Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Sept 2008drilling progress report▲ Good
Beach reports Santos-operated Naccowlah West-22 was successful, at 1,750 m, to be cased as a Birkhead oil producer after a test recovered oil. Marabooka-15 reached TD as a future gas well. Rest covers Beach's own Bass Basin and Otway wells.
2 Sept 2008drilling progress report● Neutral
AWE reports Henry-2 pilot well in Santos-operated VIC/P 44 reached 657 m and set 13 3/8 inch casing, preparing blowout preventers. No result yet.
28 Aug 2008drilling progress report▲ Good
Drillsearch reports Santos-operated Naccowlah South-18 was cased and suspended as a Birkhead/Hutton producer and rig released 20 August. Naccowlah West-22 spudded 22 August, at 1,448 m with shows in several formations.
27 Aug 2008drilling progress report▼ Bad
Third-party Beach weekly report: Santos-operated James-2 (Beach 17.14%) was plugged and abandoned at 2,456 m, a dry appraisal. Naccowlah West-22 is drilling at 1,072 m and Big Lake-89 is drilling ahead.
27 Aug 2008drilling spud● Neutral
AWE reports Henry-2 pilot well in VIC/P 44 (Santos operator, 50%) began drilling 24 August, and was at 581 m. A development sidetrack follows. It is the last well of the Otway program, supporting the Henry first gas target of H1 2009.
22 Aug 2008drilling progress report● Neutral
Bow says Santos has delayed completion and testing of the Cuisinier-1 oil discovery (ATP 752P, Bow 15%) to early next week, again. Testing of the Doonmulla and Birkhead shows precedes the Murta zone and should take up to two weeks.
21 Aug 2008half year report▲ Good
First-half profit rose 58% to A$304m, with underlying profit up 30% to A$289m on revenue of A$1,384m. Santos announced a A$300m buy-back and a 22c interim dividend (up 10%). GLNG profit on sale comes in the second half.
21 Aug 2008drilling progress report▲ Good
Drillsearch (2% holder) reports Santos-operated Naccowlah South-18 reached 1,902 m and is being cased and suspended as a Birkhead/Hutton oil producer. This follows Beach declining to case it, so it is a small producer rather than a failure. Rig moves to Naccowlah West-22.
21 Aug 2008half year report▲ Good
Half-year accounts show net profit up 57.6% to A$303.7m and revenue up 13.9% to A$1,405.8m. The interim dividend is 22 cents, fully franked, payable 30 September. Dividend reinvestment plan applies, with no discount.
21 Aug 2008capital raising announcement▲ GoodMajor
Santos announces a roughly A$300m off-market buy-back, funded from cash boosted by PETRONAS proceeds, at tender discounts of 8-14% to market price. It will also repay some debt, and the dividend reinvestment plan is underwritten for three dividends. This returns part of the GLNG proceeds to shareholders.
21 Aug 2008business combination● NeutralMajor
Santos proposes a nominal 500 MW gas-fired Shaw River power station near Orford, Victoria, est. cost A$800m, expandable to 1,500 MW. FEED starts now; FID expected by end 2009, first power 2012. It is Santos' first move into power generation and remains subject to approvals.
21 Aug 2008investor presentation● Neutral
Interim results presentation repeats the half-year figures and strategy: 2008 production guidance of 54-56 mmboe, capex of A$1,500m, and GLNG and PNG LNG milestones. Chim Sao FID is targeted for 2H08. Mostly known material.
21 Aug 2008flow test result▲ GoodMajor
AWE reports the Netherby-1 development well cleaned up at an estimated 51 million cubic feet of gas a day, constrained by surface facilities. It is in Santos-operated VIC/P 44 (Santos 50%), and Henry-2 follows. Supports Henry-area first gas in H1 2009.
20 Aug 2008drilling progress report▼ Bad
Third-party Beach weekly report: Beach elected not to join casing Naccowlah South-18, which suggests it is not a commercial producer (inference). Marabooka-14 was cased as a gas producer, and James-2 is logging.
20 Aug 2008regulatory community update▲ Good
Nexus says a planning tribunal directed approvals for Santos' upgrade of the Orbost plant to process Longtom gas. Santos expects to be ready by mid 2009. This clears a regulatory hurdle for Longtom, where Santos holds an option for up to 35%.
