Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2007drilling progress report● Neutral
Third-party Beach weekly report: Jackson-56 cased as an oil producer; Ikarumba-1 and Wellington-6 (Santos operator) plugged and abandoned. Coonatie-8/ST1 is being cased as a gas producer. Parsons-1, Beach's own discovery, flowed 3,362 bopd.
28 Nov 2007drilling progress report● Neutral
Third-party Beach weekly report: Merrimelia-60 and Jackson-48 were successful; Jena-25 was cased though Beach opted out; Ikarumba-1 is drilling. Beach's own Parsons-1 (no Santos interest stated) is a new oil discovery with a 12 m gross oil column.
28 Nov 2007material agreement▲ GoodMajor
Santos and partners sanctioned the Henry gas field development (VIC/P44, Santos 50% operator): capex A$275m (Santos A$138m), first gas targeted H1 2009 via Casino infrastructure. 2P reserves are about 150 PJ (Santos ~75 PJ).
28 Nov 2007material agreement● Neutral
Third-party AWE (25% partner) re-released Santos's Henry sanction announcement with its own comment. Same facts: A$275m project, first gas H1 2009. No new information for Santos.
23 Nov 2007drilling progress report● Neutral
Third-party Drillsearch update: Jackson 49 (Santos 55.5% operator) found oil pay and was cased as a future producer. Jackson 48, the fourth of nine Westbourne development wells, has spudded.
22 Nov 2007security holder rights change● NeutralMajor
South Australian Parliament passed the law repealing the 15% single-shareholder cap, following the 16 October decision. It needs Royal Assent, expected by year end, then a 12-month transition before the cap ceases. A takeover barrier is being lifted.
21 Nov 2007drilling progress report● Neutral
Third-party Beach weekly report: Jackson-49 cased as a future oil producer, Jena-21 (Santos operator) plugged and abandoned. Jena-25, Merrimelia-60 and Jackson-48 are in progress. Warragon-1 (ATP 269P, Santos 4.9%) flowed 140 bbl/d at 87% water, judged sub-economic.
19 Nov 2007other● Neutral
Third-party Antares notice: IPR, which bought Santos's former US assets, withdrew its offer to sell Kenedy Ranch interests to Antares. It has no stated effect on Santos, which keeps a net profits interest in Texas prospects.
19 Nov 2007other● Neutral
Third-party MEC Resources note quoting old studies on the offshore Sydney Basin PEP 11 permit, including Santos's 1991 estimate of 620 bcf of sales gas from leads. Historic data only; no Santos interest or current event.
14 Nov 2007production update● Neutral
Third-party Cue notice: the first Oyong oil cargo of 250,000 barrels has been loaded. Output is expected to settle at 8,000-9,000 bopd, below the earlier >10,000 bopd gross figure. Santos operates with 45%.
14 Nov 2007drilling progress report● Neutral
Third-party Beach weekly report: Merrimelia-59 and Jackson-50 were cased as future oil producers. Montegue-1 (ATP 259P, Santos operator) was cased as a future gas producer with about 5 m and 7 m of gas pay. Coonatie-8 is being sidetracked after stuck pipe.
12 Nov 2007asset acquisition disposition● Neutral
Third-party Sundance notice: Sundance sold Santos its rights to three ungranted Cooper Basin Queensland permits (ATP 661P, 820P, 636P) for A$4m. This replaces the earlier farm-in; grant still depends on native title negotiations.
8 Nov 2007asset acquisition disposition● Neutral
Third-party MEO notice: Santos sold its remaining MEO Australia shares, about 12.3 million, through a placement. This ends the 6.21% holding noted in the context. Sale price is not stated.
8 Nov 2007drilling progress report● Neutral
Third-party Drillsearch update: Jackson 51 (Santos 55.5% operator) found oil pay and was cased as a future producer. Jackson 50, the second of nine Westbourne development wells at Jackson, spudded 5 November.
7 Nov 2007drilling progress report● Neutral
Third-party Beach weekly report: Jackson-51 (Santos operator) was cased and suspended as a future oil producer, and Bugito-2 was plugged and abandoned. Merrimelia-59 and Jackson-50 are in progress; Coonatie-8 is awaiting rig parts.
