Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2011farm in farm out completion▲ GoodMajor
Octanex says its farmout of WA-323-P and WA-330-P to Santos is now unconditional. Santos takes 75% and operatorship, pays Octanex A$7m for past costs, and will shoot 3D seismic in Q4 2011 and drill a well within three years.
7 June 2011investor presentation● Neutral
Strategy VP Peter Cleary's Kuala Lumpur conference address discusses global LNG trends, forecasting trade growing from 218 to 345 mtpa by 2020 (Wood Mackenzie). Industry outlook and Santos positioning rather than new company news.
6 June 2011investor presentation● Neutral
Santos's US roadshow slides repeat known points: 2010 profit A$500m, about A$8bn funding capacity, GLNG first LNG in 2015, and four base projects starting in 2011, with Halyard now started on 2 June. No new announcements in the extract.
2 June 2011production update▲ GoodMajor
Gas production began from Halyard-1 in the Greater East Spar area, on time and on budget. Santos holds 45%, Apache operates. It is the first of four 2011 base projects; Chim Sao, Reindeer and Wortel are on schedule for 2H. Varanus Island volumes stay near current levels for now.
2 June 2011drilling progress report● Neutral
ESG's monthly report says Dewhurst 19 corehole in PEL 238 (Santos 35%) reached 660m, intersecting 12.8m of net Black Jack coal, and the rig is stacked awaiting government approval. LNG Newcastle target of a decision around end-2011 is restated.
1 June 2011asset acquisition disposition● NeutralMajor
The sale of Santos's 40% of Evans Shoal (NT/P 48) to Magellan will not complete, as conditions were unmet by the 31 May deadline. Santos keeps the interest and operatorship, and says it retains a A$15m non-refundable deposit. Ends the A$100m sale.
1 June 2011drilling progress report● Neutral
Beach's May report is mostly its own wells. For the Santos-operated Cooper Basin, Moomba-185 (Beach 20.21%) was cased and suspended as a future gas producer, and the Saxon-183 rig moved to Moomba-186. Routine partner update.
1 June 2011drilling result▲ Good
Tap says Finucane South-1A has been suspended and the rig released on 30 May, with Finucane South-1 abandoned. The 18.5m oil discovery is confirmed and could exceed the 8 million barrel estimate. No further drilling updates. Repeats the earlier result.
27 May 2011regulatory community update▲ Good
The Prime Minister officially launched works on the US$16bn GLNG plant on Curtis Island. Contracts worth over $700m have been let to Australian suppliers since the January final investment decision, and first LNG is still expected in 2015. Santos holds 30%.
25 May 2011drilling result▲ GoodMajor
Santos announces an oil discovery at Finucane South with an 18m net oil column, on the high side of pre-drill expectations. A joint development with the Fletcher discovery could be decided before end-2011, with first oil by end-2013. Santos operates with 33.4%.
25 May 2011drilling result▲ GoodMajor
Tap, a 8.2% partner, reports Finucane South-1A found a new oil field with 18.5m of net oil pay in the Angel Formation, reaching 3,190m. Early evaluation suggests it could exceed the 8 million barrel pre-drill estimate. Resolves the well Santos operates (33.4%).
25 May 2011investor presentation● Neutral
ESG's managing director says a reserves review is targeted for around August 2011, after pilot data to end-June. Certified 2P reserves remain 1,520 PJ. Wet weather and approvals have delayed pilots in PEL 238, where Santos holds 35%. Mostly restates known points.
18 May 2011drilling progress report● Neutral
Finucane South-1A (Santos operator, 33.4%) drilled from 684m to 2,057m, and 13 3/8-inch casing is set at 2,049m. The well will drill to about 3,500m, then be plugged or suspended. No oil result yet.
11 May 2011drilling progress report▼ Bad
At Finucane South-1 (Santos operator, 33.4%) the drillstring parted at 1,273m. The rig was skidded 50m and Finucane South-1A spudded on 8 May, now at 684m. This is an operational setback, with the 20-25 day plan unchanged and no result yet.
10 May 2011joint venture update▼ Bad
Cooper Energy (25% of PEL 92) says it is trucking 2,400 bbl/d from Tantanna to Moomba because of the Santos-operated pipeline shutdown. A long-term fix is pending, and Santos will decide on restarting the pipeline with uncertain timing. Mostly Cooper's own corporate update.
