Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2009drilling progress report● Neutral
Beach's weekly report: its Cheetima-1 oil well spudded (Beach 75%, not Santos). Santos-operated Burnside-1 in the Browse Basin reached 2,448 m and was pulling out to investigate intermediate casing issues. Mostly routine for Santos.
30 June 2009listing compliance notice● Neutral
Santos will voluntarily delist its ADRs from NASDAQ, effective about 31 July 2009, ahead of an exemption expiring 1 August. The company says ADR volume was under 1% of trading. ADRs will trade over the counter; ASX shares are unaffected.
24 June 2009drilling progress report● Neutral
Beach's Butlers-1 found a 4.5 m oil column (Beach 75%, not Santos). Santos-operated Burnside-1 in the Browse Basin is drilling at 1,741 m toward 4,200 m. Cooper gas wells Cowralli-13 cased; Theta-2 running casing.
22 June 2009material agreement▲ GoodMajor
PNG LNG partners aligned commercial terms with three Asian buyers for about 4.3 mtpa. A fourth buyer awaits government approval for the remaining 2 mtpa. FID is now targeted for Q4 2009. Santos expects about 13.7% after the PNG government back-in.
18 June 2009material agreement▲ GoodMajor
GLNG signed a binding heads of agreement to sell 2 mtpa of LNG to PETRONAS for 20 years from 2014, with an option for 1 mtpa more. It underpins the first train and is conditional on FID, still expected in 1H 2010.
17 June 2009drilling progress report● Neutral
Beach reports Burnside-1 spudded 15 June in the Browse Basin, with Santos operating at 47.83% and a planned depth of 4,200 m. Perlubie South-1 found a 3 m oil column (Beach 75%, not Santos). Cooper gas wells continue. Mostly routine.
16 June 2009admin correction● Neutral
Santos issued 10,641 shares as a reconciliation adjustment to the allocation under the May equity offering. Compliance notice under the Corporations Act; no new commercial information.
16 June 2009capital raising announcement▲ GoodMajor
Santos completed the retail part of its equity raising, taking the total to about A$3bn at A$12.50. Valid applications were about A$1.1bn; about 72m shares go to retail holders and about 25m to sub-underwriters. Trading begins 17 June.
10 June 2009drilling progress report● Neutral
Beach's weekly report shows Perlubie South-1 spudded 8 June, the second well of its six-well PEL 92 oil program (not Santos). Santos-operated Cowralli-13 and Tindilpie-9 gas wells continue drilling. Routine.
4 June 2009other▲ Good
Santos says GLNG talks with an Asian customer are advanced, and more PNG LNG heads of agreement are expected. ExxonMobil awarded the early civil works contract for PNG LNG, and the Kakap 9% sale has closed. PRL 5 sale gain or loss unlikely to be material.
3 June 2009drilling progress report▼ Bad
Beach's Tumby-1 (not Santos) found no hydrocarbons and is being plugged and abandoned. Perlubie South-1 is next. Santos-operated Cooper gas wells Cowralli-13 and Tindilpie-9 are drilling ahead. Routine.
3 June 2009asset acquisition disposition● NeutralMajor
Santos agreed to sell its 50.353% operated stake in PNG's PRL 5 (non-producing, not part of PNG LNG) for US$20m. It is part of a non-core asset sales program; guidance and reserves are unchanged and the gain or loss is unlikely to be material.
29 May 2009joint venture update● Neutral
Carbon Minerals reports on Santos-operated Gunnedah Basin seam gas wells. Slacksmith-1 reached 1,410 m with over 90 m of coal. Lake Goran-1 stopped at 945.7 m after heavy igneous intrusions. Tambar Springs East is next. Mixed early results; no reserves booked.
27 May 2009drilling progress report● Neutral
Beach's Tumby-1 spudded 26 May as the first of six oil wells in PEL 92 (not Santos). Santos-operated Cowralli-10 is cased and suspended as a future gas producer; Tindilpie-8 at 3,161 m is being cased and suspended. Routine.
20 May 2009drilling progress report● Neutral
Beach's weekly report shows Cowralli-10 at 3,237 m TD preparing to log, and Tindilpie-8 at 3,071 m about to core, both Santos-operated Cooper gas wells. Beach's Tumby-1 oil well is now expected to spud on 26 May. Routine.
