Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Jan 2009drilling progress report● Neutral
Drillsearch reports Santos-operated Jackson 58 (55.5%) reached 1,518 m with oil shows and is being cased as a potential producer. Planet Downs-1, a Drillsearch well with no Santos interest, is delayed by rain. Routine update.
21 Jan 2009drilling progress report● Neutral
Beach reports Santos-operated Jackson-58 and Bindah-3 are in progress. South July-1 in Egypt is at 2,670 m, with about six more weeks to its 3,970 m target. Beach's Fermat-1 was abandoned. Routine update.
15 Jan 2009drilling scheduled● Neutral
Drillsearch says Jackson 58, a Santos-operated (55.5%) Naccowlah appraisal well, is due to spud 16 January. This restarts Naccowlah drilling in line with the mid-January plan. Routine scheduling notice.
15 Jan 2009other● Neutral
Comet Ridge update says Santos, as operator of the Mahalo project (ATP 337P, Comet Ridge 40%), is preparing a recommendation on the 2009 exploration and appraisal program, expected in Q1 2009. No decision or Santos result yet.
14 Jan 2009drilling progress report● Neutral
Beach reports Santos-operated Spencer West-3 and Tennaperra-2 were successful oil wells. Beach's Fermat-1 in the Otway Basin failed to find significant hydrocarbons and is being abandoned. Routine Santos Cooper update.
14 Jan 2009drilling result▼ Bad
Fletcher-4, the sidetrack from Fletcher-3 in WA-191-P, reached 3,252 m and found the target reservoir water-wet. Tap says this shows the complexity of the Fletcher accumulation. The well will be abandoned, and remapping will assess the field's potential.
8 Jan 2009joint venture update▼ Bad
AWE says Santos, as operator, advised the Henry/Netherby pipeline installation is delayed because the pipe-laying vessel is unavailable in the first half of 2009. Mobilisation is now late 2009; AWE says forecast gas production is not affected. This pushes back the earlier mid-2009 connection to Casino.
7 Jan 2009drilling progress report● Neutral
Beach reports Santos-operated wells Spencer West-3 and Tennaperra-2 are drilling, and Egypt's South July-1 is at 1,114 m. Beach's Fermat-1 is at 3,585 m, and its partner Essential defaulted on a cash call. Routine update.
7 Jan 2009contract award▲ GoodMajor
Santos signed a gas contract with CITIC Pacific's Sino Iron project: 75 PJ over seven years from 2H 2011, worth about US$585m net to Santos at US$50 oil. It is conditional, but if met it lets the Reindeer project, deferred in December, restart.
2 Jan 2009drilling result▲ Good
Fletcher-3 reached 3,014.7 m and found about 20 m of oil-bearing reservoir as predicted. Tap says results are in line with expectations. A sidetrack, Fletcher-4, will test a separate fault block, and the JV can decide commerciality earlier.
31 Dec 2008drilling progress report● Neutral
Beach reports Santos-operated Minos-1 was successful, with Spencer West-3 now drilling. Egypt's South July-1 is at 612 m. Routine Cooper and Egypt update with no new figures on the Santos wells.
24 Dec 2008drilling progress report● Neutral
Beach reports Santos-operated Gidgealpa-61 was unsuccessful and plugged, while Minos-1 is drilling. Egypt's South July-1 (Santos 40% operator, targeting ~100 million barrels) is about to spud. Routine update.
22 Dec 2008contract award▲ GoodMajor
Santos and PETRONAS appointed Bechtel as downstream FEED contractor for Gladstone LNG (about US$40m contract), following the dual pre-FEED. Final investment decision is now expected in the first half of 2010, with first gas in 2014 still targeted. The A$7.7bn cost estimate (2007 dollars) will be re-estimated in FEED.
17 Dec 2008director officer appointment● Neutral
Peter Coates, a Santos director since 18 March 2008 and chairman of Xstrata Australia, was appointed Deputy Chairman. Chairman Stephen Gerlach described it as part of the board renewal process.
17 Dec 2008drilling progress report● Neutral
Beach's weekly report: Santos-operated Zeus-1 reached 1,771 m and is being cased for evaluation, and Gidgealpa-61 is drilling. Beach's Fermat-1 spudded in the Otway Basin. Routine Cooper update with no new Santos result.
