Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2015quarterly activities report● Neutral
Q2 2015 production was 14.3 mmboe (+12% on a year earlier), sales revenue fell 19% to A$786m on lower oil prices, and capex fell 65% to A$366m. GLNG first LNG is still expected around end-Q3; all 2015 guidance is maintained.
1 July 2015drilling progress report● Neutral
Beach's June report on Santos-operated Cooper work: Swan Lake-14 and -15 and Tirrawarra-84 cased as future gas producers, though Swan Lake-14 showed low-side gas pay. Whanto-3 reached depth and Mt Howitt-3 was side-tracked. Continues existing campaigns; no major news.
11 June 2015drilling result▲ Good
Moonanga South-1 in PEL 513 (Santos 60% op, Drillsearch 40%) found about 4.3 m net Patchawarra pay and was cased as a future producer. It completes the campaign with seven discoveries from eight wells; Aquamarine-1 was the sub-commercial one.
4 June 2015asset acquisition disposition● NeutralMajor
Central Petroleum agreed to buy Santos' 50% of the Mereenie field and its operatorship for A$45m cash (A$35m at closing, A$10m in June 2016), plus a A$10m free-carried work program. A further A$15m is due if the NEGI pipeline proceeds. Subject to approvals and financing.
3 June 2015drilling progress report● Neutral
Beach's May report: in Santos-operated Cooper work, Barrolka's four-well campaign finished with all wells cased, Swan Lake-13 and -16 were cased as producers, and the Windorah-Marama program began. No major Santos news.
25 May 2015asset acquisition disposition▲ GoodMajor
Cooper Energy completed its 50% purchase of the Sole field and Orbost Gas Plant from Santos, resolving the pending conditional deal from December 2014. Santos keeps 50% and operatorship; FEED has begun, with FID likely in the September quarter 2016.
25 May 2015resource reserve update● Neutral
Cooper Energy booked 106 PJ net 2C contingent gas at the Sole field (211 PJ gross) after completing its 50% purchase from Santos. Santos remains operator with 50%. Sole resource was assessed by Santos as operator.
8 May 2015drilling progress report▲ Good
Drillsearch's April report confirms Spinel-1 and Emery-1 as Santos joint venture gas discoveries, making six from seven wells in the FY2015 campaign. One well remains. Repeats Emery-1 news from 4 May.
6 May 2015investor presentation● Neutral
Macquarie conference presentation repeating known points: GLNG nearly 95% complete with first LNG around end-Q3 2015 within the US$18.5bn budget, 2015 capex 44% lower, production costs 10% lower. No new figures in the visible text.
6 May 2015drilling progress report● Neutral
Beach's April report is mostly its own wells. In Santos-operated Cooper work, Narie-4, Coonatie-23 and Barrolka-17 were cased as future producers, Swan Lake-13 reached depth, and Barrolka-16 was drilling. Continues the campaigns; no major Santos news.
4 May 2015drilling result▲ Good
Emery-1 in PEL 513 (Santos 60% op, Drillsearch 40%) found about 18.6 m net Patchawarra pay and was cased as a future gas producer. It is the sixth discovery from seven wells in the joint venture campaign; Moonanga South-1 is the last well.
30 Apr 2015agm notice● Neutral
Santos' 2015 AGM addresses: chair says liquidity is about A$2.6bn, 2015 capex was cut 44%, and production costs fall at least 10%. Peter Coates is chair-elect, succeeding Ken Borda as previously flagged. No new results in the visible text.
20 Apr 2015investor presentation● Neutral
Presentation for an investor site visit (20-23 April 2015) to Moomba, GLNG Fairview and the LNG tanks. Covers Eastern Australia operations, safety and cost savings. The visible text repeats known themes and gives no new results.
17 Apr 2015quarterly activities report● Neutral
Santos' Q1 2015 production was 14.0 mmboe, up 15% on a year earlier, with sales revenue down 10% to A$825m on lower oil prices. GLNG first LNG is now expected around end-Q3, within the US$18.5bn budget. 2015 guidance is maintained.
8 Apr 2015drilling progress report▲ Good
Drillsearch's March report: Spinel-1 in PEL 513 (Santos 60% op) found about 11.3 m net Patchawarra pay and will be cased as a gas producer. That makes five discoveries from six wells in the Santos joint venture campaign; Kyanite-1 repeated.
