Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Sept 2013dividend declaration● Neutral
Santos set the issue price for shares under its dividend reinvestment plan at $14.6479, for the 15c interim dividend payable 30 September 2013. The price is a 7-day average less a 2.5% discount. Administrative follow-up to the 16 August dividend.
4 Sept 2013drilling progress report● Neutral
Beach's August report mostly covers its own wells. In Santos-operated Cooper work, Cowralli-17, -18, -27 and -28 were suspended as gas wells, Cook-27 and Irtalie East-4 were suspended as oil producers, and Charo-18 was suspended. Okotoko West-3 ST1 is paused over rig problems.
2 Sept 2013regulatory community update▲ Good
The PNG LNG operator confirmed the project is over 90% complete, on track for first LNG in the second half of 2014, with gross cost unchanged at US$19bn. LNG plant commissioning has started. Santos holds 13.5%.
30 Aug 2013joint venture update▲ Good
Central Petroleum says exploration has begun under the Santos-operated Amadeus JV, with up to A$30m to be spent over 12 months. Seismic is under way and the Mt Kitty top hole is planned for September/October 2013, with the main hole in Q1 2014.
22 Aug 2013asset acquisition disposition● Neutral
AWE agreed to sell 50% of the Northwest Natuna PSC, including the Ande Ande Lumut oil project in Indonesia, to a Santos subsidiary for US$188m: US$100m cash plus an US$88m capital carry. Santos becomes operator, subject to Indonesian approval.
22 Aug 2013asset acquisition disposition▲ GoodMajor
Santos is buying 50% of Indonesia's Northwest Natuna PSC from AWE, which holds the undeveloped Ande Ande Lumut oil field (about 100 mmbbl 2P gross). It pays US$100m at completion plus up to US$88m carry after final investment decision, expected 2014, and takes operatorship, subject to approval.
16 Aug 2013investor presentation● Neutral
Half-year results presentation repeating the result: production 24.5 mmboe, revenue A$1.5bn, profit A$271m. Full-year production guidance is kept at 52-55 mmboe; PNG LNG is 90% complete and GLNG over 60%. It also notes a fatality on a Saxon CSG rig on 23 June.
16 Aug 2013drilling result▲ GoodMajor
Octanex says Santos's final analysis lifted Winchester-1/ST-1 net condensate-bearing gas pay from 40 m to 58 m, in Angel and Mungaroo sands, with total depth 4,019 m. Near existing infrastructure, which Octanex says offers commercialisation options. Abandonment due to finish about 21 August.
16 Aug 2013half year report● NeutralMajor
Santos reported first-half net profit up 3% to A$271m on revenue of A$1,510m. Underlying profit fell 11% to A$251m and production fell 4% to 24.5 mmboe. Interim dividend is 15c, and funding capacity is A$4.8bn.
16 Aug 2013half year report● Neutral
Media release on the half-year result: net profit A$271m (+3%), underlying A$251m (-11%), record revenue A$1,510m, 15c interim dividend. Knox repeated the intent to review capital management options as PNG LNG production approaches; PNG LNG and GLNG remain on schedule with unchanged costs.
15 Aug 2013resource reserve update● Neutral
Partner Drillsearch lifted its 2P reserves 157% to 28.5 mmboe, partly by booking PEL 106A gas at a 40% interest, reflecting the Santos farm-in announced 4 July. That deal is expected to complete in September 2013. It is not a Santos reserve change.
7 Aug 2013drilling progress report● Neutral
Beach's July report mostly covers its own wells. In Santos-operated Cooper work, Saxon rigs were shut for most of July after an unrelated incident. Cowralli-27 and -17, Okotoko West-3 and Charo-18 restarted; Cook-24 was suspended and Cook-25 abandoned.
5 Aug 2013drilling result● Neutral
Winchester-1/ST-1 reached a final depth of 4,019 m after losses and overpressured zones in the Triassic made deeper drilling hard (planned 4,378 m). Final logging and plug-and-abandon have begun; log analysis continues. Octanex holds 25%.
30 July 2013drilling progress report● Neutral
Winchester-1/ST-1 was at 3,880 m on 30 July, drilling ahead in a 6-inch hole toward an anticipated 4,378 m. Analysis of the discovery log data will take some weeks.