16 Dec 2008drilling progress report● Neutral
Tap reports the Santos-operated Fletcher-3 appraisal well in WA-191-P was at 2,115 m, with about 4-5 days to reach its ~2,970 m target depth. A success would allow a tie-back to the Mutineer-Exeter FPSO. No result yet.
11 Dec 2008asset acquisition disposition▲ GoodMajor
Santos is transferring its 18% Brantas PSC interest, site of the Sidoarjo mudflow, to Minarak, linked to the operator, for a US$22.5m payment covered by the existing provision. Santos gets releases from participants, but cannot rule out future third-party claims. Resolves the open mudflow exposure.
11 Dec 2008drilling progress report▲ Good
Drillsearch reports Santos-operated Watkins-1 found pay in the Westbourne, Hutton and Basal Jurassic, completing 2008 Naccowlah drilling. Drilling resumes in mid-January 2009. Beach's Canunda-1 gas/condensate discovery was suspended.
10 Dec 2008joint venture update● Neutral
Santos confirmed talks with operator Lapindo about a resolution of its 18% non-operated Brantas PSC interest, the Sidoarjo mudflow licence. Talks are incomplete and an outcome is not certain.
10 Dec 2008drilling progress report● Neutral
Beach reports Santos-operated Gidgealpa-60 and Watkins-1 succeeded and Zeus-1 is drilling. Beach's Burtocal-2B found at least 31 m of oil in Egypt. Routine Santos results.
9 Dec 2008drilling spud● Neutral
Tap reports Fletcher-3 appraisal well in WA-191-P (Santos operator 44.53% in the well) spudded 6 December, targeting about 2,970 m. A success could tie back to the Mutineer-Exeter FPSO. Follows the small Fletcher-1/2 oil find.
8 Dec 2008asset acquisition disposition▼ BadMajor
The Reindeer JV (Santos 45%, Apache 55% operator) deferred the gas field and Devil Creek plant, citing the economic outlook hitting the foundation gas customer. This delays the end-2010 first gas set at the April 2008 FID; work continues on approvals.
4 Dec 2008drilling progress report● Neutral
Drillsearch reports Santos-operated Watkins-1 is drilling at 1,289 m after a three-day weather delay. Canunda-1, Beach's well, is a gas/condensate discovery being cased. Routine update with no new Santos result.
4 Dec 2008joint venture update● Neutral
Caspian extended the Phase 3 funding deadline on its Kyrgyz joint venture with Santos to 31 December 2010. Completing Santos's US$15m Phase 3 commitment lifts it to 80%. Caspian withdrew from the separate drilling funding talks, so that rig arrangement noted earlier has lapsed.
3 Dec 2008drilling progress report● Neutral
Beach reports Canunda-1 will be cased as a gas discovery, while its PeeJay-1 was plugged and abandoned. Santos-operated Gidgealpa-60 and Watkins-1 are drilling. Routine Cooper update with no new Santos result.
1 Dec 2008drilling progress report● Neutral
Carbon Minerals reports Santos-operated Stoney Creek 1 coal seam gas corehole in PEL 1, Gunnedah Basin, reached 654.65 m on 30 November, on prognosis, with 21 coal intervals under test. Early data for Santos's Gunnedah CSG push.
27 Nov 2008director officer appointment▲ GoodMajor
Santos appointed Ray Betros, 54, from BG Group, to the new role of Executive Vice President Technical, reporting to CEO David Knox, starting early January. His LNG project experience is cited as suiting Santos's growth strategy.
27 Nov 2008drilling progress report▲ Good
Drillsearch reports Santos-operated Watson-4 was cased and suspended as a future oil producer, and Watkins-1, a near-field exploration well, spudded 25 November. Routine Naccowlah development drilling.
26 Nov 2008drilling progress report● Neutral
Beach reports Santos-operated Watson-4 was successful but Gidgealpa-59 (Beach 20.21%) was unsuccessful; Watkins-1 is drilling. Beach's Canunda-1 reached 2,799 m. Routine Cooper results; Gidgealpa-59 is a small dry-hole setback.
20 Nov 2008drilling progress report● Neutral
Drillsearch reports Santos-operated Watson-3 was cased and suspended as a future Hutton oil producer. Watson-4 reached 1,691 m and is being logged. Routine Naccowlah development drilling.
