Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2010investor presentation● Neutral
David Knox's address to the Australian Institute of Energy promotes gas as Australia's 'AAA' advantage and the Cooper Basin's remaining potential. Advocacy and background with no new project figures in the text provided (truncated).
10 June 2010asset acquisition disposition▲ Good
Magellan says Australia's FIRB has no objection to its purchase of Santos's 40% of Evans Shoal (NT/P48), which was announced in March. Closing, still subject to other approvals, is targeted for late 2010.
9 June 2010joint venture update▲ Good
Carbon Minerals says Santos exercised its option, effective 8 June, to carry out the pilot farm-in work in PELs 1 and 12, earning a further 40% by spending at least A$30m within 24 months. Follows the dispute settlement of 4 June; Santos holds 25% now.
9 June 2010production update▲ Good
Bow Energy (20% of ATP 752P) says Cuisinier-1, operated by Santos, began oil production at the end of May at about 340 bbl/d, as part of a long-term production test. Repeats the Vicpet announcement of the same well.
9 June 2010drilling progress report● Neutral
Beach's weekly report: Genoa North-2 (Santos operator, Beach 30%) spudded 3 June and is drilling at 1,811 m. Follows the Genoa-3 oil development well. The rest of the report covers a Beach US well.
8 June 2010joint venture update● Neutral
Carbon Minerals says the independent geologist issued his findings on 4 June, and Santos and ACM are now bound to his recommended phase 2 pilot program in PELs 1 and 12. Resolves the dispute flagged on 14 May.
8 June 2010production update▲ Good
Victoria Petroleum says the Cuisinier-1 oil discovery in ATP 752P (Cooper Basin, Qld), farmed in with Santos, is producing about 340 bbl/d, trucked to Jackson. Santos is the operator per Bow's release; Vicpet holds 20.37%. Santos's own stake is not stated in this text.
3 June 2010investor presentation● Neutral
David Knox's UBS conference presentation restates the growth strategy: GLNG final investment decision in 2010 with first LNG in 2014, PNG LNG first LNG mid-2014, Chim Sao first oil 2H11. No new figures; includes the Queensland EIS approval already announced.
2 June 2010regulatory community update● Neutral
Apollo Gas notes a NSW Government-funded 220 km seismic survey crossing part of PEL 456, where Santos is its farm-in partner. Results are expected by December 2010. Public research data, not a Santos result.
2 June 2010drilling progress report● Neutral
Beach's weekly report: Genoa-3 is cased and suspended as a future oil producer, and the Ensign 18 rig is moving to the Genoa North-2 oil appraisal well, about 3 km north (Santos operator, Beach 30%).
1 June 2010drilling result▲ Good
ESG reports Edgeroi 2 (1,056 m) found 18.1 m in the Maules Creek Formation and Blue Hills 2 (1,073 m) found 13.5 m, in PEL 238 (Santos 35%). Both rigs are released and waiting on roads to dry.
31 May 2010drilling spud● Neutral
Apollo Gas says Phase 2 drilling in PEL 456 has begun, with Santos operating and holding 15% from Phase 1. Cuan-1 spudded 20 May (target 1,350 m) and Brawboy-2 starts 29 May (about 1,000 m). Follows Santos electing Phase 2.
28 May 2010regulatory community update▲ GoodMajor
GLNG won Queensland environmental approval, the first for a coal seam gas to LNG project in Australia, covering 2,650 wells, a 435-km pipeline and up to three trains. Federal approval is still needed before a final investment decision this year; partners flag concern over the proposed resources tax.
26 May 2010drilling result▲ Good
Genoa-3 (Santos 70%, Beach 30%, PL 68) reached 1,786 m and is being cased and suspended as a future Hutton Sandstone oil producer. A modest development well result.
24 May 2010drilling spud● Neutral
Tap says operator Apache has started the Bath-1 exploration well in TL/2 (offshore Carnarvon Basin) on a sole-risk basis after partners declined. Santos holds 15% via Santos (BOL) per the participant list, so it is not participating; partners can back in on a discovery with a penalty.
