Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Jan 2014joint venture update● Neutral
Carbon Minerals restructured its arrangements with Santos for Gunnedah PELs 1 and 12. Santos will do the on-hold field work as operator when reasonable, and the partner's cost share stays capped at $13m. Confirms the work remains paused given NSW conditions.
8 Jan 2014drilling progress report● Neutral
Beach's December report mostly covers its own wells. In Santos-operated Cooper work, Marama West-1 became a gas discovery, completing a three-well run of gas discoveries with Bolah-1 and Kaiden-1. The Zeus-Minos-Tennaperra oil campaign finished, and several Moomba and Big Lake gas producers were suspended.
23 Dec 2013asset acquisition disposition● Neutral
Kina Petroleum announced a 25% interest in PRL 38 (Pandora gas discoveries, offshore PNG). Santos subsidiary Barracuda holds 10%, confirming its stake in the licence; same award as the Cott announcement.
23 Dec 2013asset acquisition disposition● Neutral
Cott Oil and Gas was granted 40% of new PRL 38 (Pandora gas fields, Gulf of Papua). Santos subsidiary Barracuda holds 10%, with Talisman operator at 25% and Kina 25%. Work program starts with studies and a well in year 5; this is a small Santos interest.
19 Dec 2013flow test result▲ GoodMajor
Moomba-194 shale gas well is flowing at an average 3 mmscf/d from five zones, following Moomba-191 (~2.5 mmscf/d). Santos calls it a potentially material extension of Moomba North and a step toward commercialising the Nappamerri Trough. Santos holds 66.6%.
19 Dec 2013material agreement▲ GoodMajor
GLNG partners signed a deal to buy 100 PJ of gas from Origin over five years from January 2016, oil-linked, with options for up to 94 PJ more. Adds to earlier supply deals; GLNG is over 72% complete with first LNG in 2015.
17 Dec 2013joint venture update● Neutral
Drillsearch's November update covered its own Cooper Basin oil permits, including the Bauer facility expansion to 50,000 bbl/d and a planned drilling program. Santos appeared only in passing, as the identifier of the Greater Hurron Prospect in the mid-1990s.
4 Dec 2013investor presentation▼ BadMajor
Investor seminar cut 2013 production to about 51 mmboe, below the earlier 52-55 range, and guided 2014 to 52-57 mmboe on PNG LNG start-up. GLNG is 72% complete for first LNG in 2015; PNG LNG over 90%, costs unchanged.
4 Dec 2013drilling progress report● Neutral
Beach's November report mostly covers its own wells. In Santos-operated Cooper work, Kaiden-1 and Marama West-1 (drilling) extend the gas exploration program, Zeus-8 and Zeus-9 were cased for production, and Roswell-2 reached 3,481 m. Several Moomba and Kurunda gas producers were suspended.
25 Nov 2013asset acquisition disposition▲ GoodMajor
AWE says the sale of 50% of the Northwest Natuna PSC (Ande Ande Lumut, about 101 mmbbl) to Santos is complete for US$188m, with Indonesian approval received. Santos is now operator. Resolves the 22 August deal; FID is still expected in 2014.
6 Nov 2013drilling progress report● Neutral
Beach's October report mostly covers its own wells. In Santos-operated Cooper work, Bolah-1 was suspended as a gas discovery, the 16-well Cowralli pad program finished and is being fracture stimulated, and Zeus-10 was suspended as a future oil producer.
29 Oct 2013investor presentation● Neutral
Citi conference presentation repeating known strategy: 80-90 mmboe by 2020, PNG LNG over 90% complete and GLNG on track for 2015, and the intent to review capital management. No new results in the readable text.
25 Oct 2013material agreement▲ Good
GLNG and Australia Pacific LNG signed gas swap and infrastructure connection agreements for their Surat Basin fields. They avoid about 140 km of extra pipeline for the two projects. Santos GLNG says it helps first LNG in 2015.
18 Oct 2013quarterly activities report● Neutral
Record quarterly sales revenue of A$1,027m (+20% on a year earlier), with production 13.4 mmboe. But 2013 production is now expected at the low end of 52-55 mmboe, after a Chim Sao pipeline shutdown and Fletcher Finucane water separation problems. PNG LNG over 90% and GLNG over 65% complete; Ande Ande Lumut stake and two PNG permits acquired.
10 Oct 2013contract award● Neutral
Contractor WDS says it rolled over its construction services agreement with Santos for GLNG appraisal gathering systems in the Surat Basin, ten years into the relationship. It is a supplier contract within a package of over $50m; no Santos value is stated.
2 Oct 2013drilling progress report● Neutral
Beach's September report mostly covers its own wells. In Santos-operated Cooper work, Okotoko West-3 ST1 was suspended as a gas producer, Cowralli-19, -20 and -29 await fracture stimulation, and Langmuir-1 was suspended at 3,815 m. Moomba-194 reached 3,368 m.
25 Sept 2013investor presentation● Neutral
CFO Andrew Seaton's Hong Kong CLSA forum presentation restates known strategy: 80-90 mmboe by 2020, PNG LNG and GLNG on schedule, and an intent to review capital management as PNG LNG production nears. No new figures or results shown in the readable text.
18 Sept 2013drilling progress report● Neutral
Mt Kitty top hole was at 417 m and is now planned to about 825 m, deeper than the 480 m announced the day before. The Q1 2014 main hole, to around 2,000 m, is unchanged.
17 Sept 2013drilling spud● Neutral
Mt Kitty gas well in the Amadeus Basin (EP125) spudded 13 September, as part of Santos's farm-in to earn 70%. A top hole is drilled first, with the main hole to about 2,000 m to the Heavitree formation in Q1 2014. Continues the Central Petroleum JV.
10 Sept 2013farm in farm out completion▲ GoodMajor
Drillsearch says due diligence conditions are satisfied on the 4 July deal. Santos now holds 60% of Western Cooper Wet Gas (PEL 106A, PEL 513) and funds a A$100-120m work program, and bought Drillsearch's 25.8% of PEL 100. Drillsearch lifts its Tintaburra stake to 40%.
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.
