12 Sept 2007other● Neutral
Santos notice of change in its MEO Australia holding: voting power fell to 7.52% from 9.30% because MEO issued more shares. Santos still holds 20,670,606 shares, so nothing was bought or sold.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2007drilling progress report● Neutral
Third-party Beach weekly report: Hawkins-1 (Santos 66.6%) was plugged and abandoned. Tindilpie-6 was cased as a potential gas producer with about 15 m net gas pay. Callawonga-2 (not Santos) flowed 4,992 bopd.
12 Sept 2007other● Neutral
Further Santos notice on its MEO Australia holding: voting power now 6.21% from 7.52%, again due to dilution. Santos still holds 20,670,606 shares; no shares were traded.
11 Sept 2007regulatory community update● NeutralMajor
Santos released the SA Premier's statement: talks continue on lifting the 15% shareholder cap, with a decision due by end of September. Premier is not opposed but wants Santos to keep a significant corporate presence in South Australia, even after a takeover.
10 Sept 2007investor presentation● Neutral
Santos presentation for US investor meetings, repeating known strategy: Gladstone LNG (A$5-7bn, FID end 2009, first LNG 2014), PNG LNG, and Darwin LNG. Market cap quoted at about US$6.6bn. No new announcements in the readable text.
7 Sept 2007drilling spud● Neutral
Third-party Tap notice repeating the Maitland-2 spud in WA-33-R (Santos 18.71%). Drilling to about 1,400 m, then sidetracks for core and a horizontal section; flow testing expected in roughly 2-3 weeks.
7 Sept 2007production update▲ Good
Third-party Cue notice: the production barge is on location at the Oyong field (Sampang PSC, Santos operator 45%) and commissioning has begun. First oil is expected in September 2007, consistent with the earlier late Q3 timing.
6 Sept 2007drilling progress report● Neutral
Third-party Drillsearch update: Mulberry 34 (Santos 89%) was cased as an oil producer, completing the four-well Mulberry program. Muchacho 1 was plugged and abandoned with no oil recovered on test. Piniata 1 has spudded.
6 Sept 2007drilling spud● Neutral
Third-party Pan Pacific notice: the Maitland-2 appraisal well spudded in WA-33-R, where Santos holds 18.71% and Apache operates. It aims to test the long-undrilled Maitland gas field, found in 1992, with cores and a 500 m horizontal well.
5 Sept 2007drilling progress report● Neutral
Third-party Beach weekly report: Granchio-1 (Santos 66.6%) was cased as an oil producer with oil in two zones. Muchacho-1 was plugged and abandoned after a test recovered only water and a thin oil film. Hawkins-1 and other wells are in progress.
30 Aug 2007drilling progress report▲ Good
Third-party Drillsearch update: Mulberry 33 (Santos 89% operator) was cased as an oil producer, the third of four planned Mulberry directional wells. Muchacho 1 in the Naccowlah block (Santos 55.5%) reached 1459 m with oil shows, logging next.
29 Aug 2007drilling progress report▲ Good
Third-party Beach weekly report: McKinlay-6 (Santos 66.6%) was cased as an oil producer with a 15 m oil column (9 m net pay), upgrading the earlier oil shows. Naccowlah-3 and Scratchy-1 were plugged and abandoned. Callawonga-2 (not Santos) spudded.
28 Aug 2007farm in farm out agreement▲ Good
Third-party Vicpet announcement repeating the 28 Aug Bow-style deal: Santos and Avery letter of intent expands the ATP 752P farm-in from 3 to 7 wells plus 300 km2 of 3D, about $18.5m. Santos becomes operator; Vicpet is carried to 15%. Hudson-1 delayed; two of four initial wells depend on a Santos technical review.
28 Aug 2007drilling result● NeutralMajor
Third-party Tap update: the Fletcher-2 sidetrack in WA-191-P (Santos operator 33.4%) found a 12 m gross (4 m net) oil column, slightly up dip of Fletcher-1, and will be plugged and abandoned. Tap expects a small resource near the wells but the wider Fletcher trend could be significant.
28 Aug 2007farm in farm out agreement▲ GoodMajor
Third-party Bow announcement: Bow signed a letter of intent with Santos and Avery expanding the ATP 752P farm-in (Cooper-Eromanga) from 3 to 7 oil wells plus 300 km2 of 3D seismic, about $18.5m total. Santos becomes operator; Bow is fully carried and ends with 15%.
