Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2013material agreement● Neutral
Nexus agreed with Santos to amend the Longtom gas sales agreement from 1 July 2013, covering 83 PJ to end-2018, with a new production profile and pricing. It is conditional on Nexus funding and Santos capacity confirmation by 30 June. Longtom-5 is planned for late 2014.
9 May 2013agm notice● Neutral
At the 9 May AGM, Peter Coates hands the chair to Ken Borda and stays as a non-executive director. The addresses restate 2012 results (sales revenue A$3.2bn, underlying profit A$606m) and say the Board remains conservative on dividends while the LNG projects are built.
8 May 2013drilling progress report● Neutral
Beach's April report mostly covers its own wells. In Santos-operated Cooper Basin gas, Cowralli-22 and -23 were suspended as the first of 16 Cowralli development wells, and Van der Waals-1 shale gas well was drilling at 2,449 m. Lepard-2 and Psyche-7 were also suspended.
7 May 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator, Octanex 25% free carried) was at 2,164 m on 7 May, drilling the 17½-inch hole toward a casing point near 2,930 m. No hydrocarbon result yet.
1 May 2013drilling progress report▲ Good
Senex's April report mostly covers its own wells. For Santos's Cuisinier campaign (Santos 45% operator, Senex 15%), Cuisinier-8 found about 6.8 m net oil pay and will be suspended as a future producer; Cuisinier-10 spudded 26 April.
30 Apr 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator) was at 1,875 m on 30 April, with 20-inch casing cemented and blowout preventer tests under way. Next is drilling the 17½-inch hole to about 2,930 m. No result yet.
23 Apr 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator) was at 1,756 m on 23 April and drilling ahead in the 26-inch hole toward the 20-inch casing point. No result yet.
19 Apr 2013quarterly activities report● Neutral
Santos reports March quarter production of 12.1 mmboe, down 2% on a year earlier and 8% on December, due to planned shutdowns; sales revenue was A$713m. Guidance of 53-57 mmboe is kept. PNG LNG is over 80% and GLNG over 50% complete.
16 Apr 2013drilling progress report● Neutral
Winchester-1 (Santos 75% operator) was at 845 m on 16 April, nine days after spud, with the conductor set and the 26-inch hole being drilled. No hydrocarbon result yet.
12 Apr 2013director officer appointment● NeutralMajor
Chairman Peter Coates will retire as chair at the 9 May 2013 AGM, staying on as a non-executive director, because of a full-time executive role at Glencore/Xstrata. Director Ken Borda, on the board since 2007, succeeds him.
8 Apr 2013drilling spud● NeutralMajor
Santos spudded Winchester-1 in WA-323-P at 23:00 on 7 April 2013, targeting Triassic reservoirs to 4,803 m in about 75 m of water, roughly 80 days of drilling. Santos holds 75% and Octanex 25%, free carried.
8 Apr 2013annual report● Neutral
Santos lodges its 2012 Annual Report, covering operations, governance and financials to 31 December 2012. It restates results already announced on 22 February, including production of 52.1 mmboe and sales revenue of A$3,220m. No new information in the excerpt.
8 Apr 2013annual report● Neutral
Santos publishes its 2012 Sustainability Report covering environment, community, people and economic performance. The excerpt contains no financial or operating news for shareholders.
4 Apr 2013drilling progress report▲ Good
Senex's March report mostly covers its own wells. For Santos, Cuisinier-7 (Santos 45% operator, Senex 15%), the first of the five-well campaign, found about 6.2 m net oil pay in the Murta Formation and will be suspended as a future oil producer.
4 Apr 2013drilling scheduled● Neutral
Octanex says Santos, operator with 75% of WA-323-P and WA-330-P, will spud the Winchester-1 exploration well within days, targeting Triassic reservoirs to 4,803 m over about 80 days. Octanex's 25% is free carried. Winchester was previously listed as unreported.
4 Apr 2013farm in farm out completion▲ GoodMajor
Central Petroleum completes its farm-out to Santos over most of the Amadeus and Pedirka Basin areas (over 18.7 million acres), following the October 2012 deal. The EP97 portion is deferred until the Rawson Resources transaction completes.
