Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Apr 2014drilling result▲ GoodMajor
Santos' Mt Kitty-1 in the Amadeus Basin (Santos 70%, Central 30%) reached 2,295 m and flowed gas on test, up to ~530,000 cfd, with helium up to 5.8%. A rig incident on 13 April stopped operations; no injuries reported and the well is secure.
11 Apr 2014annual report● Neutral
The 2013 Shareholder Review repeats previously released results: sales revenue A$3,602m, net profit A$516m, 51 mmboe production, 30c dividend and the progressive dividend policy. It says operating cash flow should double by 2016, based on current oil prices.
11 Apr 2014annual report● Neutral
Santos released its 2013 Sustainability Report, with a CEO message and asset overview. Text provided shows no new financial or operational figures, so it adds no new substance.
11 Apr 2014annual report● Neutral
Santos lodged its 2013 Annual Report, covering results and reserves already released on 21 February (net profit A$516m, 2P reserves 1,368 mmboe). The extract provided shows only contents and glossary, with no new figures.
3 Apr 2014drilling progress report▲ Good
Drillsearch's March report says the three-well Tintaburra/Toobunyah campaign in Santos-operated PL 29 (Santos 60%) is finished, with all wells cased and suspended. The rest, including the Stunsail-1 discovery, concerns Beach- and Drillsearch-operated wells.
2 Apr 2014drilling progress report● Neutral
Beach's March report is mostly about its own wells, including the Stunsail-1 oil discovery with Drillsearch. In Santos-operated Cooper work, Big Lake-101, -102, -103 and -106 and Gooranie-6 and Baryulah-18 were cased as gas wells, continuing the Big Lake pad programme.
27 Mar 2014material agreement▲ GoodMajor
GLNG participants signed a binding heads of agreement with the Meridian SeamGas JV for 20 years of gas from 2015, oil-linked priced from 2016. This adds to GLNG's gas supply; the project is approaching 80% complete, with first LNG still due in 2015.
24 Mar 2014production update▲ GoodMajor
First gas flowed from the Peluang tie-back to Maleo, offshore East Java, ahead of schedule and on budget, as flagged for 1H 2014. Gross peak output is expected at 25 mmscf/d. Santos holds 67.5% and operates the Madura PSC.
20 Mar 2014drilling progress report● Neutral
Central Petroleum says the Santos-operated rig has mobilised and should resume drilling at Mt Kitty-1 in the Amadeus Basin around 24 March 2014. Planned depth is about 2,030 m KB; the top hole was drilled to ~785 m. This follows the earlier Q1 target.
19 Mar 2014dividend declaration● Neutral
Santos set the dividend reinvestment plan issue price at $13.3611 for the 15c final dividend payable 26 March 2014, which follows the 21 February results. Administrative notice only.
18 Mar 2014agm notice● Neutral
Santos released a shareholder requisition (161 holders, ~0.0475% of shares) asking it to withdraw from the Narrabri Gas Project, for the 16 May 2014 AGM. The board unanimously recommends voting against, backing Narrabri as in shareholders' interests.
14 Mar 2014joint venture update● Neutral
Beach's Cooper unconventional update: Roswell-2 in the Santos-operated SA Cooper JV has had a five-stage fracture stimulation, and Moomba-193 ST1 drilled to 3,396 m with a ~900 m lateral. Mechanical problems hit Beach-operated Boston wells; PEL 218 retention licences offered.
13 Mar 2014other● Neutral
Corrected Appendix 3Y replacing the one lodged 30 Sep 2013: director Roy Franklin received 36 shares at $14.6479 through the dividend reinvestment plan, lifting his indirect holding from 3,589 to 3,625. Administrative correction, no new substance.
6 Mar 2014drilling progress report● Neutral
Drillsearch's February report completes the five-well Ipundu oil appraisal campaign in Santos-operated ATP 299P, all wells cased as future producers. A three-well Tintaburra/Toobunyah development campaign (Santos 60%) began with Tintaburra-8. Other results are Beach-operated.
5 Mar 2014drilling progress report● Neutral
Beach's February report mostly covers its own wells. In Santos-operated Cooper work, the three-well Barrolka program finished with all wells cased as gas producers, and the first Big Lake five-well pad was completed. Moomba-193 ST1 reached 3,996 m with about 1,000 m of horizontal section, to be fracture stimulated.
