Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2009drilling progress report● Neutral
Beach reports South July-1 in Egypt (Santos 40% operator) at 3,773 m, trying to free stuck drill pipe. Cooper wells Mudrangie Sth-1 reached 3,223 m to be cased as a gas producer. Beach's own Perlubie-1 flowed 2,600 bopd, with no Santos interest. Routine update.
2 Mar 2009investor presentation● Neutral
Santos lodged its full-year results roadshow presentation for Australia, Hong Kong, Singapore and London. It repeats known 2008 results (54.4 mmboe, A$572m underlying profit, 42c dividends) and strategy; the visible text shows no new information.
26 Feb 2009drilling progress report● Neutral
Drillsearch says Chilla-3A (Santos 55.5% operator) hit oil shows in the Murta Formation, reached 1,528 m and was cased and suspended as a potential oil producer, completing the Naccowlah drilling program. Planet Downs-1 has no Santos interest. Routine update.
25 Feb 2009drilling progress report● Neutral
Beach reports Santos-operated Chilla-3A was successful and Muteroo-6 was unsuccessful. South July-1 in Egypt is at 3,757 m, completing wireline logs. Routine update.
20 Feb 2009admin correction● Neutral
Santos corrected its AGM notice: the meeting will be held in Adelaide on 6 May 2009 at 10.00 am, not 2008. Administrative correction only.
20 Feb 2009agm notice● Neutral
Santos gave notice of its Annual General Meeting in Adelaide, but the date stated contained an error (6 May 2008). It was corrected the same day. Administrative notice.
19 Feb 2009annual report▲ Good
Santos reports 2008 underlying profit up 42% to A$572m and record net profit of A$1.7bn after the PETRONAS sale. Cash is A$1.6bn, net debt A$506m, gearing 10%. Final dividend is 20c. Bechtel's GLNG FEED team mobilised in early February.
19 Feb 2009investor presentation● Neutral
Results presentation repeats 2008 figures: 54.4 mmboe, A$572m underlying profit, A$1.6bn cash. It gives 2009 guidance of 53-56 mmboe, capex A$1,500m including A$180m exploration. It says Henry first gas is delayed from 1H09 with no material 2009 impact.
19 Feb 2009drilling progress report● Neutral
Drillsearch says Chilla 3 (Santos 55.5% operator) was junked and abandoned at 230 m after a failed casing pressure test. Chilla 3A spudded 18 February targeting the Murta Formation. Routine update.
19 Feb 2009annual report▲ Good
Santos' preliminary 2008 accounts show revenue up 11.4% to A$2,805m and underlying profit up 41.6% to A$571.6m. Net profit rose 359% to A$1,650m, helped by a A$1,188m after-tax gain on the PETRONAS GLNG stake sale. Final dividend is 20 cents.
18 Feb 2009drilling progress report● Neutral
Beach reports Santos-operated Muteroo-6 and Chilla-3A are in progress. South July-1 in Egypt is at 3,647 m, preparing wireline logs and casing, short of its 3,970 m target. Routine update.
11 Feb 2009drilling progress report● Neutral
Beach reports Santos-operated Jackson East-2 was successful, cased as a Hutton oil producer, and Muteroo-6 is drilling. South July-1 in Egypt is at 3,324 m. Routine update.
5 Feb 2009drilling progress report● Neutral
Drillsearch says Jackson East 2 (Santos 55.5% operator) spudded 30 January, found oil shows and reached 1,616 m. Planet Downs-1, with no Santos interest, remains on hold for weather. Routine update.
4 Feb 2009drilling progress report● Neutral
Beach reports Santos-operated Jackson East-2 is in progress and Bindah-3 is to be cased as a future producer. South July-1 in Egypt is at 2,905 m. Beach's own Perlubie-1 found oil. Routine update.
29 Jan 2009drilling progress report● Neutral
Drillsearch says Jackson 58 was cased and suspended as a potential oil producer, and the rig is moving to Jackson East 2, due to spud 30 January. Rain delays continue. Routine update.
28 Jan 2009resource reserve update▲ GoodMajor
Santos lifted 2P reserves by 134 mmboe to a record 1,013 mmboe, passing 1 billion barrels, versus 879 mmboe a year earlier. GLNG CSG 2P reserves rose 142% to 3,246 PJ. Contingent resources rose to 2.85 billion boe, including a 590 mmboe Cooper unconventional gas booking.
28 Jan 2009drilling progress report● Neutral
Beach reports Santos-operated Jackson-58 was successful and Bindah-3 is in progress. Egypt's South July-1 is at 2,741 m, running casing. Routine update.
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.
23 Jan 2009quarterly activities report● Neutral
Santos reports 2008 production of 54.4 mmboe, within guidance, and record revenue of A$2.8bn. Q4 production was 13.6 mmboe, up 3% on Q3. 2009 guidance is 53-56 mmboe. 2008 capex came in at A$1,629m versus the A$1,500m guided.
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.
