16 Feb 2010director officer appointment● Neutral
Formal ASX notice that Jane Hemstritch was appointed a Santos director effective 16 February 2010. Administrative notice of the board appointment announced separately.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Feb 2010drilling progress report● Neutral
Beach's weekly report: NS377-5 in Egypt (Beach 20%) hit the top of the Kareem oil column 110 m above the oil-water contact and is drilling ahead at 2,849 m. Cooper well Coonatie-16 is waiting on weather.
8 Feb 2010resource reserve update▲ GoodMajor
Santos's 2P reserves rose 42% (427 mmboe) to a record 1.44 billion boe at end-2009, a 885% replacement ratio. CSG 2P reserves rose 60% to 3,748 PJ, including first Gunnedah bookings of 724 PJ. GLNG 2P reserves are 4,003 PJ.
4 Feb 2010investor presentation● Neutral
Presentation by David Knox to the Melbourne Mining Club on gas's role in powering Asia. It repeats Santos's LNG-led strategy and the Asian demand outlook; the visible text shows no new company figures.
3 Feb 2010drilling progress report● Neutral
Beach's weekly report: NS 377-5 in Egypt is at 2,209 m. Santos-operated Coonatie-17 reached 3,104 m to be cased as a Permian gas producer, and Chi-1 was plugged and abandoned.
2 Feb 2010drilling progress report● Neutral
ESG's bimonthly report: Rosevale 1A (PEL 238, Santos 35%) reached 694 m after intersecting 6.2 m of Hoskissons coal and is preparing a test. Tintsfield 5 spudded 30 January. Routine pilot progress.
1 Feb 2010resource reserve update▲ GoodMajor
ESG's independently certified 2P gas reserves at Narrabri (PEL 238, Santos 35%) rose 152% to 1,520 PJ, beating the 1,300 PJ target. 3P rose to 2,797 PJ. Builds on the Gunnedah CSG position Santos is buying into.
1 Feb 2010farm in farm out agreement▲ Good
Apollo Gas says Santos has elected to proceed to Phase 2 of the PEL 456 farm-in, to earn a further 35% of the CSG rights. Work will test the Brawboy area for a pilot well site. Follows Phase 1's 15%.
27 Jan 2010drilling progress report● Neutral
Beach's weekly report: NS 377-5 in Egypt (Beach 20%) is drilling ahead at 2,011 m. Santos-operated Cooper wells Coonatie-17 and Chi-1 are drilling or preparing a test. No new results.
21 Jan 2010quarterly activities report● Neutral
Santos's 2009 production was 54.4 mmboe, within the 53-56 guidance, on revenue of A$2,181m (down 21%). December quarter was 13.9 mmboe, revenue A$600m. 2010 guidance is 51-54 mmboe and capex A$2,800m, including A$1bn for GLNG.
20 Jan 2010drilling progress report● Neutral
Beach's weekly report: Cooper Basin well Narcoonowie-10 was cased and suspended, with a new-pool oil discovery noted in the mid-Namur Sandstone. Other Santos-operated wells are drilling. NS 377-5 in Egypt is at 920 m.
15 Jan 2010drilling progress report● Neutral
ESG says wet weather suspended Narrabri drilling (PEL 238, Santos 35%). Dewhurst 16H reached 2,106 m and is suspended pending completion; Gwydir 1 hit 4 m of coal and was plugged and abandoned. Routine, with delays.
13 Jan 2010drilling progress report● Neutral
Beach's weekly report: NS 377-5 in Egypt (Beach 20%) spudded 12 January and the Teen NS 377-4 exploration well was plugged and abandoned. Santos-operated Cooper development wells are drilling ahead.
11 Jan 2010joint venture update● Neutral
GLNG says it is in talks with several Asian LNG buyers, including possible equity stakes in GLNG bought from Santos. The option for an extra 1 mtpa to PETRONAS is extended to the first-train FID, now due mid-2010 (earlier guidance said 1H 2010).
6 Jan 2010drilling progress report● Neutral
Beach's weekly report: the NS 377-5 Egypt oil development well (Beach 20%) is rigging up. Santos-operated Cooper wells Mettika-6, Tickalara-22 and others are being cased and suspended. No new significant result.