3 Mar 2014material agreement● Neutral
Senex signed a two-year gas sales agreement to supply up to 10 mmscf/d of raw gas from its Hornet field to the Santos-operated South Australian Cooper Basin JV, starting in the September quarter 2014. Small contract; pricing confidential.
3 Mar 2014material agreement● Neutral
Re-lodgement of Senex's earlier announcement of the Hornet gas sales agreement with the Santos-operated South Australian Cooper Basin JV: up to 10 mmscf/d for two years from the September quarter 2014. No new information.
24 Feb 2014director officer appointment▲ GoodMajor
Santos appointed Scott Sheffield, chairman and CEO of US shale producer Pioneer Natural Resources, as an independent non-executive director from 24 February 2014. Director Mike Harding will retire at the 2014 AGM after ten years on the board.
24 Feb 2014investor presentation● Neutral
Santos released an updated slide clarifying non-GLNG project capex from its 21 February results presentation. It adds detail on the nature of the costs and restates the unchanged US$18.5bn GLNG gross cost estimate. No new project news.
21 Feb 2014investor presentation● Neutral
Results presentation repeats the 2013 figures already released: net profit A$516m, 2014 production guidance unchanged at 52-57 mmboe, PNG LNG first cargo in Q3 2014, and GLNG 75% complete for 2015. Adds that 237 GLNG wells were spudded in 2013.
21 Feb 2014agm notice● Neutral
Santos will hold its 2014 Annual General Meeting on Friday 16 May 2014 in Adelaide. Administrative notice only.
21 Feb 2014production update▼ Bad
Nexus reported that production at the Longtom gas processing facility halted overnight, with Nexus and Santos investigating the cause. No duration or cause is given. Longtom is a Nexus-owned field whose gas contract was amended in 2013.
21 Feb 2014resource reserve update▼ BadMajor
Year-end 2013 2P reserves were 1,368 mmboe, down 2.7% from 1,406 mmboe as 2013 production of 51 mmboe was not fully replaced. Contingent resources fell about 5% to roughly 1.9 billion boe, partly from new reporting guidelines trimming about 150 mmboe.
21 Feb 2014annual report● Neutral
Santos' 2013 full-year report (Appendix 4E) shows revenue of A$3,651m and net profit of A$516m, down 1%. Final dividend is 15c, making 30c for the year, with a 5 March 2014 record date. Directors and auditor details are unchanged.
21 Feb 2014annual report● NeutralMajor
Santos reported 2013 net profit of A$516m, in line with 2012, on record sales revenue of A$3.6bn (+12%). Underlying profit fell 17% to A$504m. Final dividend is 15c (30c for the year), and a progressive dividend policy was announced. PNG LNG is over 95% complete and GLNG 75%, with costs unchanged.
13 Feb 2014asset acquisition disposition▲ GoodMajor
New Guinea Energy agreed to sell its 50% of PNG licence PPL 269 to Santos subsidiary Barracuda for up to US$40m, with US$32m cash at completion. Completion depends on government approvals and Santos on-selling part of the interest.
6 Feb 2014drilling progress report● Neutral
Drillsearch's January report covers its own wells. In Santos-operated ATP 299P (Santos 60%), four of five Ipundu appraisal wells were cased as future oil producers, with the fifth due at total depth in early February. Drillsearch's Chiton-3 was suspended as a future oil producer.
5 Feb 2014drilling progress report● Neutral
Beach's January report mostly covers its own wells. In Santos-operated Cooper work, Barrolka-12 was cased as a gas producer, Moomba-193 needed a side-track, and Moomba-202, Big Lake-97 and -98 and Cooba-5 were suspended as gas producers.
23 Jan 2014quarterly activities report● Neutral
Record quarterly revenue of A$1,065m (+21%) and record 2013 revenue of A$3.6bn, with 2013 production of 51.0 mmboe as guided on 4 December. PNG LNG over 90% and GLNG over 72% complete, costs unchanged. 2013 DD&A guidance rose 7% to $17.70/boe.
20 Jan 2014drilling result● Neutral
Beach update on Cooper shale gas: Moomba-194 initial 3.1 mmscf/d fell to about 1.4 mmscf/d before shut-in, awaiting a flowline. Moomba-191 produces ~2 mmscf/d. Langmuir-1 is being cleaned up after 10-stage stimulation; Gaschnitz-1ST1 declined from ~1.5 to ~0.7 mmscf/d. Moomba-195 deferred.
