Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2009regulatory community update● Neutral
The ACCC says third-party access to the Lytton Tank 1020 oil storage in Brisbane has been opened, after producer complaints about Santos' arrangements. Santos and the former lessee sold the tank assets to a new consortium including Beach. No financial figures given.
3 Sept 2009drilling progress report● Neutral
Beach's weekly report: Marino-1 was plugged and abandoned after recovering about 3.5 barrels of oil, not commercial. Santos-operated Charo-6 was cased and suspended as a future Birkhead oil producer, while Wackett-16 was plugged and abandoned.
1 Sept 2009drilling progress report▲ Good
ESG's bimonthly update on Narrabri PEL 238 (Santos 35%): Yallambee-1 cut 35.2 m of Bohena coal, the thickest seen in the permit. Shield wells Bibblewindi 27 and 29 were drilled, and Bibblewindi 28H and Tintsfield-1 are underway. Routine update.
27 Aug 2009security holder rights change● NeutralMajor
Santos confirms the A$600m FUELS will be redeemed at A$100 each on 30 September 2009, with a final fully franked dividend of A$1.6191 per FUELS. Trading ends 23 September. This carries out the use of equity-raising proceeds announced in May.
27 Aug 2009admin correction● Neutral
Santos advises its share registry moves to Computershare Investor Services from 31 August 2009. Administrative notice only, no effect on the business.
26 Aug 2009drilling progress report● Neutral
Beach's weekly report covers its own wells (Marino-1 spudded, Basker-7 cased). Santos-operated Cooper wells Charo-6 and Wackett-16 are at total depth, being logged. No Santos result. Routine.
20 Aug 2009half year report▼ Bad
Santos' half-year accounts show revenue of A$1,047.8m (down 25.5%) and net profit of A$101.7m (down 66.5%). An interim dividend of 22c per share is fully franked, payable 30 September 2009. Detail is in the results release.
20 Aug 2009half year report▼ BadMajor
Santos reports first-half net profit of A$102m, down 66%, as the average oil price fell 39% to A$73.28. Production was 26.6 mmboe and cash and deposits A$3.6bn after the equity raising. Interim dividend unchanged at 22c; LNG projects on track.
20 Aug 2009investor presentation● Neutral
Presentation to the half-year result repeats known points: 26.6 mmboe production, A$102m profit, 2009 guidance of 53-56 mmboe, GLNG FID 1H10 and PNG LNG FID in 2009. It adds cost cuts including about 320 positions eliminated and about A$350m trimmed from base capital programs.
19 Aug 2009drilling progress report● Neutral
Beach's weekly report confirms Burnside-1ST1 was plugged and abandoned as planned and the rig is heading to Dampier. Cooper wells Charo-5 and Wackett-14 (Santos-operated) are cased and suspended as future producers. Routine.
19 Aug 2009resource reserve update▲ GoodMajor
ESG says certified 2P reserves at Narrabri (PEL 238, Santos 35%) rose 79% to 602 PJ at 30 June 2009 (from 336 PJ). The venture remains confident of at least 1,300 PJ 2P by end 2009, the target tied to Santos' July purchase.
18 Aug 2009drilling progress report● Neutral
ESG's bimonthly update on Narrabri PEL 238, where Santos holds 35%: Bibblewindi 27 reached 1,185 m and Bibblewindi 29 was spudded. Yallambee-1 has cut about 25 m of Maules Creek/Bohena coal. Routine drilling update.
18 Aug 2009asset acquisition disposition▲ GoodMajor
Santos sells 60% of the Petrel, Tern and Frigate gas fields to GDF SUEZ for US$200m, plus US$170m on a final investment decision and a full carry of pre-FEED and FEED costs, for a floating LNG project. Santos keeps 40% and books about A$160m after-tax profit in 2H09.
13 Aug 2009drilling result▲ GoodMajor
Santos announces a gas discovery at Burnside-1ST1 in the Browse Basin, with a 65 m gross gas column in the Brewster Sandstone. This resolves the well pending since June. Santos holds 47.83%; commercial significance and an appraisal plan are still to come.
12 Aug 2009drilling result● Neutral
Beach reports Burnside-1ST1 found low-permeability sandstone in the Brewster Sandstone, interpreted as gas-saturated, and is being plugged and abandoned as planned. Santos holds 47.83%. Implications are still being assessed by the joint venture.
