Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
19 Nov 2008drilling progress report● Neutral
Beach reports Santos-operated Watson-3 was successful and Gidgealpa-59 and Watson-4 are drilling. Beach's Canunda-1 spudded 14 November and its PeeJay-1 on 15 November. Routine Cooper update; Beach's Egyptian purchase is complete.
18 Nov 2008drilling progress report● Neutral
Sunshine Gas reports Tardrum 3 corehole in ATP 685P (Sunshine 50% operator, Santos 50%) is drilling at 891 m, testing a large anticline for coal seam and conventional gas. Follows the Crocker Gully permit's program; no result yet.
13 Nov 2008drilling progress report● Neutral
Drillsearch reports Santos-operated Watson-3 reached 1,673.6 m with oil shows in the Hutton and is preparing to log. Beach's Canunda-1 is about to spud. Routine Naccowlah development drilling.
12 Nov 2008drilling progress report● Neutral
Beach reports Watson-3 (Santos operator, Beach 38.5%) is the one Santos-operated well in progress. Beach's Canunda-1 is due to spud about 14 November. Routine Cooper drilling update with no new Santos result.
7 Nov 2008farm in farm out completion● Neutral
Egypt approved Beach's deals: 20% of South East July via farm-in from Santos Egypt, leaving Santos Egypt 40% operator, Dana 40%, Beach 20%. South July-1 is planned for December 2008. Completes the Beach farm-in flagged earlier; North Shadwan is a Beach-only deal.
6 Nov 2008drilling progress report● Neutral
Drillsearch reports Santos-operated Jackson South 16 was cased and suspended as a future oil producer at 1,594 m, and Watson 3 was due to spud 6 November. Beach's own Brownlow-1 was cased and suspended as a potential gas producer. Routine Cooper drilling.
5 Nov 2008drilling progress report▲ Good
Beach reports Santos-operated Tickalara-20 and Jackson South-16 were cased as future oil producers. Beach's own Brownlow-1 found a 7 m gas sand and will be cased as a gas/condensate producer. Routine Santos results.
29 Oct 2008drilling progress report● Neutral
Drillsearch reports Santos-operated Jackson South 14 was plugged and abandoned on 22 October. Jackson South 16 spudded 24 October and is drilling at 991 m. Routine Naccowlah development drilling.
29 Oct 2008drilling progress report● Neutral
Beach reports Santos-operated Tickalara-20 and Jackson South-16 are drilling. Beach's own Brownlow-1 is at 2,520 m. Routine Cooper drilling update with no new result.
28 Oct 2008drilling progress report● Neutral
Caspian Oil & Gas says it is nearing a separate deal to drill on Kyrgyz leases held by a Santos International Holdings subsidiary, with a rig expected in December. Santos is a minor party; nothing is final and no Santos cost is given.
28 Oct 2008flow test result▲ GoodMajor
AWE reports Henry-2 DW1 ST1 cleaned up at about 44 MMcf/d, limited by surface facilities. The campaign lifted block gas reserves, and the Henry and Netherby pipeline to Casino is due 1H 2009. The rig is being released, ending the drilling phase after the earlier casing setback.
23 Oct 2008quarterly activities report● Neutral
Santos Q3 2008 production was 13.2 mmboe, down 5% on Q2 and 12% on a year earlier, with John Brookes fully back by early September. Revenue was A$730m, up 16% on Q3 2007. The A$300m buy-back completed. Production guidance of 54-56 mmboe is kept; production cost guidance rises A$20m.