1 Apr 2015drilling progress report● Neutral
Beach's March report is mostly its own wells. In Santos-operated Cooper work, the nine-well Mudera/Marabooka/Strzelecki program finished with all wells cased, and Narie, Coonatie and Barrolka wells progressed. No major Santos news.
26 Mar 2015regulatory community update● Neutral
Santos published its 2014 Sustainability Report covering its operations, environment, community and safety approach. A routine report with no new financial or operational results.
26 Mar 2015annual report● Neutral
Santos published its 2014 Annual Report, restating known results: A$935m net loss after A$1.6bn impairments, A$533m underlying profit, 54.1 mmboe production, 35c dividend. Chairman says GLNG first LNG is on track for 2H 2015. No new information.
26 Mar 2015annual report● Neutral
Santos released its 2014 Shareholder Review, a summary of the annual report with the same results: A$4,037m sales revenue, A$1,843m operating cash flow, A$935m net loss and 35c dividend. No new information.
25 Mar 2015resource reserve update▲ GoodMajor
Santos issued 5.4m DRP shares at A$7.4192 and 14.3m shares to the underwriter at A$7.53. The notice also discloses a significant Bestari-1 oil discovery in Malaysia's Block R, with 67 m net oil pay; Santos acquired 20% in January 2015. Appraisal is being planned.
17 Mar 2015dividend declaration● Neutral
Santos set the DRP issue price at A$7.4192 for the 15c final dividend, being the 10-day average price less the 1.5% discount. Administrative follow-up to the February dividend announcement.
16 Mar 2015drilling result▲ GoodMajor
Kyanite-1 in PEL 513 (Santos 60% op, Drillsearch 40%) was a wet gas discovery with 24.2 m net Patchawarra pay, cased as a future producer near existing infrastructure. It is the fourth discovery from five wells in the campaign; Spinel-1 is next.
11 Mar 2015asset acquisition disposition▲ GoodMajor
New Guinea Energy completed the sale of its 50% of PPL 269 to Santos' subsidiary Barracuda, for US$32m cash on completion plus up to US$8m if retention or development licences are granted. This completes the deal pending since February.
10 Mar 2015drilling progress report▲ Good
Drillsearch's February report: Nulla North-1 (PRL 133, Santos 60% op) was cased as a wet gas discovery with about 4.8 m net pay, resolving the pending test. Kyanite-1 spudded in PEL 513. Stanleys-1 and Bauer wells are Beach-operated, not Santos.
9 Mar 2015contract award▲ GoodMajor
Santos signed a contract to supply 82 PJ of gas from the John Brookes field to Alcoa of Australia, starting 2018, over an initial five years with two five-year extension options by mutual agreement. Adds a domestic WA customer; no contract value is stated.
6 Mar 2015drilling result▼ BadMajor
Hides F1 (Hides Deep) reached 4,633 m but the Koi-Iange Formation exploration target lacked reservoir quality. Santos (24% in the exploration component) will abandon that part; the development section will be completed as a PNG LNG gas producer.
4 Mar 2015drilling progress report● Neutral
Beach's February report is mostly its own wells. In Santos-operated Cooper work, Nephrite South-13, Mudera-19/-21/-22, Correa-2 and Coonatie-24 were cased as future gas producers, and Gaschnitz-2 was cased with fracture stimulation deferred until the joint venture agrees timing. No major Santos news.
3 Mar 2015director officer appointment● NeutralMajor
Chairman Ken Borda will retire at the 30 April 2015 AGM. Peter Coates, a director who was chairman from December 2009 to May 2013, will resume as chairman.
20 Feb 2015investor presentation● Neutral
Santos' full-year results presentation repeats known figures: A$935m net loss, A$533m underlying profit, 54.1 mmboe production. It adds cost-cutting detail: 2015 capex 44% lower, unit production costs down 10%, Cooper rigs cut from 7 to 3, and 520 positions removed to date.
20 Feb 2015annual report● NeutralMajor
Santos reported a 2014 net loss of A$935m after previously advised A$1,563m impairments, but underlying profit rose 6% to A$533m. Final dividend held at 15c (35c for the year), with a DRP underwritten at a 1.5% discount; about A$2.9bn cash and undrawn facilities at year-end.