4 Jan 2010director officer appointment● Neutral
Formal ASX notice that Stephen Gerlach retired as a Santos director on 31 December 2009, as previously flagged when he stepped down as chair on 9 December. Administrative.
24 Dec 2009asset acquisition disposition▲ Good
Magellan's filing says it sold its 41% of the Nockatunga oil fields to Santos QNT for A$6.3m, completed 22 December. Santos already held the other 59%, so it now owns the fields outright. Small deal.
23 Dec 2009drilling progress report▲ Good
Beach's weekly report: Cooper Basin oil wells Narcoonowie-8 and Tickalara-21 were cased and suspended as oil producers, with Narcoonowie-8 flowing 50.4 barrels of oil in a 4-hour test. Santos-operated development wells; modest, routine results.
22 Dec 2009farm in farm out completion● Neutral
Apollo Gas says Santos finished Phase 1 of its PEL 456 farm-in and earned 15% of the CSG rights, after drilling three coreholes totalling 3,326 m. Brawboy-1 was encouraging, while Rouchel Rouchel-2 and Oakdale-1 had high CO2. Santos has until 22 January 2010 to elect Phase 2 for a further 35%.
22 Dec 2009material agreement▲ Good
PNG LNG participants signed a binding 20-year sale agreement with Osaka Gas for about 1.5 mtpa of LNG. Santos holds 13.5%. Together with the Sinopec and TEPCO deals, it adds to the contracted sales ahead of financial close.
22 Dec 2009flow test result▲ Good
ESG says gas from the Bibblewindi West tri-lateral pilot in Narrabri PEL 238 (Santos 35%) is now above 2 million cubic feet a day, one month after dewatering began. Early-stage result that supports the reserve upgrade target for the project.
21 Dec 2009contract award▲ Good
Clough says funding has been released for the Clough Curtain JV to carry out the full scope of its PNG LNG upstream infrastructure contract, about A$650m in total, awarded 1 May 2009. Santos holds 13.5% of the project. Follows the FID.
16 Dec 2009drilling progress report● Neutral
Beach's weekly report: the Paralana-2 geothermal well was cased to 3,725 m and the rig released, with evaluation to continue in 2010. Santos-operated Cooper wells are drilling. No Santos results of note.
16 Dec 2009drilling progress report● Neutral
ESG's bimonthly report on Narrabri PEL 238 (Santos 35%): Dewhurst 17H reached 2,048 m and connected to Dewhurst 14, and 16H is drilling at 1,277 m. Rosevale 1A and Gwydir 1 continue. Routine pilot progress.
10 Dec 2009investor presentation● Neutral
Santos re-released its 9 December investor presentation, adding slide 98 on guidance, which was accidentally left out. The rest of the presentation is unchanged. The text provided does not show the guidance figures.
9 Dec 2009director officer appointment● NeutralMajor
Formal ASX notice that Stephen Gerlach has stepped down as chair, effective 9 December, with Peter Coates taking over. This is earlier than the 31 December date previously flagged for the handover.
9 Dec 2009director officer appointment● Neutral
Gerlach steps down as chairman after eight years in the role and 20 as a director, and Peter Coates becomes chairman immediately. Gerlach stays on the board until 31 December. Follows the transition announced on 31 March 2009.
9 Dec 2009investor presentation● Neutral
Santos's 2009 investor seminar, titled 'Delivering Transformational Growth', sets out its LNG-led strategy and Asian gas demand outlook. The text provided is truncated and shows mainly market background, with no new figures visible.
9 Dec 2009contract award▲ Good
Clough says the PNG LNG operator approved a contract worth over US$1bn for the CBI Clough JV to build the gas conditioning plant, pending final authorisations. Santos is a 13.5% participant. Follows the project FID of 8 December.
8 Dec 2009farm in farm out completion▲ GoodMajor
PNG LNG co-venturers took final investment decision on 8 Dec, subject to buyer agreements and financing. Santos's share falls to 13.5% after PNG government nominees join; its share of cost is US$2bn. 218 mmboe moves to 2P reserves (+22%); about 9 mmboe a year at plateau. Resolves the pending FID.