5 Sept 2006drilling progress report● Neutral
Third-party filing by Tap: Libris-ST1 (Santos 15%) was drilled and cased to 3,224 m, with drilling to continue to 3,486 m in about 7 days. No results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Sept 2006farm in farm out agreement▲ Good
Third-party filing by Caspian: Santos finished the first phase of its Kyrgyz farm-in (US$3m spent) and will commit a further US$6m by February 2008. It can earn up to 80% of the licences for US$24m by February 2009. Seismic is planned for 1H 2007.
1 Sept 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Cranstoun 4 was cased as a future producer with 3 m of pay in Santos's Tintaburra program. Drillsearch expects its revenue to rise about A$4.5m a year to about A$16m. 15 wells are producing; Kooyong 1 has spudded.
29 Aug 2006drilling progress report● Neutral
Third-party filing by Tap: Libris-1 (Santos 15%) lost its original hole, was plugged back and redrilled as Libris-ST1, and was at 2,657 m. Target depth is now 3,486 m, about 10 days away.
29 Aug 2006drilling result▲ GoodMajor
Third-party filing by Cue: Wortel-1 reached 1,464 m with an initial gross gas column of 141 m above a gas-water contact at 1,383 m. A liner and flow test follow. It is a gas find 7 km west of Oyong, with significance awaiting testing.
25 Aug 2006drilling scheduled● Neutral
Third-party filing by Comet Ridge: Mahalo 2 (ATP 337P, Santos operator) is due to spud 26 August, a roughly 233 m well to test coal seams. It follows the delayed Mahalo test; after it Comet Ridge earns 40%, with Santos and Origin 30% each.
24 Aug 2006drilling progress report● Neutral
Third-party filing by Cue: Wortel-1 (Santos 40.5% operator) was at 1,247 m and had hit the Mundu limestone reservoir at 1,242 m with gas indications, 56 m low to prognosis. Significance is not yet known.
24 Aug 2006drilling progress report▲ Good
Third-party filing by Drillsearch: 15 wells in Santos's Tintaburra program (Santos 89% operator) are now producing. Cranstoun 3 was cased as a future producer with 3 m of pay, Cranberry 1 was dry, and the extra 20-well program has begun.
23 Aug 2006drilling progress report▼ Bad
Third-party filing by Tap: Libris-1 (WA-246-P, Santos 15%, Apache operator) lost its drill string at 2,940 m. The well is being plugged back to about 800 m and redrilled, delaying it by about 7 days.
22 Aug 2006drilling result▼ BadMajor
Galloway-1 (Santos 37.5% operator) reached 2,315 m and found both objectives water-bearing, with no hydrocarbons. It will be plugged and abandoned. This is a dry hole against the 28 mmbbl mean prospect; the rig moves to Glenaire-1 in the Otway Basin.
22 Aug 2006drilling result▼ Bad
Third-party filing by Nexus: Galloway-1 reached 2,315 m with no hydrocarbons in either Latrobe target and is being prepared for abandonment. Results will be analysed to assess remaining prospectivity in the permit. Confirms Santos's dry-hole report.
22 Aug 2006drilling result▼ Bad
Third-party filing by Tap: Galloway-1 reached total depth with no hydrocarbons and will be plugged and abandoned. Result feeds into assessment of the rest of the block. Repeats Santos's dry-hole report.
18 Aug 2006drilling result▲ Good
Third-party filing by Stuart: Derrilyn 4 (Santos 65% operator) hit the Hutton Sandstone 11 m high to prognosis with 4-5 m of pay. Stuart says it confirms the north-east extension and may lift field reserves.
17 Aug 2006drilling result● Neutral
Dua-4X ST2 in Vietnam Block 12E found a gas column in limestones but was plugged after technical difficulties. It will be redrilled as Dua-5X, then the rig moves to Blackbird. Gas significance needs further work, following the 30 June discovery.
