Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Apr 2008production update● Neutral
Third-party Entek update on ATP-269P in SW Queensland, where Santos holds 4.90%. March gross oil production was a record 2,384 barrels. The update is mainly about Entek's own wells and has little bearing on Santos.
16 Apr 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated McKinlay-7 and Cook-13 were successful (Cook-13 with 13 ft net oil pay), and Granchio-2 is in progress. Cooba-3 and Mudera-13 also progressed. Beach's own Currumbin-1 was abandoned.
9 Apr 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Cook-10 was plugged and abandoned; Mudera-12 and Coonatie-13 were cased as gas producers. Cook-13, Cooba-3, McKinlay-7 and Mudera-13 are in progress.
9 Apr 2008drilling progress report● Neutral
Third-party Tap update: Santos-operated Johnson-1 (Santos 37.5%) reached about 1,680 m, with 10-14 more days to reach total depth near 3,200 m. No result yet.
8 Apr 2008contract award▲ GoodMajor
Santos awarded parallel six-month pre-FEED contracts to Foster Wheeler and Bechtel for Gladstone LNG, comparing two liquefaction technologies. The schedule is unchanged: FEED decision around end-2008 or early 2009, FID end-2009, first LNG early 2014.
7 Apr 2008asset acquisition disposition▲ GoodMajor
Final investment decision taken on the Reindeer gas project offshore WA (Santos 45%, Apache 55% operator). Santos' share of capital cost is A$379m; first gas is targeted end-2010, later than the earlier 2010 expectation. 2P reserves are about 485 PJ, Santos share about 220 PJ.
3 Apr 2008joint venture update● Neutral
Third-party Sunshine Gas operational update. At Crocker Gully (ATP 685P, Santos 50%), Crocker Gully 2 reached 606 m with encouraging gas desorption; the joint venture is forming a forward program. Other content concerns Sunshine's own projects.
2 Apr 2008drilling result● Neutral
Third-party Beach weekly report: Santos-operated McKinlay-8 was unsuccessful and is being abandoned. Cook-10 is drilling; Fly Lake-24 was cased with 27 m of gas pay. Basker-6 and Parsons-2 are not Santos wells.
1 Apr 2008drilling spud● Neutral
Third-party Tap release: Santos-operated Johnson-1 exploration well spudded 1 April 2008 in WA-358-P, Carnarvon Basin, targeting oil to about 3,200 m. Santos holds 37.5%. Result due in about 19 days.
31 Mar 2008dividend declaration● Neutral
The FUELS dividend rate for 31 March to 29 September 2008 is 6.6547% a year (9.5067% grossed up for franking), set at 1.55% over the 180-day bank bill rate of 7.9567%. Routine reset.
28 Mar 2008other● Neutral
Santos 2007 Sustainability Report published, covering safety, community, environment and climate topics. A report publication with no new financial or operating announcements in the readable text.
28 Mar 2008other● Neutral
Shareholder update mailed to holders repeating 2007 results: production 59.1 mmboe, net profit A$441m (down 32%), dividend 40c, 2P reserves 879 mmboe, 2008 outlook 56-58 mmboe. No new information in the readable text.
28 Mar 2008annual report● Neutral
The 2007 Annual Report was lodged, with full accounts and the review of the year. It restates results already released on 21 February 2008; no new figures are evident in the readable text.
28 Mar 2008dividend declaration● Neutral
The dividend reinvestment plan price for the 20c final dividend, paid 31 March 2008, was set at A$12.6416 per share with no discount. Administrative follow-up to the February dividend announcement.
26 Mar 2008drilling result▲ Good
Third-party Beach weekly report: Santos-operated Cook-11 was cased as a future oil producer (24 m gross oil column), and Squalo-1 as a future oil producer (4.5 m pay in McKinlay). McKinlay-8 is now drilling.
25 Mar 2008director officer appointment● NeutralMajor
Managing Director John Ellice-Flint, CEO since 2000, stepped down immediately and will consult until 30 June 2008. EVP David Knox is Acting CEO while an international search runs; the chairman expects Knox to be a strong candidate.
