Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2018drilling progress report● Neutral
Beach's March drilling report finishes the Stunsail and Tirrawarra-Gooranie campaigns and brings Growler-15 online. In the Santos-operated Cooper JV, Bantam-1 and Wackett-17 were cased as future producers. Beach's Lady Bay-1 was still drilling.
7 Mar 2018drilling progress report● Neutral
Beach's February drilling report (Santos operates the Cooper JVs) lists a successful first horizontal Birkhead well at Stunsail and Cocinero-7/-8 oil pay, but Cocinero-5 was dry. Gooranie-9 and -10 hit gas pay, and Napowie-3 found gas. Continues the Cocinero and Tirrawarra-Gooranie campaigns.
6 Mar 2018resource reserve update▲ Good
Comet Ridge reported upgraded Mahalo reserves: its 40% net 2P up 473% to 172 PJ, with a maiden 1P of 18 PJ. Gross 2P is 430 PJ, so Santos (30%) must refund A$1.348m of 2017 work costs. Follows the Humboldt South 1 corehole in the context.
7 Feb 2018drilling result▲ Good
Beach's January report: Santos-operated Cooper wells all succeeded, including Gooranie-8/-11 gas and oil and Casimir-1 in PEL 570, which hit 55m of net coal. Beach's Haselgrove-3 ST1 was a possible gas discovery. Cooper JV ownership shifted after Beach's Lattice deal.
10 Jan 2018drilling result▲ Good
Beach's December report: Santos-operated Cooper JV finished the six-well McKinlay oil campaign and the Namur gas campaign, with Namur-9 and -10 finding 53m and 61.5m net gas pay. Beach's own Largs-1 sidetrack made a gas discovery. Routine update.
27 Dec 2017drilling scheduled● Neutral
The Sampang PSC joint venture, which Santos operates with 45%, approved drilling the Paus Biru-1 exploration well, planned for Q4 2018 to 650m depth. Site surveys are under way, and a jack-up rig is still being sourced.
12 Dec 2017farm in farm out agreement▲ GoodMajor
Santos and Total will fully fund a 3D seismic survey over Melbana's Beehive prospect (WA-488-P) in return for an option to take 80% of the permit. Survey is planned for mid-2018 and is subject to approvals. Gives Santos a possible new exploration play.
7 Dec 2017farm in farm out agreement▲ GoodMajor
Santos agreed to acquire a 20% interest in PNG licence PPL 339 from Kina Petroleum, which keeps 10%. Oil Search operates; drilling is expected in 2019. Santos can return the interest after pre-drilling seismic. Subject to approvals and licence extension.
6 Dec 2017drilling result▲ Good
Beach's November report: Santos-operated Cooper JV wells found oil at McKinlay-12/-15 and Odonata-2 (6.7m net pay) and gas at Namur-8 (61m). A six-well McKinlay horizontal oil campaign has begun. Routine drilling update on a Santos-operated JV.
1 Nov 2017drilling result● Neutral
Beach's October report: in Santos-operated Cooper JV, Namur-5 found 6.5m net gas pay and Costa-2 was a low-side commercial result, so two planned wells were dropped. Caraka-3 found 3m net pay; Gooranie-1 DW1 was abandoned. Lowry-1 and Crawford-1 are Beach's own.
4 Oct 2017drilling result● Neutral
Beach's September report: Santos-operated Roti-5 and Roti-6 gas wells and Merrimelia-63, -65 and -67 oil wells were cased as producers. Beach's own Goldsmith-1 and Louth-1 were abandoned. Routine Cooper Basin drilling update.
6 Sept 2017drilling result▲ Good
Beach's August report: Santos-operated Cooper wells all cased as producers, including Zeus-12, Zeus-11, Tennaperra-5 (oil) and Jack Lake-6/-7 (gas, about 40m and 54m net pay). Roti-5 was drilling. Beach's own Donington-1 was dry.
28 Aug 2017drilling spud● Neutral
Comet Ridge (40% of Mahalo, with Santos and APLNG 30% each) spudded the Humboldt South 1 corehole on 26 August, targeting about 280m depth. It should feed an updated reserves assessment for the block, part of the 2017 Mahalo programme.
2 Aug 2017drilling result▲ Good
Beach's July report: in Santos-operated Queensland JV, Okotoko North-1 is a new gas field discovery with about 8m net gas pay, cased as a producer, completing the six-well campaign. Irtalie East-6 found about 9m net oil pay and was cased. Other results are Beach's own.
5 July 2017drilling result● Neutral
Beach's June report: in Santos-operated Queensland JV, Cougar-1 was plugged and abandoned for lack of commercial pay, while Snefru-1 found about 3m net gas pay and was cased as a producer. In SA, Dullingari-42 DW1 found about 62m net gas pay and was cased.