5 Aug 2009drilling progress report● Neutral
Beach's weekly report: Santos-operated Charo-4 in the Cooper Basin was plugged and abandoned, and Beach's Murninnie-1 was also abandoned. Burnside-1ST1 reached total depth of 4,182 m and is being evaluated, no result yet. Routine.
31 July 2009joint venture update▲ Good
ESG, with Santos as 35% partner in PEL 238 Narrabri, says the first new 3 MW gas generator at Wilga Park Power Station is operating on pilot coal seam gas. Up to 12 generators are being considered, toward an approved 40 MW.
29 July 2009drilling progress report● Neutral
Beach's Murninnie-1 is drilling (not Santos). Santos-operated Burnside-1ST1 is drilling ahead at 3,849 m with no result yet. Santos-operated Charo-4 and Wackett-15 Cooper wells are in progress. Routine.
27 July 2009contract award▲ Good
Santos secured a four-year extension of its gas supply contract with Newmont in Western Australia, worth about A$100m from late 2009. Gas comes from Santos' 45% share of John Brookes. Modest contract against Santos' wider revenue.
22 July 2009drilling progress report● Neutral
Beach's Willunga-1 was dry and abandoned (not Santos). Santos-operated Burnside-1ST1 is at 3,823 m, preparing to run casing. Psyche-6 Cooper well cased as a future gas producer.
21 July 2009joint venture update▼ Bad
Nexus says Longtom offshore work is delayed further, with completion now 28 September to 15 October 2009, costs up about 5%, and first gas now expected in Q4 2009. Santos holds an option over up to 35%; Longtom gas is timed with Santos' Orbost gas plant upgrades.
15 July 2009drilling progress report● Neutral
Beach's Willunga-1 is drilling (not Santos). Santos-operated Burnside-1ST1 is drilling ahead at 2,780 m after the sidetrack. Santos Cowralli-11 being cased as a gas producer. Routine.
15 July 2009drilling progress report● Neutral
ESG's bimonthly report on Narrabri PEL 238 wells, where Santos is now 35% partner after the July deal. Bibblewindi 20 found 19.8 m of Bohena coal; Coonarah 9 confirmed favourable Hoskissons seam. Routine drilling update.
15 July 2009asset acquisition disposition● Neutral
Hillgrove says it completed selling its ESG stake to Santos for about A$172m, A$1.00 per share. Completes Santos' 19.99% ESG purchase announced 2 July; the potential top-up payment within 18 months of a takeover above A$1.00 remains.
14 July 2009drilling spud● Neutral
Comet Ridge reports Santos-operated Scrubber Gully 1 coal seam gas core well spudded in the Mahalo block (ATP 337), targeting 445 m over about 11 days. Data will firm up contingent resource estimates. Comet Ridge holds 40%.
8 July 2009drilling progress report▼ Bad
Beach's Cheetima-1 was dry and abandoned (not Santos). Santos-operated Burnside-1 in the Browse Basin was sidetracked as Burnside-1ST1 because of mechanical issues, and is drilling at 2,320 m. Cooper gas wells continue.
6 July 2009joint venture update▼ Bad
Nexus says Longtom gas project construction was interrupted by a vessel contract dispute; work should restart in about three weeks and gas is still expected in Q3 2009. Longtom ties into Santos' Patricia Baleen pipeline, where Santos holds an option over up to 35%.
2 July 2009asset acquisition disposition● Neutral
Eastern Star Gas welcomes Santos as 35% partner in the Narrabri project (PEL 238) and a 19.99% shareholder. ESG keeps 65% and operatorship, and says it is on track for 1,300 PJ of 2P reserves by end 2009. Counterparty view of the Santos deal.
2 July 2009asset acquisition disposition● Neutral
Hillgrove confirms selling its 19.99% of Eastern Star Gas to Santos for about A$172m cash, settling by 20 July. Santos owes a top-up if a holder gets over 50% of ESG above A$1.00 a share within 18 months. Repeats the Santos deal terms.
2 July 2009asset acquisition disposition▲ GoodMajor
Santos agreed to pay A$476m to expand its Gunnedah Basin coal seam gas position: A$300m for Gastar's 35% of Eastern Star Gas-operated permits and A$176m for 19.99% of ESG at A$1.00 a share. Combined acreage is about 63,000 sq km, building on Santos' own Gunnedah program.
