Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2009agm notice● Neutral
Santos' chairman and CEO addresses to the AGM recap 2008: underlying profit up 42% to A$572m, 54.4 mmboe production, the GLNG sale to PETRONAS and PNG LNG progress. They restate FIDs of end-2009 for PNG and first half 2010 for GLNG.
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.
6 May 2009agm notice● Neutral
All four AGM resolutions passed on a show of hands: re-election of Kenneth Borda and Roy Franklin, adoption of the remuneration report, and a constitution change inserting proportional takeover provisions.
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.
23 Apr 2009quarterly activities report● Neutral
March quarter production was 13.2 mmboe, 4% below a year earlier, on the GLNG stake sale and field decline. Revenue was A$540m, down 15%. The Peluang-1 gas discovery in Indonesia was noted; all 2009 guidance, including 53-56 mmboe, is maintained.
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.
6 Apr 2009asset acquisition disposition● Neutral
Mosaic Oil's presentation repeats its purchase of Santos' Churchie and Surat-Bowen interests for A$7.0m (A$3m on completion, balance to Sep 2010). It adds acquired 2P reserves of 29.6 PJ gas and production of 2.0 TJ/d. Nothing new on Santos' side.
1 Apr 2009drilling progress report● Neutral
Beach reported the South July-1 sidetrack in Egypt at 3,386 m, running in hole with a new bottom-hole assembly; Santos is not in the sidetrack. In the Cooper Basin, Tindilpie-7 was cased and suspended as a future gas producer, while Nephrite South-5 was drilling ahead at 3,060 m.
31 Mar 2009annual report● Neutral
Santos released its 2008 Sustainability Report on safety, environment, community and governance performance. The visible text is introductory material and company background, with no new financial or operational figures.
31 Mar 2009security holder rights change● Neutral
Santos set the FUELS dividend rate at 3.2293% a year for 31 March to 29 September 2009, down from 6.0142%. It is 1.55% above the 180-day bank bill rate of 3.0633%. Routine rate reset.
31 Mar 2009regulatory community update▲ GoodMajor
Santos submitted its draft Environmental Impact Statement for the Gladstone LNG project on 30 March, almost 13,500 pages. It is a required approval step, and the State Government will review it before public release and comment.
31 Mar 2009director officer appointment● NeutralMajor
Chairman Stephen Gerlach will retire on 31 December 2009 after eight years as chairman, and Deputy Chairman Peter Coates takes over. Director Judith Sloan will also leave at the next AGM.
31 Mar 2009annual report● Neutral
Santos published its 2008 Annual Report, covering results already reported on 19 February, including 54.4 mmboe production and A$1.65bn net profit. The visible text is only front matter and contents, with no new figures.
31 Mar 2009annual report● Neutral
Santos' Shareholder Update repeats 2008 results: sales up 11% to A$2.8bn, underlying profit A$572m, 42c dividends, and reserves above 1 billion boe. Chairman Gerlach plans to step down on 31 December. Nothing new beyond earlier announcements.
25 Mar 2009drilling progress report● Neutral
Beach reports the South July-1 sidetrack in Egypt is drilling at 3,058 m; Santos, as operator, is not participating. Tindilpie-7 reached 3,248 m in the Cooper Basin. Routine update.
18 Mar 2009drilling result▼ BadMajor
South July-1 in Egypt reached 3,927 m with hydrocarbon shows at the top of the Yusr Member, but did not reach the Nubia target because the Lower Rudeis was thicker than expected. A sidetrack proceeds without Santos (40% operator), which opted out.
18 Mar 2009dividend declaration● Neutral
Santos set the dividend reinvestment plan share price at A$15.4242 for the 20c final dividend paid 31 March 2009. No discount applies. Administrative follow-up to the February dividend announcement.
16 Mar 2009drilling progress report● Neutral
Carbon Minerals reports Santos completed the Barneys Spring 1A coreholes in the Gunnedah Basin (PEL 1) at 594.6 m, finding 26 m of coal in 21 seams. Santos is operator; further core holes are moving ahead. Routine update, no resource booking yet.
11 Mar 2009drilling progress report● Neutral
Beach reports South July-1 in Egypt (Santos 40% operator) is drilling ahead at 3,898 m, with no result yet. Fly Lake-26 reached 2,952 m in the Cooper Basin. Routine update.
5 Mar 2009contract award▲ GoodMajor
Apache, operator of the Reindeer JV, signed the Devil Creek gas plant construction contract with Clough. This satisfies the condition on the January Sino Iron gas sales agreement, so Reindeer (Santos 45%) will supply gas from 2H 2011 at up to 215 TJ/d.