4 Apr 2013production update● Neutral
Nexus reports Santos, as operator of the Patricia Baleen facilities, plans a roughly ten-day offshore repair program between 29 April and 19 May 2013, after which Longtom gas production should restart. Production had been suspended since 14 January.
3 Apr 2013drilling progress report● Neutral
Beach's March report mostly covers its own wells. Santos-operated Cooper items: Baryulah gas program finished with Baryulah-14 suspended, Burke-12 and Goyder-6 suspended as gas producers, Cowralli-22 drilling as first of 16 pad wells, and Achilles-1 abandoned with no hydrocarbons.
2 Apr 2013other▼ BadMajor
S&P will treat Santos's €1bn 2010 hybrid as debt rather than equity and has placed the BBB+ rating on CreditWatch negative. Santos says its financial position is unchanged, with A$5.8bn cash and undrawn debt, and capital management will be considered later in 2013 once PNG LNG generates cash in 2014.
21 Mar 2013admin correction● Neutral
Clarification of the earlier dividend reinvestment notice: the issue price is A$12.6456, being the A$12.9699 average market price less 2.5%. No new information.
21 Mar 2013dividend declaration● Neutral
Santos said the average market price for its dividend reinvestment plan was A$12.6456, for the 15c final dividend payable 28 March 2013. DRP shares were to be issued at the average price over 7 business days less a 2.5% discount.
19 Mar 2013material agreement● Neutral
Drillsearch and Beach's PEL 106B venture sign a new gas sales agreement with the South Australian Cooper Basin JV (Santos 66.6% operator interest). It covers 10 BCF firm over three years. Santos is the buyer; the benefit mainly goes to Drillsearch.
6 Mar 2013drilling progress report● Neutral
Beach's February report mostly covers its own wells. Santos-operated Cooper: Baryulah-13, Brumby-13, Dullingari-61 and Dullingari North-20 gas wells suspended as future producers, Gaschnitz-ST1 suspended for evaluation, and Rheims-2 oil appraisal abandoned with no hydrocarbons.
6 Mar 2013drilling progress report● Neutral
Orca's update on Kingston Rule-1 (PEL 115), repeating Senex's February report. The Senex report also notes Santos's planned Cuisinier five-well campaign in ATP 752P. No new Santos result.
6 Mar 2013drilling progress report● Neutral
Senex's February report mostly covers its own wells. Santos-linked: Santos is expected to start a five-well oil appraisal and development campaign at Cuisinier field in ATP 752P (Santos 45% operator, Senex 15%) in March. No result yet.
22 Feb 2013investor presentation● Neutral
Presentation of the 2012 results already announced: production 52.1 mmboe, underlying profit A$606m. Adds that PNG LNG is over 75% complete and GLNG 47% complete. 2013 guidance stays at 53-57 mmboe production and about A$4bn capex.
22 Feb 2013annual report● Neutral
Santos's 2012 full-year report shows revenue up 18% to A$3,299m and net profit down 31% to A$519m. A 15c final dividend is declared, with a 7 March record date. Mainly the formal filing of results announced the same day.
22 Feb 2013resource reserve update▲ GoodMajor
Santos lifts 2P reserves to 1,406 mmboe from 1,364 mmboe a year earlier, a 180% replacement of 2012 production, including Australia's first shale gas booking from Moomba-191. Contingent resources fell about 200 mmboe to 1,965 mmboe, partly from GLNG coal seam gas reassessment.
22 Feb 2013agm notice● Neutral
Santos advises its 2013 annual general meeting will be held on 9 May 2013 at 10.00am at the Adelaide Convention Centre. Administrative notice only.
22 Feb 2013annual report▲ GoodMajor
Santos reports 2012 net profit of A$519m, down 31% because 2011 included asset sale gains, while underlying profit rose 34% to A$606m. Operating cash flow was A$1,658m, funding capacity A$5.8bn, and the final dividend 15c. GLNG and PNG LNG costs are stated unchanged; Fletcher Finucane first oil is expected by mid-2013.
