Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
6 June 2013drilling progress report● Neutral
Beach's weekly drilling table mostly covers its own wells. In Santos-operated Cooper gas, Cowralli-25, -14 and -24 and Juno-6 were cased and suspended as future producers, Cowralli-15 was logging at 3,299 m, and Van der Waals-1 was drilling at 3,044 m.
5 June 2013drilling progress report● Neutral
Beach's May report mostly covers its own wells. In Santos-operated Cooper gas, Cowralli-24 and -14 were suspended, Juno-6 was suspended for production, and Van der Waals-1 was at 3,034 m coring the Roseneath Shale.
5 June 2013asset acquisition disposition● Neutral
Senex agreed to sell its 15% interest in the Santos-operated Cuisinier oil field (PL 303) and its ATP 752 interests for A$20m, subject to partners' pre-emption rights. Santos (45% operator) could use its pre-emption right, but this is not stated.
4 June 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator) was at 3,274 m on 4 June and drilling ahead in the 12¼-inch hole toward a casing point near 3,540 m. No result yet.
29 May 2013contract award● Neutral
Transfield Services' subsidiary Easternwell won a new A$30m, two-year Santos contract for heavy workover services in the Cooper Basin, starting late 2013 with two one-year extension options. It is a small contract for Santos, announced by the contractor.
28 May 2013investor presentation● Neutral
Santos's APPEA briefing on WA and the Northern Territory confirms Fletcher Finucane is flowing at 45,000 bbl/d gross from three wells and that Vanuatu will be drilled in late 2013. It also covers Crown (0.5-5 Tcf contingent resource), Bassett West drilling and Bonaparte LNG. Largely repeats known facts.
28 May 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator) was still at 2,891 m on 28 May. The 14-inch casing is cemented and the well is preparing to drill the 12¼-inch hole toward about 3,610 m. No result yet.
22 May 2013investor presentation● Neutral
Santos's GLNG investor visit presentation says the project is over 50% complete, first LNG is on track for 2015, and the US$18.5bn capex is maintained. It reports record CSG drilling (27 wells in April 2013) and GLNG 2P reserves of 6,721 PJ, mostly repeating known facts.
21 May 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator) was at 2,891 m on 21 May. The 17½-inch hole is finished and 14-inch casing is being cemented, before drilling the 12¼-inch hole. No result yet.
20 May 2013production update▲ GoodMajor
Santos started first oil from the A$490m Fletcher Finucane project on 20 May, ahead of schedule and on budget. Gross rate is projected at 15,000 bbl/d for the first year, with reserves of about 14 million barrels. Santos holds an effective 44%. This delivers the mid-2013 start flagged earlier.