17 Aug 2006drilling progress report● Neutral
Third-party filing by Drillsearch: Talgeberry 11 and 14 were cased as oil producers and Reliance 1 as a water injector in Santos's Tintaburra program. Tooten 1A was abandoned without reaching target depth.
16 Aug 2006drilling spud● Neutral
Third-party filing by Cue: Wortel-1 began drilling 16 August in the Sampang PSC (Santos 40.5% operator), 7 km west of Oyong. It tests an Oyong-equivalent limestone to about 1,500 m in roughly 20 days, following the Jeruk-3 rig release.
16 Aug 2006drilling spud● Neutral
Third-party filing by Tap: Libris-1 exploration well in WA-246-P (Santos 15%, Apache operator) spudded and was at 599 m. It targets the Upper and Lower Angel Formation, with about 25 days to reach 3,450 m.
15 Aug 2006drilling progress report● Neutral
Third-party filing by Tap: Galloway-1 (Santos operator) was at 1,680 m after rig equipment delays that have been repaired. The objective is 2 to 5 days away.
15 Aug 2006drilling progress report● Neutral
Third-party filing by Nexus: Galloway-1 was at 1,680 m after repairing rig equipment, and is expected to reach the Top Latrobe target at about 2,121 m later this week. No results yet.
11 Aug 2006drilling scheduled● Neutral
Third-party filing by Stuart: Derrilyn 4 appraisal well (Santos 65% operator, Stuart 35%) will spud 11 August to test the north-east extension of the Derrilyn field to 1,550 m. The Hutton pool has produced about 800,000 barrels.
10 Aug 2006drilling progress report● Neutral
Third-party filing by Drillsearch: the Tintaburra program is half complete with 36 wells drilled, 30 cased as producers or injectors and 6 plugged and abandoned. Whynott 1 exploration well found no oil and is being abandoned; 20 more wells are planned.
8 Aug 2006drilling progress report● Neutral
Third-party filing by Tap: Galloway-1 (Santos 37.5% operator) was at 1,606 m and preparing to run casing, progressing to programme. The objective is expected in 5 to 7 days.
8 Aug 2006drilling progress report● Neutral
Third-party filing by Nexus: Galloway-1 reached 1,606 m and was running casing, on schedule. The objective is about 7 days away. Mean recoverable oil is 28 mmbbl if successful.
3 Aug 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Endeavour 6, Talgeberry 9 and Minni-Ritchi 1 were cased as future oil producers in the Santos-operated Tintaburra program (Santos 89%). Whynott 1 is now drilling.
31 July 2006drilling spud● Neutral
Third-party filing by Tap: Galloway-1 (Santos 37.5% operator) was drilling at 320 m on 31 July. It is an onshore well deviated into offshore Vic/P39(v), expected to take 18 to 20 days to reach its objective.
31 July 2006drilling spud● Neutral
Third-party filing by Nexus: Galloway-1 spudded 28 July and had set casing at 320 m. Mean recoverable oil is 28 mmbbl if successful. The Angus prospect (about 4 mmbbl) is a possible follow-up.
24 July 2006drilling result● NeutralMajor
Evans Shoal South-1 reached 4,097 m and encountered hydrocarbons in both objectives, but none reached surface. It was plugged and abandoned short of target depth because of poor hole conditions. Santos holds 40%. The rig moves to Barossa-1, then Caldita-2.
20 July 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Talgeberry 12 was cased as an oil well with over 9 m net pay. Of 28 Tintaburra wells drilled so far (Santos 89% operator), 11 are producing, with 22 left in the first phase.
18 July 2006drilling progress report● Neutral
Third-party filing by Nexus: Longtom-3 reached 1,005 m with pilot hole total depth now due 23 July. Galloway-1 (Santos 37.5% operator) is expected to spud the week of 24 July. No results yet.
14 July 2006resource reserve update▼ BadMajor
Santos downgraded Jeruk: the oil column is now about 145 m rather than 379 m, with an oil-water contact near 4,760 m. The most likely contingent resource falls below the 170 mmbbl estimate of January 2005. Further appraisal is needed.