23 July 2013drilling progress report● Neutral
Winchester-1/ST-1 was at 3,771 m on 23 July, cementing a 7-inch liner after the 18 July discovery. Next it will drill ahead in a 6¾-inch hole. Further log analysis continues.
19 July 2013quarterly activities report▼ BadMajor
Q2 2013 production was 12.4 mmboe and sales revenue A$797m, a record first half. Santos cut 2013 production guidance to 52-55 mmboe from 53-57, citing Chim Sao, Sangu and Carnarvon oil. PNG LNG is near 90% complete, GLNG over 60%.
18 July 2013drilling result▲ Good
Octanex, Santos's 25% partner in WA-323-P, confirms the Winchester gas discovery, about 40 m net pay in a 107 m gross interval. It will pay 25% of deepening costs, capped at A$5m, ending its free carry.
18 July 2013drilling result▲ GoodMajor
Santos announced a gas discovery at Winchester-1 (WA-323-P, Santos 75% operator), with 40 m of net gas pay between 3,614 and 3,721 m. It is Santos's fourth straight offshore WA gas discovery, after Crown, Bassett West and Bianchi; the well will be deepened.
16 July 2013drilling result▲ Good
Tap Oil reports Bianchi-1, a Zola appraisal well in WA-49-R, found 112 m of net gas pay from 4,780 m to total depth of 5,429 m. Santos holds 24.75%; the well is being plugged and abandoned as planned.
16 July 2013drilling result▲ GoodMajor
Santos confirmed the Bianchi-1 gas discovery in WA-49-R with 112 m of net gas pay, in a separate fault block down dip of Zola-1 (found 2011). Santos holds 24.75; Apache operates. It adds resource in the Zola area.
16 July 2013drilling progress report● Neutral
Winchester-1/ST-1 was logging at 3,730 m on 16 July after re-drilling the Triassic sandstones. Octanex's free carry ends at this depth, and it will pay 25% of the 6¾-inch section, capped at A$5m.
9 July 2013drilling progress report● Neutral
Winchester-1/ST-1 was at 3,464 m on 9 July, running in to drill the 8½-inch sidetrack after plugging back. The sidetrack will re-penetrate the Triassic sandstones with gas shows, then be logged.
4 July 2013farm in farm out completion▲ Good
Central Petroleum says it completed the EP97 farm-out to Santos covering the Simpson, Pellinor and Bejah blocks. This finishes the Amadeus and Pedirka farm-out announced 4 April and resolves the deferred EP97 portion.
4 July 2013asset acquisition disposition▲ GoodMajor
Santos will earn 60% and operatorship of Drillsearch's Western Cooper Wet Gas project by funding a work program Drillsearch values at A$100-120m. Drillsearch buys 29% of Tintaburra from Santos for A$36.8m, and Santos buys its 25.8% of PEL 100 and farms into a 33% interest in ATP 549P West.
3 July 2013drilling progress report● Neutral
Beach's June report mostly covers its own wells. In Santos-operated Cooper work, Cowralli-25, -26, -15 and -16 were suspended, Van der Waals-1 reached 3,726 m and was suspended for evaluation, and Karmona-6 was suspended for production.
2 July 2013drilling progress report▼ Bad
Winchester-1 took an influx from an over-pressured zone, then the drill string stuck and was severed. Santos is preparing a sidetrack at 3,803 m, targeting Triassic sandstones where gas shows were seen. Significance is unassessed until logging.
1 July 2013material agreement● Neutral
Nexus says the amended Longtom gas sales agreement with Santos became unconditional and took effect 1 July 2013. It covers the remaining 83 PJ to end-2018, with Longtom-4 workover and Longtom-5 in late 2014. This resolves the conditions set in May.
18 June 2013drilling progress report● Neutral
Winchester-1 was at 3,660 m on 18 June, drilling ahead in the 8½-inch hole toward the zones of interest. Planned depth remains 4,803 m. No result yet.
12 June 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator) was at 3,543 m on 12 June. The 9⅞-inch casing is cemented and drilling of the 8½-inch hole into the target zones is next. No result yet.
7 June 2013drilling result▲ GoodMajor
Santos announced a gas discovery at Bassett West-1 (WA-408-P, Santos 30%, Total operator), with 7.5 m of gas pay in Jurassic sandstones at 5,239 m total depth. It is the first result from the Browse drilling flagged earlier; the overall resource size still needs more work.
