Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2006resource reserve update▼ Bad
Third-party filing by Cue repeating Santos's Jeruk downgrade (column about 145 m, resource below 170 mmbbl). Adds that the rig will move to drill the Wortel exploration well in the Sampang PSC, and lists Jeruk interests.
12 July 2006drilling progress report● Neutral
Third-party filing by Nexus: Longtom-3 spudded 11 July (Nexus 100%), with a pilot hole expected to reach total depth by 26 July. Galloway-1 (Santos 37.5% operator) is mobilising its rig. No new results.
11 July 2006farm in farm out completion▲ Good
Third-party filing by Icon: ATP 626P was renewed, so the March 2006 farm-out to Santos can complete. Santos's subscription for 10m Icon shares at 6.76c is now unconditional. Stitch No.1 (about 2,000 m) is unlikely to spud in August.
6 July 2006drilling progress report● Neutral
Third-party filing by Drillsearch: Gimboola 4a (about 1.5 m pay) was cased as a producer, while Classic 1 was tight and abandoned on 1 July. Endeavour 9 and Bilberry 1 are drilling in Tintaburra (Santos 89% operator).
30 June 2006drilling result▲ GoodMajor
Santos announced an oil and gas discovery at Dua-4X in Vietnam Block 12E, where it takes 37.5% via farm-in. Wireline tests recovered oil, with no flow test. A further sidetrack follows, then the Blackbird well.
30 June 2006drilling spud▲ Good
Third-party filing by Cue: SE Gobe 14 began drilling on 29 June, expected to add 1-2 million barrels of gross oil reserves. Unit boundary extended south-east with participation factors unchanged (Santos 9.39%).
27 June 2006drilling scheduled● Neutral
Third-party filing by Nexus: Galloway-1, drilled onshore into VIC/P39(v), is due to mobilise in early July, with Santos operating at 37.5% after farm-in. Nexus puts mean recoverable oil at 28 million barrels if found. Longtom-3 is Nexus-only.
23 June 2006drilling progress report● Neutral
Third-party filing by Cue: a 7 inch liner was cemented in Jeruk-3 ST1 at 5,085 m MD. Drilling continues in 6 inch hole to evaluate the reservoir, with flow testing and coring as required (Santos 40.5% operator).
22 June 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Gimboola 5 (about 3 m pay) and Endeavour 8 (about 6 m) were cased as producers in Tintaburra (Santos 89% operator). Classic 1 and Chancett 1, two near-field exploration wells, were drilling.
21 June 2006drilling result▼ BadMajor
Third-party filing by Cue: Herbras-1 is being plugged and abandoned at 2,515 m after finding no significant hydrocarbons in its primary objective. A dry hole in the Sampang PSC (Santos 40.5% operator), following Dukuh-1 in May.
19 June 2006drilling progress report● Neutral
Third-party filing by Cue: Jeruk-3 ST1 reached 5,086 m MD after cutting a core with oil shows, and drilling continues to find the oil/water contact. Herbras-1 was at 2,428 m, drilling ahead (Santos 40.5% operator).
19 June 2006drilling result▲ Good
Third-party filing by Tap Oil: Amulet-3 found a 15 m gross oil column up-dip, about 700 m south-east of Amulet-1, likely connected to the Amulet-2 oil. It will be plugged and abandoned as planned; further drilling is likely later.
19 June 2006drilling result▲ Good
Third-party filing by Cue: SE Gobe 13 sidetrack was completed as a water injector, expected to add about 1.75 million barrels of recovery. This follows the earlier miss of the Iagifu sandstone. Rig moves to SE Gobe 14 (Santos 9.39%).
16 June 2006drilling progress report▲ Good
Third-party filing by Drillsearch: 16 of 17 Tintaburra wells (94%) found oil, with 6 producing and 34 more wells likely into October. Drillsearch expects revenue above $12m a year into 2007 (Santos 89% operator). Targets are Drillsearch's.
15 June 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Mulberry 17 (about 2 m oil pay) was cased as a future producer. Gimboola 5 spudded, Endeavour 8 showed oil, and Chancett 1 was about to spud in Tintaburra (Santos 89% operator).
