Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2016farm in farm out agreement● Neutral
Oil Search's announcement of the same PPL 402 deal: it and ExxonMobil sell 20% to Santos subsidiary Barracuda. Oil Search keeps 37.5% as operator and ExxonMobil keeps 42.5%. Conditions include regulatory approvals.
17 Nov 2016farm in farm out agreement▲ GoodMajor
Santos farms into PNG's PPL 402 for a 20% interest, bought from Oil Search and ExxonMobil, with terms confidential. It joins the Muruk-1 well, targeting about 2 tcf of mean gas at roughly 3,450m. Completion needs regulatory approvals.
2 Nov 2016drilling result● Neutral
Beach's October report: Big Lake-137 was cased as a gas producer, slightly below estimates, and Big Lake-138 is still drilling. Dunadoo East-1 in the Santos-operated Queensland JV was plugged and abandoned for lack of commercial pay. Beach's Kangaroo-1 and September-1 found oil.
5 Oct 2016drilling result● Neutral
Beach's September report: Big Lake-135 was cased as a gas producer with a low-side outcome, and Big Lake-136 was cased afterwards, in the Santos-operated JV. Beach's own Stunsail-3 was cased and Kangaroo-1 spudded.
7 Sept 2016drilling result● Neutral
Beach's August report: Hanson-4 and Callawonga-12 were cased as future oil producers (Beach operated, not Santos). In the Santos-operated Cooper JV, Big Lake-134 was cased as a Permian gas producer with 143m net gas pay, in line with estimates.
3 Aug 2016drilling result● Neutral
Beach's July report: Tirrawarra-90 was cased as a producer, but the final Tirrawarra-89 is deferred by wet weather to Q2 FY17. Coolah-4 found gas slightly below estimates, completing a campaign where all three wells were cased. Big Lake-134 started.
8 July 2016drilling result▲ GoodMajor
AAL-4XST1 is finished and plugged. The G Sand flowed 828 bopd; a K Sand test started at 1,120 bopd but a sand screen failed before it stabilised. The joint venture says data is sufficient, and will use it for G Sand development planning. Within budget.
6 July 2016drilling result▲ Good
Beach's June report: Tirrawarra-92 and -91 were cased as producers after gas and oil pay. Dunadoo-1 and Coolah-3 in Queensland found Toolachee gas in line with pre-drill estimates. Tirrawarra-90 and Coolah-4 have spudded since month-end.
15 June 2016drilling progress report▼ Bad
A mechanical obstruction in AAL-4X means the planned flow tests cannot be done in the current hole, so a sidetrack will be drilled. Oil-bearing sands were found in both targets and ~63m of core recovered. AWE says the well is still expected to be within budget.
1 June 2016drilling result▲ Good
Beach's May report: Tirrawarra-93 was cased as a future producer after gas and oil pay, and Tirrawarra-92 was spudded. In Queensland, Durham Downs North-6 found gas (30m net) and the three-well campaign is complete. Dunadoo-1 spudded.
30 May 2016drilling progress report▲ Good
AAL-4X in the Northwest Natuna PSC (Santos 50% op, AWE 50%) reached 1,246m total depth. It hit the G Sand on prognosis at 1,176m and the K Sand at 1,131m, with oil shows in both. Flow tests are planned after logging.
16 May 2016drilling spud● Neutral
Santos-operated AAL-4X appraisal well spudded 14 May in the Northwest Natuna PSC, Indonesia (Santos 50%, AWE 50%). It targets the G Sand, estimated at 36 million barrels gross recoverable, to a planned 1,232m depth over about 48 days.
4 May 2016drilling result● Neutral
Beach's April report: the four-well ex-PEL 513 campaign (Santos 60%) is complete, with final well Lyra-1 finding gas. In Queensland, Durham Downs-9 was abandoned but Durham Downs North-5 had a high-side gas outcome. A five-well Tirrawarra-Gooranie campaign began.
6 Apr 2016drilling result● Neutral
Beach's March report: Santos-operated Berylium-1 (Santos 60%) found gas, a low-side result, and was cased as a future producer. Sphalerite-1, the third near-field well, found no gas and was abandoned. Washington-1 further testing is now planned for H1 FY17.
2 Mar 2016drilling progress report● Neutral
Beach's February report: the Santos-operated Moomba-212 appraisal well found gas as expected and was cased as a future producer. Varanus South-2 (Santos 60%, Beach 40% after the 1 March Beach-Drillsearch merger) found about five metres of pay; Berylium-1 is drilling.
