Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 June 2008production update▼ BadMajor
Operator Apache expects John Brookes gas processing at about 200 TJ/d gross, Santos 45%, to restart in mid-August after the 3 June Varanus Island incident. Santos estimates a 2008 net production loss of 1.2 mmboe, which should affect the 56-58 mmboe guidance.
19 June 2008drilling scheduled▼ Bad
Third-party Vicpet release: Santos' Hudson-1 well in ATP 752P, planned for late June, could be delayed 2-3 weeks after 80-100 mm of rain damaged roads. It targets a most likely 1.2 million barrels, up to 10 million barrels at P10.
19 June 2008investor presentation● Neutral
CFO Peter Wasow's UBS conference presentation, 'Beyond the 2P', repeats the portfolio and growth strategy including Gladstone LNG. The readable text shows no new figures.
18 June 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Mama-1 was a successful well, being cased and suspended. Big Lake-87 is drilling. Beach's own Parsons-1 began producing at 2,640 bopd.
13 June 2008investor presentation● Neutral
Santos investor presentation delivered in the USA and London, citing a US$12.4bn market cap and 2007 production of 59.1 mmboe. It restates known strategy and reserves; the readable text shows nothing new.
11 June 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Cowralli-9 was cased and suspended as a future gas producer, and Mama-1 is drilling out cement at 542 m. Other items are Beach's own wells.
10 June 2008contract award● Neutral
Third-party Rheochem release: it won a new contract to supply drilling fluids to Santos' Australian onshore operations from 1 June 2008 to 31 May 2011, replacing the contract that expired in May 2008. No value is given.
4 June 2008other▼ Bad
Third-party Jabiru Metals notice: Santos advised that gas supply to its Jaguar mine is likely to be disrupted by the Varanus Island pipeline explosion. Jabiru continues on diesel power; the duration is unknown.
4 June 2008production update▼ BadMajor
An incident at Varanus Island halted all production, including the John Brookes field where Santos holds 45%. The field is undamaged but shut in. Santos' Q1 2008 equity production from it was 1.36 mmboe.
4 June 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Mitchie-2 was cased and suspended as a future Tirrawarra oil and Patchawarra/Toolachee gas producer. Mia-1 is being plugged and abandoned. Other items are Beach's or others' wells.
3 June 2008investor presentation● Neutral
Sydney investor seminar presentation led by Acting CEO David Knox, covering strategy, base business, LNG and Asia. The readable text restates known strategy and projects; no new figures are shown.
29 May 2008farm in farm out agreement▲ GoodMajor
Santos sells PETRONAS a 40% interest in Gladstone LNG for US$2.008bn, plus US$500m on a final investment decision for a second train. Santos keeps 60% and upstream operatorship. Completion needs FIRB approval, expected within 3 months, which resolves the partner search.
29 May 2008investor presentation▲ Good
Presentation accompanying the PETRONAS deal: 40% of Gladstone LNG for up to US$2.508bn. It says Santos sells 538 PJ of CSG 2P reserves, retains about 89% of total 2P reserves, and values them at A$4.91/GJ. Repeats the announcement.
28 May 2008drilling progress report● Neutral
Third-party Beach weekly report: the only Santos-operated well in progress is Mitchie-2 (Beach 20.21%), running wireline logs at 3,097 m. Other items are Beach's own wells or non-Santos operated.
22 May 2008asset acquisition disposition● Neutral
Third-party Beach release: Beach will farm in to a 20% interest in Santos Egypt's South East July concession and buy Santos Egypt's 25% of North Qarun, subject to Egyptian approvals. It indicates Santos is reducing its Egypt holdings; no price is stated.
22 May 2008material agreement▲ GoodMajor
PNG Government signed the Gas Agreement and PNG LNG formally entered FEED, resolving the pending approval. Santos holds 17.7%; FEED runs 16 months with a final investment decision expected Q4 2009 and first LNG early 2014.
21 May 2008well test result▲ GoodMajor
Chim Sao North appraisal well in Vietnam Block 12W flowed oil from two zones, 1,650 bopd and 2,680 bopd, with no water. It will be suspended as a future producer, supporting a development decision on Chim Sao, where Santos holds 37.5%.
14 May 2008director officer appointment● Neutral
Santos finalised departing CEO John Ellice-Flint's package: 12 months' base salary, accrued entitlements, vesting of 2,312,500 options at A$11.36, and a A$520,312 pro-rata bonus. He consults until 30 June 2008.
14 May 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Cook-14 is to be cased as a future Hutton oil producer, and Bindah-2 as a future Tirrawarra oil and Patchawarra gas producer. Other items are Beach's own wells.
13 May 2008other● Neutral
Third-party Icon Energy says the Santos-to-Taycol option transfer had irregularities, so the exercise was invalid. Santos still holds 20,000,000 Icon options, exercisable to 31 December 2008. Reverses the 8 May notice.
8 May 2008other● Neutral
Third-party Icon Energy notice that Santos, holder of 20,000,000 Icon options, transferred them to Taycol Nominees, which then gave notice to exercise them. Option price is a 20% discount to the 5-day average market price.
8 May 2008investor presentation● Neutral
CFO Peter Wasow's Macquarie conference presentation argues Gladstone LNG shifts Santos from domestic to global gas pricing, with production up about 70% and reserves growing about 300%. It repeats the known strategy; the readable text shows no new figures.
7 May 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Coonatie-12 was cased and suspended as a future gas producer, and Bindah-2 is drilling in the Patchawarra. Other items are Beach's own wells.
6 May 2008drilling result▲ Good
Third-party Vicpet release confirms the Cuisinier-1 oil discovery in ATP 752P, with 6 m net pay, completed as a producer. Production is expected early Q3 2008 through Santos infrastructure; Hudson-1 follows in June.
6 May 2008drilling result▲ GoodMajor
Third-party Bow release: Santos-operated Cuisinier-1 was cased and suspended as a potential new oil discovery, with 6 m of net oil pay at 1,622-1,630 m. Next farm-in well, Hudson-1, is planned for late June 2008.
30 Apr 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated McKinlay-9 was cased and suspended as a future oil producer. Coonatie-12 reached 3,165 m and Bindah-2 is drilling. Bodalla South-19 is Beach's own well.
24 Apr 2008regulatory community update▼ BadMajor
Santos will not seek to reopen the Moonie to Brisbane oil pipeline, closed since a July 2007 leak in Algester, citing the expense and difficulty of proving its integrity. Its book value was already fully written off in 2007 accounts, with a decommissioning provision made.
23 Apr 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Cooba-3 was cased as a future gas producer and Mudera-14 was suspended, to continue with another rig later. McKinlay-9 is drilling. Beach's Coolangatta-1 was abandoned.
23 Apr 2008drilling spud● Neutral
Third-party Bow release repeating that Santos-operated Cuisinier-1 spudded 21 April 2008 in ATP 752P, the first well of the farm-in. Bow is fully carried for up to 7 wells and keeps 15%. Nothing new for Santos.
23 Apr 2008drilling spud● Neutral
Third-party Vicpet release: Santos-operated Cuisinier-1 began drilling 21 April 2008 in ATP 752P, the first well of the farm-in with Vicpet, Bow and Avery. It targets up to 2.1 million barrels, to 2,513 m, about 6.2 km from the Cook field.