15 June 2006drilling scheduled● Neutral
Third-party filing by Tap Oil: a third Amulet sidetrack (Amulet-3) is about to start, taking about 3 days, to test the eastern extent of the upper oil sand found in Amulet-2.
14 June 2006resource reserve update▲ GoodMajor
Third-party filing by Tap Oil: Amulet lower pool estimated at ~24 mmbbl oil in place, 10-15 mmbbl recoverable, with a second pool found. Commercial development 'appears achievable'. If developed, Santos (37.3684%) must repay 15 times Amulet-1's cost from first oil revenue.
13 June 2006drilling result▲ Good
Third-party filing by Tap Oil: the Amulet-2 sidetrack hit the Amulet-1 oil sand about 450 m south-east, extending the discovery, plus a separate 6 m oil sand. Santos is permit operator (37.3684%). Volumes await core analysis.
8 June 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Mulberry 15 (about 8 m of oil pay) and Mimosa 1 (about 6 m) were cased as future producers in Tintaburra (Santos 89% operator). A third rig joined, and weekly updates now come on Thursdays.
7 June 2006drilling progress report▼ Bad
Third-party filing by Antares: KMF 228-1 in Kenedy County, Texas (Santos USA operator, Antares 5%) is at 13,415 ft. A 9 5/8 inch liner became stuck, was retrieved and is being re-run. The well spudded 4 April.
6 June 2006drilling progress report● Neutral
Third-party filing by Drillsearch: Huckleberry 1 was plugged and abandoned because the reservoir was too tight. Mimosa 1 (about 6 m of pay) will be cased as a producer, and Mulberry 15 reached TD (Santos 89% operator).
5 June 2006drilling result● NeutralMajor
Third-party filing by Tap Oil: Amulet-1 (WA-8-L) is a new oil discovery with a net oil column of about 20 m, but below pre-drill expectations and commerciality is unproven. Santos (37.3684%) has now elected to join the ongoing evaluation, with a JOA cost-recovery penalty if it develops.
31 May 2006drilling progress report● Neutral
Third-party filing by Tap Oil: Amulet-1 in permit WA-8-L hit a possible hydrocarbon zone of up to 26 m gross. Santos, the permit operator with 37.3684%, is not funding this Tap and Kufpec sole-risk well. Results are still preliminary.
30 May 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Endeavour 11 (about 5 m of oil pay) was cased as a producer. Huckleberry 1 was drilled and was under test with good shows. Mimosa 1 is next in Tintaburra (Santos 89% operator).
24 May 2006farm in farm out agreement● Neutral
Third-party filing by Mosaic: Mosaic and Santos farmed out Surat-Bowen acreage (PL 119, Bainbilla block) to Ausam, which can earn up to 35% by spending up to $6.5m on seismic and wells. Santos's interest would fall from 16.667% to 10.8336% at full earn-in.
24 May 2006drilling spud● Neutral
Third-party filing by Cue: Herbras-1 began drilling on 24 May in the Sampang PSC (Santos 40.5% operator), in 24 m of water. It is a vertical well testing sandstone targets and follows the Dukuh-1 dry hole.
23 May 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Mulberry 12 (3-4 m of oil pay) was cased as a future producer in the Tintaburra block (Santos 89% operator). Endeavour 11 and near-field well Huckleberry 1 have spudded.
18 May 2006drilling result▼ BadMajor
Third-party filing by Cue: Dukuh-1 in the Sampang PSC (Santos 40.5% operator) found no significant hydrocarbons and is being plugged and abandoned. The rig moves to Herbras-1. This is a dry hole for the 2006 Indonesian program.
16 May 2006drilling result▲ Good
Third-party filing by Drillsearch: Gimboola 3 (about 3 m of oil pay) and Endeavour 5 (about 14 m) were cased as future oil producers in the Tintaburra block (Santos 89% operator). Mulberry 12 spudded 13 May. Two rigs now operate in the 51-well program.
12 May 2006drilling progress report● Neutral
Third-party update by Cue: Jeruk-3 sidetrack was about to core the Kujung limestone, and Dukuh-1 was at 2,685 m. SE Gobe-13 (Santos 9.39%) is being sidetracked east after thrust faults meant it missed the Iagifu sandstone target.
