30 Mar 2011annual report● Neutral
Santos publishes its 2010 Sustainability Report, covering safety, environment and community performance. Reporting document with no new financial or project news in the extract provided.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2011annual report● Neutral
Shareholder Update 2010 summarises results already released: A$500m net profit, A$376m underlying, 15c final dividend. It also states an expected 30c annual dividend for 2011 and that Kipper's scope and schedule are under review.
30 Mar 2011annual report● Neutral
Santos publishes its 2010 Annual Report, covering the already-released results: A$500m net profit, 49.9 mmboe production, GLNG sanctioned January 2011 with first LNG in 2015. No new figures in the extract provided.
23 Mar 2011drilling progress report▼ Bad
Tap reports stuck drill pipe at Zola-1 (Santos 24.75%) could not be fully recovered, so the well is being sidetracked as Zola-1 ST1 from 4,203m. Gas sands found to date are unchanged, so the setback is operational, not a result.
16 Mar 2011drilling progress report▲ Good
Tap reports Zola-1 (Santos 24.75%) at 4,759m with gas sands from 4,197m to 4,671m, over 120m thick, and the structure possibly at the upper end of the 1-2 tcf pre-drill range. Drill pipe is stuck; logs still to come.
9 Mar 2011drilling progress report▲ Good
Tap reports Zola-1 (Santos 24.75%) drilled from 4,374m to 4,593m, with over 100m of gas-bearing sandstone now intersected. This builds on the earlier gas indication; full logs are still needed to confirm the gas pay.
9 Mar 2011drilling result▲ Good
Santos's Cuisinier-3 appraisal well (ATP 752P) reached 2,040m and was cased as a potential producer, with five to six metres of net oil pay in the upper Murta Formation. Cased-hole tests within two months will decide whether it is commercial.
3 Mar 2011investor presentation● Neutral
Santos presentation for Asia and UK investors in March 2011, repeating known facts: 2P reserves 1,445 mmboe, 2010 production 49.9 mmboe, GLNG sanctioned Jan 2011, four 2011 start-ups, and oil-linked exposure rising from 27% to 70% by 2015. No new information.
2 Mar 2011drilling progress report● Neutral
Beach's February drilling report covers Cooper Basin work, including Santos-operated wells: Kidman North-4 (Beach 20.21%) cased as a future gas producer, and the five-well Cook oil campaign completed, all successful. Routine partner update, no new Santos-level result.
2 Mar 2011drilling progress report● Neutral
Tap reports the expected cyclone did not develop and the Zola-1 rig has been re-manned. Next is sidetrack coring of the top Mungaroo gas sand, then drilling on to about 5,000m. Gas pay extent still to be confirmed.
1 Mar 2011drilling progress report● Neutral
ESG's February report on PEL 238 (Santos 35%): Willala 1 reached 642m with 5.9m of net Black Jack coal, and Strathmore 2 was spudded 9 February. Routine coal seam gas appraisal drilling.
23 Feb 2011drilling progress report▲ GoodMajor
Tap reports Zola-1 (Santos 24.75%) reached 4,374m in the Mungaroo, with limited logs supporting a gas column in sandstones at the top of the formation. The well is suspended ahead of a cyclone. Gas thickness is unconfirmed until full logging.
22 Feb 2011drilling spud● Neutral
Santos, operator of ATP 752P, starts the Cuisinier-3 oil appraisal well, 750m from the Cuisinier-1 discovery, planned to 2,028m in the Cooper Basin. It follows the Cuisinier-1 oil find; targets are the Murta Formation sands.
18 Feb 2011material agreement▲ Good
Magellan signs an investment agreement with YEP, which commits about A$85.45m to fund Magellan's purchase of Santos's 40% Evans Shoal interest. Magellan paid the extra A$10m deposit on 14 February. This moves the pending sale toward funding, though closing still awaits approvals.
17 Feb 2011annual report▲ GoodMajor
Santos reports 2010 net profit of A$500m (up 15%) and underlying A$376m (up 46%), on production of 49.9 mmboe, down 8%. Final dividend 15 cents. Kipper first gas is deferred beyond 1H 2012. GLNG stake sales to Total and KOGAS expected to close by end-February.