24 May 2010drilling spud● Neutral
Pan Pacific Petroleum confirms Apache has begun drilling Bath-1 in TL/2 on a sole-risk basis, with partners including Santos (15%) not participating. Repeats the Tap announcement.
19 May 2010investor presentation● Neutral
David Knox's APPEA speech argues natural gas is Australia's 'AAA' advantage (abundant, affordable, available). He says coal seam gas LNG needs certainty on the tax regime before major projects proceed. Advocacy, with no new project figures in the text provided.
19 May 2010drilling spud▲ Good
Santos-operated Genoa-3 oil development well (Santos 70%, Beach 30%) spudded 18 May in the Cooper Basin. Beach says it marks the return of drilling after the floods, with all three Santos rigs expected back by end June.
14 May 2010joint venture update▼ Bad
Carbon Minerals reports it and Santos (25% and operator, PELs 1 and 12, Gunnedah Basin) could not formalise the phase 2 pilot work program agreed in principle, so an independent consulting geologist will decide. A minor dispute in a small Santos farm-in.
14 May 2010contract award▲ GoodMajor
Santos named Fluor Australia preferred EPC contractor for GLNG's upstream facilities and extended Fluor's design contract with about A$50m of early works. A full EPC contract is expected only after a final investment decision; first LNG remains 2014.
12 May 2010production update▼ Bad
Nexus says Longtom-3 samples also contain mercury, so the field stays shut in until mercury removal equipment is installed at Santos' Patricia Baleen plant. Santos cannot yet give cost or timing, extending the earlier outage with no restart date.
3 May 2010drilling progress report● Neutral
ESG's report on PEL 238 (Santos 35%): Edgeroi 2 reached 994.3 m with 3 m of coal in the Hoskissons seam and 1 m in Maules Creek, and Blue Hills 2 spudded 17 April, now at 664.3 m. Reports go monthly while production drilling is paused.
27 Apr 2010production update▼ Bad
Nexus says Santos notified it of off-specification gas from the Longtom field, with low mercury levels, and Longtom production has stopped. Nexus estimates about A$2m and at least two months to install a mercury guard bed if tests are unfavourable. Santos' Patricia Baleen plant processes the gas.
22 Apr 2010quarterly activities report▼ BadMajor
March quarter production was 12.4 mmboe (down 6% on a year earlier), hit by Cooper Basin floods. 2010 production guidance was cut 2 mmboe to 49-52 mmboe and capex guidance lowered from A$2,800m to A$2,600m. Confirms the flood disruption flagged earlier.
15 Apr 2010drilling progress report● Neutral
ESG's bimonthly report: Tintsfield 4H (PEL 238, Santos 35%) reached 1,713 m and is suspended, completing the three-lateral pilot. Bohena 14 intersected 12.1 m net coal, and Edgeroi 2 is preparing a drill stem test. Routine progress.
13 Apr 2010material agreement▲ Good
Santos signed a gas sale agreement with Wesfarmers for up to 60 PJ over more than five years, from 2H 2010. Supply comes solely from Santos' 45% share of John Brookes (WA, Apache operator 55%).
8 Apr 2010production update▼ Bad
Victoria Petroleum says Cooper Basin flooding keeps its Growler, Snatcher and Mirage oil fields shut in, with roads to Moomba not expected to reopen until June/July and September 2010. Not Santos' own asset, but it shows how long the floods are disrupting the Cooper.
1 Apr 2010drilling progress report● Neutral
ESG's bimonthly report: Tintsfield 2H (PEL 238, Santos 35%) reached 1,712 m and is suspended pending completion; Tintsfield 4H spudded 23 March. Milguy 1 lost drill rods at 933 m and was abandoned. Routine pilot progress.
30 Mar 2010annual report● Neutral
Santos' 2009 Sustainability Report covering safety, environment, community and economic performance. Administrative reporting with no new financial or project news in the text provided.
30 Mar 2010annual report● Neutral
Santos' 2009 Annual Report, restating known results: sales revenue A$2,181m, net profit A$434m, production 54.4 mmboe. Describes strategy around GLNG, PNG LNG, Bonaparte and Darwin LNG. No new information beyond the February results.