20 Mar 2008production update▲ GoodMajor
Mutineer-Exeter oil production has restarted after electrical repairs on the FPSO, following the early-February shutdown. Gross output is expected at 20,000-22,000 bopd, in line with guidance. Full electrical repairs are expected in 2009; a workover starts in Q2 2008.
19 Mar 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Cook-11 and Squalo-1 are in progress in the Cooper Oil Project. Nothing new on results for Santos; remaining content covers Beach-only wells.
18 Mar 2008director officer appointment● Neutral
Former Xstrata Coal chief executive Peter Coates, 62, joined the Santos board effective 18 March 2008. The notice gives his 40-plus years in commodities and coal-building experience; it adds detail to the earlier brief appointment notice.
18 Mar 2008director officer appointment● Neutral
Peter Roland Coates was appointed a director of Santos, effective 18 March 2008. No further details such as role or committee are given in the notice.
14 Mar 2008material agreement▲ Good
Third-party Oil Search release: PNG LNG partners signed the Joint Operating Agreement, a step toward the FEED phase pending a Gas Agreement with the PNG Government. The stated interests include Santos at 17.7%, rather than the 17% held in the earlier context.
14 Mar 2008material agreement● Neutral
Third-party AGL release: it signed the PNG LNG joint operating agreement and holds 3.6%, with Santos at 17.7%. AGL will consider selling its PNG oil and gas interests after a positive FEED decision.
14 Mar 2008material agreement▲ GoodMajor
Santos welcomes the PNG LNG Joint Operating Agreement signed with ExxonMobil, Oil Search, Nippon Oil, AGL and MRDC. Santos's equity entering FEED would be 17.7%. The JV now aims to secure a FEED entry decision as quickly as possible.
12 Mar 2008drilling result▼ Bad
Third-party Beach weekly report: Mudlalee-5 (Santos operator) was plugged and abandoned after a test produced water and oil at a 90% water cut. Cook-12 was cased as a Hutton oil producer; Murrippi-1 (Beach 40%, not Santos) is also being abandoned.
7 Mar 2008other● Neutral
Managing director John Ellice-Flint bought 20,000 shares on-market for A$247,364.75 through his superannuation fund. He now holds 4,161,817 shares plus 2,500,000 options.
5 Mar 2008drilling progress report▲ Good
Third-party Beach weekly report: Cook-12 (Santos operator) is being cased as a future oil producer with 8.5 m of oil pay in the Hutton. Beach's Murrippi-1 recovered 8 barrels of oil on a test; Fly Lake-25 and Mudlalee-5 are drilling.
5 Mar 2008investor presentation● Neutral
Investor roadshow presentation (Singapore, Hong Kong, London) repeating the full-year results and Gladstone LNG strategy. It cites market capitalisation of about US$7.3bn and says Santos looks undervalued against peers. No new announcements are evident in the readable text.
27 Feb 2008drilling progress report● Neutral
Third-party Beach weekly report: Tirrawarra-75 (Santos operator) cased as a future gas and oil producer. Cook-12 and Mudlalee-5 are drilling; Coonatie-9 is at 2,520 m. Mudera-12 is in rig maintenance.
21 Feb 2008annual report● NeutralMajor
2007 EBITDAX A$1,733m and net profit A$441m (-32%); full-year dividend held at 40c. 2P reserves rose to 879 mmboe (178% replacement) and contingent resources 15% to 2.6bn boe. Strategy shifts toward Asian LNG pricing via Gladstone LNG.
21 Feb 2008annual report▼ Bad
Preliminary 2007 accounts: net profit fell 31.5% to A$440.6m and underlying profit fell 27.5% to A$485.1m. Revenue was A$2,517.6m. Final dividend is 20c, with the full year unchanged at 40c. Costs from the Moonie-Brisbane pipeline failure and a A$67.7m loss on the US sale weighed.