28 June 2017drilling result▲ GoodMajor
The two-well Barossa appraisal (Barossa-5 and -6) confirmed a gas-saturated Elang reservoir; Barossa-6 flowed 65 mmscf/day, constrained by test facilities. This strengthens Barossa as lead Darwin LNG backfill candidate, with a FEED entry decision in early 2018. Santos holds 25%.
7 June 2017drilling result● Neutral
Beach's May report: in Santos-operated Cooper JVs, Dullingari-43 DW1 found about 25m net gas pay and was cased as a producer, in line with estimates. Lepard-3 was cased as a gas producer, with a preliminary low-side outcome. Cougar-1 was drilling.
1 June 2017drilling progress report▲ Good
Oil Search's May report: Muruk 1ST3 confirmed the whole Toro reservoir is gas saturated, with no gas-water contact. Cores were cut, total depth reached 4,251m, and a roughly week-long production test is underway. Santos' 20% farm-in still awaits regulatory approval.
15 May 2017drilling result▲ GoodMajor
Santos confirms Muruk 1ST3 found the entire Toro reservoir gas saturated, with no hydrocarbon contact down to 4,130m, confirming a potentially significant new gas field 21km from Hides. This builds on December's discovery; Santos' 20% farm-in still awaits regulatory approval.
15 May 2017drilling progress report▲ Good
Oil Search reports Muruk 1ST3 confirmed the whole Toro reservoir is gas saturated, with no gas-water contact reached at 4,130m. Production tests are planned subject to JV approval, with an appraisal programme possible in 2018. Santos is farming in at 20%.
4 May 2017drilling progress report● Neutral
Oil Search's April report: Antelope 7ST1 (Antelope Deep) was plugged and abandoned, as the 510m of carbonate is unlikely to hold producible hydrocarbons. At Muruk, 1ST3 drilled into the Toro reservoir with elevated gas readings, pending validation. Santos' 20% interest awaits approval.
3 May 2017drilling result● Neutral
Beach's April report: in the Santos-operated Queensland JV, Gallan-1 was dry, while Hector South-1 found 6.7m of net gas pay and was cased as a producer, in line with estimates. Inca-1 was also cased as a gas producer. Other results are Beach's own.
6 Apr 2017drilling progress report● Neutral
Oil Search's March report on Muruk, where Santos is farming in at 20%: the second sidetrack (1ST2) found the reservoir folded and likely water-bearing, so a third (1ST3) began to define the southern flank and lowest known gas. Santos' interest still awaits regulatory approval.
5 Apr 2017drilling result● Neutral
Beach's March report: its own Western Flank gas campaign ended with three discoveries from four wells, none Santos-operated. Santos' only link is the Cooper JV, which is not mentioned here. Little new for Santos shareholders.
1 Mar 2017drilling result● Neutral
Beach's February report: Kanowana-14 completed the three-well campaign in the Santos-operated Cooper JV, all cased as producers, online Q4 FY17. Caraka-2 was cased as a producer, marginally below estimates. Toolachee-53 spudded. Santos is not the focus; its share is 66.6%.
1 Feb 2017drilling result● Neutral
Beach's January report: Kanowana-12 and -13 in the Santos-operated Cooper JV were cased as producers, in line with estimates. Strzelecki-32 found 12m of Toolachee pay but none in the Patchawarra. Raffle-2 in the Queensland JV found 3m of net pay, below estimates.
11 Jan 2017drilling result● Neutral
Beach's December report: Allunga-2 and -3 in the Santos-operated Cooper JV were cased as producers, in line with estimates. Windigo-3 and Roti South-1 were also cased as producers. Namur-4 was cased as a Patchawarra producer. Beach's Canunda-3 flowed gas.
28 Dec 2016drilling result▲ GoodMajor
Oil Search, operator, reports Muruk-1 reached 3,130m with reservoir sandstone in the Toro Formation. Early log interpretation shows gas with condensate and no water contact seen. A sidetrack is planned to find the gas-water contact. Santos' 20% awaits regulatory approval.
28 Dec 2016drilling result▲ GoodMajor
Santos confirms a gas and condensate discovery at Muruk-1 in PNG's PPL 402, total depth 3,130m, in line with pre-drill expectations. It follows the November farm-in for 20%, which still needs regulatory approvals. A sidetrack will try to locate the gas-water contact.
7 Dec 2016drilling result● Neutral
Beach's November report: Big Lake-138 finished the five-well Big Lake campaign with 83m net pay, in line with estimates, and all five wells were cased as producers. Galex-5 in the Queensland JV was materially below estimates. Allunga-2 was drilling.