15 May 2009capital raising announcement● Neutral
Santos told shareholders outside Australia and New Zealand, and US persons, that they cannot join the retail entitlement offer at A$12.50. Entitlements are non-renounceable, so they receive no payment or value. Administrative notice.
15 May 2009capital raising announcement● Neutral
Santos released the retail offer booklet for the 2-for-5 entitlement offer at A$12.50, closing 5 June. Funds go to PNG LNG, the A$600m FUELS redemption and BBB+ rating; new shares get the interim dividend, expected at 22c. Entitlements cannot be traded.
13 May 2009capital raising announcement▲ GoodMajor
The institutional part of the equity raising was completed, heavily oversubscribed, raising about A$1.75bn at A$12.50. The retail offer, now underwritten, adds about A$1.25bn, for roughly A$3.0bn total. Retail offer closes 5 June; new shares are issued 16 June.
13 May 2009drilling progress report● Neutral
Beach's weekly report shows Cowralli-10 and Tindilpie-8 drilling in the Cooper Basin, both Santos-operated gas development wells. It also notes Beach's Tumby-1 oil well is due to spud around 25 May. Routine update.
11 May 2009investor presentation● Neutral
Management presentation supporting the 11 May equity raising, with disclaimers and the offer's rationale. Visible text is only the legal disclaimer; no new figures beyond the announced A$12.50 offer.
11 May 2009capital raising announcement● NeutralMajor
Santos launched a 2-for-5 entitlement offer at A$12.50 a share, raising at least A$1.65bn from institutions and up to A$1.35bn more from retail holders. A$1.05bn funds PNG LNG, A$600m redeems FUELS. 2009 guidance and the 42c dividend intent are maintained.
8 May 2009investor presentation● Neutral
CEO David Knox's Macquarie conference presentation restates the strategy of base business, LNG growth (GLNG, PNG, Darwin) and Asia. It repeats 2008 results, 2P reserves above 1 billion boe and 2.85 billion boe contingent resources. Nothing new visible.
6 May 2009joint venture update● Neutral
Drillsearch completed buying CPC Energy's interest in Tintaburra (ATP 299P), lifting its stake from 10% to 11% for 60 million shares. Santos QNT and Vamgas keep 89%, so Santos' interest is unchanged. Minor.
6 May 2009security holder rights change● Neutral
Santos lodged its consolidated constitution as approved at the AGM, including the new rule 70 on proportional takeovers. Administrative; the document text shown contains no new commercial information.
6 May 2009drilling progress report● Neutral
Beach's weekly report shows Cowralli-12 cased and suspended at 3,239 m as a future gas producer. Tindilpie-10 reached 3,214 m and is being cased and suspended as a gas producer. Routine Cooper Basin update.
29 Apr 2009drilling progress report● Neutral
Beach's weekly report shows Cowralli-12 at 3,239 m, pulling out to run logs, and Tindilpie-10 at 2,320 m drilling ahead in the Cooper Basin. Santos operates both. Routine update.
22 Apr 2009drilling progress report● Neutral
Beach's weekly report shows Nephrite-2 cased and suspended as a future Patchawarra gas producer at 3,258 m. Cowralli-12 is at 2,106 m and Tindilpie-10 has spudded in the Cooper Basin. Routine update.
15 Apr 2009drilling progress report● Neutral
Beach's weekly report confirms South July-1 ST1 in Egypt was plugged and abandoned, rig released 13 April. Cooper Basin gas development wells continue, with Nephrite-2 at 3,258 m and Cowralli-12 spudded. Routine update.
8 Apr 2009drilling result● Neutral
The South July-1 ST1 sidetrack in Egypt's Gulf of Suez reached 3,473 m with no hydrocarbon shows. Logs showed the Yusr reservoir was water saturated, so the well was being plugged and abandoned; Beach held 33.33% and Dana 66.67%.
6 Apr 2009asset acquisition disposition● Neutral
Mosaic Oil agreed to buy Santos' remaining interests in the Churchie field and nearby Surat-Bowen licences for A$7.0m, effective 1 January 2009. Santos may get a A$1.5m contingency payment if Churchie output reaches 8 PJ. A small non-core sale.
