as Santos's own announcement.
16 Apr 2019drilling result▲ GoodMajor
Corvus-2 appraisal well, in permit WA-45-R (Santos 100%), reached 3,998 m and found 245 m of net hydrocarbon pay in a 638 m gross interval. Santos says the resource is bigger and richer in liquids than expected. It could be tied back to Devil Creek or Varanus Island. The rig now moves to Dorado.
16 Apr 2019drilling spud● Neutral
Dukas-1 spudded in EP112 in the Northern Territory, targeting about 3,600 m. Santos operates and Central is free carried. On completion Central keeps 30% and Santos holds 70%. This is the Dukas well flagged in the Southern Amadeus farm-in.
9 Apr 2019drilling result▲ GoodMajor
All eight Moomba South phase 1 appraisal wells hit gas-bearing Patchawarra sandstone. Seven are online, with a peak stabilised rate of 8.7 mmscf/d, and one was plugged and abandoned. Two new plays, Granite Wash and Fractured Granite, flowed gas. More drilling is planned for late 2019. Santos holds 66.6% and operates.
29 Jan 2019drilling scheduled▲ Good
Carnarvon says Roc South-1, a prospect estimated at 74 mmboe (Pmean, gross) with a 63% chance of success, will be drilled in WA-437-P right after Dorado-2, with Dorado-3 to follow. Santos holds 80% and operates; Carnarvon 20%.
9 Jan 2019drilling result● Neutral
Sirius Road 2 was drilled to 1,990 m with 1,437 m in the Castor seam (96% in seam), and the rig left site. Memooloo 2 testing is on expectations; Struan 2 and Sirius Road 1 are about to start production testing. No gas rates yet.
24 Dec 2018drilling spud● Neutral
Sirius Road 2 spudded 21 December as a single lateral aimed at the 3.3 m Castor seam, intersecting Sirius Road 1. Pollux testing is deferred because the thin 0.9 m intersection is not considered representative. Santos holds 30% as exploration operator.
19 Dec 2018drilling result● Neutral
Sirius Road 1, the third Mahalo vertical well, reached 506 m with 6.9 m net coal; the Castor seam was 3.3 m as expected but Pollux was only 0.9 m, thinner than predicted. Rig moves to Sirius Road 2. Santos holds 30% as exploration operator.
10 Dec 2018drilling result▲ Good
Struan 3, the first dual lateral well in the Mahalo block, was drilled with 822 m and 1,512 m laterals (88% and 95% in seam) intersecting Struan 2. The rig moves to Sirius Road 1. Santos holds 30% as exploration operator.
4 Dec 2018drilling scheduled▲ GoodMajor
Carnarvon says the Noble Tom Prosser rig is secured for two firm Dorado appraisal wells, the first around April 2019. Santos is shown as 80% operator and Carnarvon 20% of WA-437-P. Carnarvon hopes for a development decision ideally in 2020.
3 Dec 2018farm in farm out agreement▲ Good
Melbana, Total and Santos amended their WA-488-P deal to speed up Beehive-1 well planning for a possible Q3 2020 spud, with Total and Santos funding the work. Further seismic processing is dropped; final data is due early February 2019, and the 6-month option window runs from its receipt.
20 Nov 2018drilling progress report● Neutral
Struan 2 reached 510 m and Struan 3, the first Mahalo dual lateral, spudded 17 November and was drilling at 537 m. Memooloo 2 has been completed and is being readied for production testing. Santos holds 30% as exploration operator.
12 Nov 2018drilling spud● Neutral
Struan 2, the second Mahalo well, spudded on 9 November and was coring at 395 m, with a planned depth of about 550 m. Struan 3, the first dual lateral well, will intersect it. Santos holds 30% as exploration operator.
5 Nov 2018drilling result▲ Good
Memooloo 2 was drilled to 300 m, intersecting 7.2 m of net coal with good to excellent permeability on short wireline tests, in line with expectations. Production testing of about two months follows; the rig moves to Struan 2. Santos holds 30% as exploration operator.
31 Oct 2018farm in farm out agreement▲ GoodMajor
Santos finished seismic (1,337 line km) in the Southern Amadeus farmout and elected to drill Dukas in EP112 (expected Q1 2019) to earn 70% there, with Central carried. It stays at 40% in EP82, EP105 and EP106. Resolves the earlier open question on lifting its stake.
29 Oct 2018drilling spud● Neutral
Comet Ridge says Memooloo 2, first of the five-well Mahalo program, spudded on 28 October, a day or so ahead of the expected week of 29 October. It targets coals at about 157 m, to a planned depth of about 290 m. Santos holds 30% as exploration operator.
12 Oct 2018drilling scheduled● Neutral
Comet Ridge expects to spud the next Mahalo evaluation wells the week of 29 October, with the rig arriving the week of 22 October. Struan 3 will be the first dual lateral well. Santos holds 30% as exploration operator. This pushes spud later than the mid-to-late September earlier expected.
11 Sept 2018farm in farm out agreement● Neutral
Kina and Santos amended the PPL 339 farmout: Santos' 20% will now be acquired in two steps, 17.11% first and 2.89% during the first well, with Santos paying A$825,000 for the second piece. Still needs government approvals and a licence extension.
13 Aug 2018drilling scheduled▲ Good
A fourth rig, Ensign 965, started in the Cooper Basin and will drill eight wells by year-end. Santos can now drill almost 90 Cooper wells in 2018, the most since 2014. It remains on track to supply about 70 PJ of east coast gas.
8 Aug 2018drilling result▲ GoodMajor
Barikewa-3 in PNG's PRL9 (Santos 40%, Oil Search operator) found 25 metres of net gas pay and flowed 35 mmscf/d on test. The gas is dry with about 20% nitrogen. The well is about 10 km from the PNG LNG pipeline, so it may help future expansion.
6 June 2018drilling progress report▲ Good
Beach's May report covers Santos-operated Cooper JV wells. Watkins-2, Watkins-3 and Minos-3 oil appraisal wells found oil pay, and Hobgoblin-1 had gas shows. Moomba-224 and Whanto-5 were cased as future producers. A six-well Moomba North campaign started.
2 May 2018drilling progress report● Neutral
Beach's April drilling report covers Santos-operated Cooper JV wells: Mountain Goat-1 found gas pay and Tigris-1 was dry. Tirrawarra-94 and the Marabooka wells were cased as future producers. Beach's Lady Bay-1 was dry.