2 Nov 2007drilling progress report▲ Good
Third-party Drillsearch update: Tostada 2 (Santos 55.5% operator) found Murta and Hutton oil pay and was cased as a future producer. Jackson 51, the first of five Westbourne development wells at Jackson, spudded 29 October.
31 Oct 2007drilling progress report● Neutral
Third-party Beach weekly report: Tostada-2 and Ulandi-16 (Santos operator) were cased as future oil producers, and Merrimelia-58 was plugged and abandoned. Merrimelia-59, Jackson-51 and Montegue-1 are in progress; Coonatie-8 has stuck pipe.
30 Oct 2007drilling result▼ BadMajor
Mutineer-13 appraisal well found its main reservoir low to prognosis and water saturated, and will be plugged and abandoned. No change to 2P reserves, but some possible 3P upside is removed. Workovers on existing wells follow; more drilling planned from Q2 2008.
29 Oct 2007contract award▲ Good
Third-party PMA notice: Precious Metals Australia has a three-year contract with Santos to buy natural gas from the John Brookes field for its Windimurra vanadium project, with an option to extend three years. A small gas sale for Santos.
26 Oct 2007other● Neutral
Third-party Beach media release responding to Santos' cut to its 2008 Cooper Oil drilling. Beach says it has no interest in ATP 299P, the permit Santos named, and plans to keep drilling. Beach says Santos has not said which joint venture areas are affected.
26 Oct 2007asset acquisition disposition▲ GoodMajor
Santos bought Cairn Energy Bangladesh: 37.5% of the Sangu gas field (34 mmcfd net, about 34 bcf 2P) plus exploration acreage, for US$50m cash and up to US$20m contingent. A new country entry, extending its Asian strategy after India.
25 Oct 2007drilling progress report● Neutral
Third-party Drillsearch update: Tostada 2, an oil appraisal well in the Naccowlah Block (Santos 55.5% operator), spudded 21 October targeting the Hutton Formation. It was drilling at 1,161 m.
25 Oct 2007quarterly activities report▼ BadMajor
Q3 production was 15.0 mmboe, 10% below a year earlier; 2007 guidance narrowed to 59-60 mmboe. The 2008 Cooper Oil program is cut to about 90 wells (from ~190 in 2007), lowering the oil outlook versus earlier guidance. PRRT guidance rises to $80-90m.
24 Oct 2007drilling progress report▲ Good
Third-party Beach weekly report: Moomba-181 (Santos operator) reached 2,699 m with preliminary 15.5 m net gas pay in Toolachee and 4.5 m in Daralingie, and is being cased and suspended. Tostada-2, Ulandi-16 and Merrimelia-58 continue.
22 Oct 2007flow test result▲ Good
Third-party Tap update: Maitland-3H (WA-33-R, Santos 18.71%) achieved a constrained stable flow of about 6 mmscf/d, with higher short-term rates choked back for sand influx. Well plugged and abandoned; two further vertical appraisal wells are being planned.
22 Oct 2007flow test result▲ Good
Third-party Pan Pacific update: Maitland-3H testing is done, with a constrained stable rate of about 6 million cubic feet a day. Sand influx limited higher rates. Well plugged and abandoned; two more vertical appraisal wells under consideration. Santos holds 18.71%.
19 Oct 2007drilling result▲ Good
Third-party Magellan notice: Maxwell 5 appraisal (PL 50, Santos operator 61.006%) reached 1,001 m with good Murta oil shows and is being cased as a future oil producer. This completes the two-well Nockatunga program after dry Burundi 1.
19 Oct 2007drilling progress report● Neutral
Third-party Drillsearch update: Jackson 46 (Santos 55.5% operator) was cased and suspended as an oil producer after a test recovered 12.5 bbls of oil. It ends the current Naccowlah round; five Westbourne infill wells at Jackson are to follow.
17 Oct 2007farm in farm out agreement● Neutral
Third-party Vicpet notice repeating the signed ATP 752P farm-in with Santos and Avery: up to 7 wells, minimum 300 km2 3D, about $18.5m, Vicpet carried to 15%. Adds that the program must finish before end February 2009.
17 Oct 2007farm in farm out agreement▲ GoodMajor
Bow signed the formal ATP 752P farm-in with Santos and Avery, following the 28 August letter of intent. Up to 7 oil wells and 300 km2 of 3D seismic (about $18.5m); Bow carried and keeps 15%. Santos becomes operator, first wells early 2008.