19 Feb 2016resource reserve update▼ BadMajor
Year-end 2P reserves fell 24% to 945 mmboe and 1P 22% to 485 mmboe, from 1,245 and 622 mmboe a year earlier. Gunnedah reserves (133 mmboe) were reclassified as contingent resources; 2C resources rose 8% to 1,853 mmboe.
3 Feb 2016drilling progress report● Neutral
Beach's January report: Santos-operated Moomba North six-well campaign completed, all wells cased as future gas producers. Bauer-25 (Beach 40% operator) found a two-metre net oil column; Middleton East-1 found 9.3 metres of net gas pay. Santos not an owner in the latter two.
6 Jan 2016drilling progress report▲ Good
Beach's December report: Santos-operated Moomba South three-well gas campaign finished (Moomba-209, -210, -211) using under-balanced drilling. Correa-3 and Whanto West-1 were cased as future producers; Whanto West-1 is the fifth Windorah discovery from five wells, completing that program.
3 Dec 2015drilling result▲ Good
Drillsearch reports Washington-1 (PEL 570, Santos 35% operator) flowed gas to surface within seven days and later produced liquids during a 38-day test. The well is shut in while completion options are considered. Willow-1 is expected to spud in December.
2 Dec 2015drilling progress report▲ Good
Beach's November report: Santos-operated Gooranie-7 finished the six-well Tirrawarra-Gooranie gas campaign, and Moomba-204 and -205 were cased as gas producers. Whanto East-1 is the fourth Windorah gas discovery, with Whanto West-1, the fifth well, drilling.
26 Nov 2015resource reserve update▲ GoodMajor
Cooper Energy raised its net 2C contingent resource in the Sole field (VIC/RL3, Santos 50% operator) by 15 PJ to 121 PJ, after reinterpreting core analysis. Front-end engineering is on schedule, with a final investment decision targeted for the September quarter 2016.
6 Nov 2015drilling result● Neutral
Drillsearch reports Maroochydore-1 was plugged and abandoned at 2,874 m, with the Hutton Sandstone water saturated. Beach drilled it under its farm-in. Washington-1 was fracture stimulated across five stages and gas reached surface, with a 28-day test under way.
4 Nov 2015drilling progress report● Neutral
Beach's October report: Santos-operated Tirrawarra-87 beat pre-drill estimates, Cougar East-1 is a third Windorah gas discovery, and new Moomba campaigns started. Maroochydore-1 was dry (water-saturated Hutton). Windorah pipelines were completed.
8 Oct 2015drilling result▲ Good
Drillsearch reports Washington-1 (PEL 570, Santos 35% operator) reached 3,660 m with 103.4 m net of gassy Permian source rock. It is cased for fracture stimulation this quarter. Maroochydore-1 spudded 5 October; Drillsearch is free carried.
7 Oct 2015drilling progress report▲ Good
Beach's September report: Santos-operated Tirrawarra-86 cased as a gas producer, Jena-23 found about 2 m net oil pay, Calamia East-1 found 1.7 m and 5.5 m net oil pay, and Whanto South West-1 is a new gas discovery. Campaigns continue.
3 Sept 2015drilling spud● Neutral
Drillsearch reports Washington-1 spudded 24 August in PEL 570, where Santos is operator with 35%. It tests Permian source rocks to a proposed 3,686 m and was at 1,376 m. Part of the Cooper unconventional work.
2 Sept 2015drilling progress report● Neutral
Beach's August report: Santos-operated Cooper wells Tirrawarra-88, Hobbes-3 (6.0 m net oil pay), Beanbush-2 (high-side gas), Bolah-2 and Whanto-4 were cased as future producers. Senex's Fulcrum-1 was dry. Continuing campaigns.
5 Aug 2015drilling progress report● Neutral
Beach's July report: in Santos-operated Cooper work, Tirrawarra-85, Whanto-3 and Mt Howitt-3 DW1 were cased as future producers, and the JV dropped the final Mt Howitt-4 well after a low-side result. Cocinero-3 found 7.4 m net Hutton oil pay and was cased.
1 July 2015drilling progress report● Neutral
Beach's June report on Santos-operated Cooper work: Swan Lake-14 and -15 and Tirrawarra-84 cased as future gas producers, though Swan Lake-14 showed low-side gas pay. Whanto-3 reached depth and Mt Howitt-3 was side-tracked. Continues existing campaigns; no major news.
11 June 2015drilling result▲ Good
Moonanga South-1 in PEL 513 (Santos 60% op, Drillsearch 40%) found about 4.3 m net Patchawarra pay and was cased as a future producer. It completes the campaign with seven discoveries from eight wells; Aquamarine-1 was the sub-commercial one.