15 Aug 2008drilling progress report● Neutral
Drillsearch reports Santos-operated Naccowlah South-18 reached 1,929 m with oil shows in the Birkhead, Hutton and Basal Jurassic, and was preparing to run logs. Drillsearch's Great Artesian merger was implemented 12 August. No result yet.
15 Aug 2008drilling progress report● Neutral
Bow says Santos will begin completing and testing the Cuisinier-1 oil discovery in ATP 752P (Bow 15%) early next week, with up to two weeks of testing. Production had been expected early Q3 2008. The rest concerns Bow's own CSG project.
13 Aug 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Marabooka-13 was cased as a future gas producer. James-2 and Naccowlah South-18 are drilling in the Hutton, and Marabooka-14 is starting. No new results.
12 Aug 2008drilling result▲ Good
AWE reports the Netherby-1 development sidetrack reached 2,517 m in the Waarre A, with good gas shows and logs indicating very good reservoir. It will be completed for production, and Henry-2 follows. Santos holds 50% and operates.
8 Aug 2008drilling progress report▼ Bad
Drillsearch (2% holder) reports Santos-operated Naccowlah South-17 was plugged and abandoned at 1,796 m, with poor upper Hutton reservoir and swept oil in the lower Hutton. Naccowlah South-18 spudded 5 August. Repeats the Beach report.
6 Aug 2008drilling progress report▼ Bad
Third-party Beach report: Santos-operated Naccowlah South-17 was plugged and abandoned as unsuccessful. James-2 and Naccowlah South-18 are in progress, and Marabooka-13 was cased as a future gas producer.
4 Aug 2008drilling result▲ GoodMajor
AWE says Netherby-1 in VIC/P 44 (Santos operator, 50%) found good-quality gas-bearing Waarre A sandstone, in line with pre-drill expectations. It is being sidetracked as a producer tied to Henry and Casino, with Henry-2 to follow. This offsets the earlier Pecten East dry hole.
30 July 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Naccowlah South-17 and James-2 are in progress in the Cooper Basin. Kirralee-2 and Mudera-16 are also drilling. No new results.
29 July 2008drilling progress report▲ Good
AWE reports Netherby-1 in Santos-operated VIC/P 44 (Santos 50%) reached 1,870 m and is logging, with gas shows over about 22 m of Waarre A sandstone. A development sidetrack is planned if successful. Final evaluation is pending.
29 July 2008director officer appointment● NeutralMajor
David Knox, Acting CEO since March 2008, is appointed permanent CEO and Managing Director after an international search that also considered external candidates. Fixed pay is A$1.75m. This resolves the CEO succession open since Ellice-Flint's retirement.
24 July 2008quarterly activities report● Neutral
Q2 2008 production was 13.9 mmboe (down 11% on a year earlier) on record quarterly revenue of A$749m. The PETRONAS GLNG deal completed 23 July (US$2bn received). 2008 production guidance is cut to 54-56 mmboe from 56-58 after John Brookes, GLNG sale and Bayu-Undan price effects.
23 July 2008drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Mudera-15 and Mudera-14 RE1 are to be or are cased and suspended as future Coorikiana gas producers. Kirralee-2 is cementing surface casing.
22 July 2008drilling progress report● Neutral
AWE reports Netherby-1 in Santos-operated VIC/P 44 (Santos 50%) was drilling at 1,240 m, with a planned depth of 1,823 m. A follow-up development sidetrack is planned if it succeeds. No result yet.
21 July 2008drilling result▼ Bad
Third-party Vicpet release confirms Santos' Hudson-1 was plugged and abandoned as a dry hole at 2,430 m, with only residual oil. Vicpet was carried and keeps 15% of ATP 752P. Repeats the result already reported by Bow.
21 July 2008drilling result▼ BadMajor
Bow reports Santos' Hudson-1 in ATP 752P was plugged and abandoned as a dry hole at 2,430 m, after logs showed only residual oil. This follows the Cuisinier-1 oil discovery. Bow still sees other prospects between the two wells.