17 Feb 2011annual report▲ Good
Full-year 2010 accounts: net profit A$500m (up 15.2%), underlying profit A$376m (up 46.3%), revenue A$2,228m. Final dividend is 15 cents, fully franked, with interim 22 cents; record date is 1 March 2011.
17 Feb 2011investor presentation● Neutral
Presentation of the 2010 results already released: A$500m net profit, A$376m underlying, 49.9 mmboe production. It repeats GLNG FID and four 2011 start-ups, and says 70% of 2P reserves will be oil-price exposed by 2015.
16 Feb 2011drilling progress report● Neutral
Tap reports Zola-1 (Santos 24.75%) drilling ahead in 8½-inch hole at 4,160m, heading through the Top Mungaroo target to about 4,480m. The earlier 'early next week' target timing has slipped slightly. No result yet.
9 Feb 2011drilling progress report● Neutral
Tap reports Zola-1 (Santos 24.75%) drilled to 4,106m, with intermediate casing run and cemented. The first Mungaroo target at about 4,300m is expected early next week. No hydrocarbon result yet.
9 Feb 2011resource reserve update▲ Good
Beach estimates Santos's 39 mmboe Cooper Basin 2P increase could mean about 12 mmboe net to it, roughly 18% of its booked 2P. This is Beach's own estimate of Santos's figures, not yet independently assessed. It follows Santos's reserves announcement.
8 Feb 2011resource reserve update▲ GoodMajor
Santos lifts year-end 2010 2P reserves to 1,445 mmboe, a 110% replacement ratio and seventh straight annual rise, after 165 mmboe added. GLNG 2P coal seam gas reserves are 5,009 PJ. Henry and Netherby 2P cut 14 mmboe, confirming the earlier Otway downgrade.
7 Feb 2011joint venture update▲ Good
ESG, operator of PEL 238 (Santos 35%), appoints AMEC to run a feasibility study and FEED for upstream Narrabri gas, and Hitachi/Toyo for FEED on its LNG Newcastle project. ESG says a final investment decision is possible by Q1 2012, first LNG 2015.
3 Feb 2011drilling progress report● Neutral
Tap reports Zola-1 (Santos 24.75%) at 4,020m after a week lost to Cyclone Bianca, with drilling resumed. Intermediate casing is next, then the Mungaroo target. No hydrocarbon result yet.
2 Feb 2011asset acquisition disposition● Neutral
Magellan and Santos extend the Evans Shoal sale of Santos's 40% from 31 January to 31 May 2011, with Magellan adding A$10m toward the original closing payment. Closing still awaits approvals; the deal has slipped again.
2 Feb 2011drilling progress report● Neutral
Beach's January report: Santos-operated Coonatie-15 cased as a future gas producer, Tirrawarra-80 suspended as a gas producer, and Cook-18 suspended as an oil producer. Routine Cooper development drilling.
1 Feb 2011drilling progress report● Neutral
ESG's January report on PEL 238 (Santos 35%): Culgoora 2 reached 1,011m with 13.3m of net coal in the Black Jack Formation, and Willala 1 was spudded 24 January. Routine coal seam gas appraisal drilling.
27 Jan 2011drilling progress report● Neutral
Tap reports Zola-1 (Santos 24.75%) drilled from 3,839m to 4,008m before the crew was evacuated ahead of Cyclone Bianca. No hydrocarbon result yet.
25 Jan 2011other● Neutral
Hillgrove says the deadline lapsed, so it gets no contingent payment from Santos, which had been due if a more than 50% stake in ESG was acquired by 15 January 2011. Santos's ESG bid did not reach that threshold by then. Inference: Santos paid nothing further.
20 Jan 2011resource reserve update▼ BadMajor
AWE reports that Santos, operator of the Otway fields Casino, Netherby and Henry, cut initial 2P reserves from 602.5 PJ to 448.5 PJ (100% basis). AWE, with 25%, says contract gas volumes are not expected to be affected.
20 Jan 2011joint venture update▼ BadMajor
BHP says Esso-operated Kipper (Santos 35%) costs rise to US$900m for BHP's share, with facilities now due in 2012. Mercury found in the reservoir means first production timing depends on resolving it. Earlier Kipper 2011 timing now looks later.