6 May 2011investor presentation● Neutral
Santos's Macquarie conference slides repeat known points: GLNG on schedule for first LNG in 2015, four base projects starting in 2011, and about A$8bn funding capacity. They add that follow-up Zola appraisal drilling is planned for 2012.
4 May 2011drilling progress report● Neutral
Beach's April report covers its own Cooper Basin work. For Santos-operated wells, Moomba-184 (Beach 20.21%) was cased and suspended as a future gas producer, and the Saxon-183 rig moved to Moomba-185. Routine partner update.
4 May 2011drilling spud● Neutral
Finucane South-1 (WA-191-P, Santos operator, 33.4%) spudded on 3 May with the Stena Clyde rig and had reached 203m. It is an oil exploration well targeting about 8 million barrels gross, planned to reach about 3,500m in 20-25 days.
3 May 2011drilling progress report● Neutral
ESG reports on PEL 238 (Santos 35%): Yallambee 2 corehole reached 1,080m and intersected 13.1m of net Black Jack coal. Dewhurst 19 spudded 29 April. The report restates the LNG Newcastle target of a decision around end-2011 and first LNG by 2015.
21 Apr 2011drilling scheduled● Neutral
Santos, as operator of WA-191-P (33.4%), will drill the Finucane South-1 oil exploration well with the Stena Clyde rig straight after Zola-1. Tap estimates 8 million barrels gross mean recoverable, with a low-moderate risk. Drilling is due within a week, taking 20-25 days.
20 Apr 2011quarterly activities report▼ BadMajor
March-quarter production was 11.0 mmboe, down 11% on a year earlier, after floods in the Cooper Basin and cyclones offshore WA. About 2 mmboe is deferred from 2011, so full-year guidance is cut from 48-52 to 47-50 mmboe. Other guidance is unchanged apart from DD&A per barrel.
20 Apr 2011drilling result▲ Good
Tap reports wireline logs confirm about 125m of net gas pay over three Mungaroo sandstones at Zola-1 (Santos 24.75%), with excellent reservoir quality. The structure may still be at the upper end of 1-2 tcf. The well is being plugged and abandoned as planned.
19 Apr 2011joint venture update▼ Bad
Beach says the Santos-operated Tantanna to Gidgealpa pipeline in the Cooper Basin is interrupted over integrity concerns and under assessment. Beach is trucking oil from its Western Flank fields (about 6,000 bbl/d capacity) to Moomba meanwhile. Santos's own impact is not stated.
13 Apr 2011drilling progress report▲ Good
Tap reports the Zola-1 ST1 sidetrack (Santos 24.75%) reached final depth of 4,877m and wireline logging is under way. The company repeats the discovery and the possible upper-end 1-2 tcf estimate. Plugging and abandonment is planned.
12 Apr 2011investor presentation● Neutral
Santos briefs investors in Perth on its WA & NT business, which delivered 33% of 2010 production. Reindeer/Devil Creek (45%) is 90% complete for first gas in Q4 2011; Spar/Halyard (45%) is 88% complete for mid-2011. Mostly repeats known timelines.
6 Apr 2011drilling progress report● Neutral
Beach's March report includes Santos-operated Moomba-184 gas development well (Beach 20.21%), spudded 4 April as the first well by the new Saxon-183 rig. Mostly Beach's own Cooper Basin work. Routine partner update.
6 Apr 2011drilling progress report▲ Good
Tap confirms Zola-1 and ST1 (Santos 24.75%) found over 100m of net gas pay in the Mungaroo, with pressure data supporting the discovery. The cyclone did not develop and drilling resumes to final depth. Repeats Santos's announcement.
4 Apr 2011drilling result▲ GoodMajor
Santos announces a gas discovery at Zola-1 (Santos 24.75%, Apache operator), with over 100m of net gas pay over a 400m interval in the Mungaroo. Logging and pressure testing confirmed it; partners will appraise and discuss development. Confirms earlier gas indications.
1 Apr 2011drilling progress report▲ Good
ESG's report on PEL 238 (Santos 35%): Strathmore 2 ST1 reached 546m after a stuck bit, intersecting 15.1m of net Black Jack coal, with permeable tests. Yallambee 2 spudded 21 March. Routine coal seam appraisal.
30 Mar 2011drilling progress report● Neutral
Tap reports the Zola-1 ST1 sidetrack (Santos 24.75%) succeeded and is drilling at 4,696m, with logs planned at about 4,750m. Earlier gas sands and the possible upper-end 1-2 tcf estimate are unchanged. This resolves the stuck-pipe setback.