24 Aug 2007drilling progress report● Neutral
Third-party Drillsearch update: Mulberry 31 (Santos 89%) was cased as an oil producer. Naccowlah 3 (Santos 55.5%) recovered only water on its test and will be plugged and abandoned.
23 Aug 2007half year report▼ BadMajor
Santos's half-year report to 30 June 2007: underlying profit fell 24.9% to $305.2m and net profit fell 29.2% to $261.6m. Revenue fell 7.4% to $1,231.4m. Interim dividend of 20 cents is maintained, payable 2 October 2007.
23 Aug 2007investor presentation● Neutral
Interim results webcast presentation repeating the half-year result and strategy: Cooper oil, eastern gas, Western Australian gas, LNG and Asia. It notes about 3,600 bopd net of Cooper production currently deferred, with about 14,000 bopd targeted by end 2007.
23 Aug 2007half year report▼ BadMajor
Santos reported first-half underlying profit of $305m, down from $407m, despite record production of 30.1 mmboe. Sales revenue fell 7% to $1,215m on the higher Australian dollar. Interim dividend held at 20 cents; 2007 guidance of 59-61 mmboe unchanged.
22 Aug 2007drilling progress report● Neutral
Third-party Beach weekly report: McKinlay-5 (Santos 66.6%) was a successful oil well with about 14 m of oil. McKinlay-6 and Scratchy-1 had oil shows, and Naccowlah-3 was abandoned after testing water. Tindilpie-5 was plugged and abandoned.
22 Aug 2007drilling progress report● Neutral
Third-party Tap update: the Fletcher-2 sidetrack in WA-191-P (Santos operator 33.4%) has started drilling about 500 m from Fletcher-1, with total depth expected in about three days. It aims to confirm the structure's size.
17 Aug 2007drilling result▲ GoodMajor
Third-party Tap update: Fletcher-1 (WA-191-P, Santos operator 33.4%) logs confirmed an 8 m oil column with good oil samples, against a pre-drill prediction of 20-30 m. A sidetrack up dip will help establish the size of the accumulation.
16 Aug 2007drilling progress report● Neutral
Third-party Drillsearch update: Mulberry 32 was cased as an oil producer, and Carney South 1 had no oil pay on logs and was plugged and abandoned. Naccowlah 3 (Santos 55.5%) spudded 13 August.
15 Aug 2007drilling progress report● Neutral
Third-party Beach weekly report: Carney South-1 (Santos 55.5%) was plugged and abandoned. McKinlay-5 (Santos 66.6%) showed producible oil at two levels. Naccowlah-3 is drilling. Beach's Bodalla South-18 is being cased as a Hutton producer.
15 Aug 2007drilling result● Neutral
Third-party Tap update: Fletcher-1 (WA-191-P, Santos operator 33.4%) reached total depth with about 3 m of net hydrocarbons in the main target. Logs will be run and a sidetrack is being considered. Tap calls early results encouraging.
14 Aug 2007investor presentation▲ GoodMajor
Santos started front-end engineering and design for the Reindeer gas field (WA-209-P, Santos 45%, Apache 55% operator), with 410-640 PJ gross recoverable, about 110 TJ/day, and first gas targeted mid 2010. Field was discovered in 1997.
9 Aug 2007well test result▼ Bad
Third-party Impress update: the cased-hole test at Santos-operated Wilpinnie-4 (Tomcat, Santos 33%) produced only mud filtrate, formation water and 16 barrels of oil. This differs from earlier results; the cause is unknown and the JV is reviewing the prospect.
9 Aug 2007drilling progress report● Neutral
Third-party Drillsearch update: Takyah 5 (Santos 89%) was cased as a future oil producer. Carney South 1 (Santos 55.5%) had only trace oil shows in the Hutton and is drilling to depth. Mulberry 32, first of four Mulberry wells, spudded.
8 Aug 2007drilling progress report● Neutral
Third-party Beach weekly report: Jena-28 was cased as a Murta oil producer and Tonno-1 (Santos 66.6%) was plugged and abandoned. Carney South-1 is still drilling. Beach's Bodalla South-18 spudded.
7 Aug 2007drilling progress report● Neutral
Third-party Tap update: Santos-operated Fletcher-1 (WA-191-P) was held at 2,103 m by drilling rig well-control equipment problems, now resolved. Drilling resumes 8 August toward about 3,000 m, expected in 5 days. No result yet.