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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
3 Mar 2008agm notice● Neutral
Santos will hold its 2008 Annual General Meeting on Friday 2 May 2008 at 10.00 am at the Adelaide Festival Theatre. Administrative notice only.
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.
21 Feb 2008investor presentation● Neutral
Results presentation repeating the full-year numbers: 2007 production 59.1 mmboe and profit A$441m. It adds 2008 production guidance of 56-58 mmboe with a return to growth in 2009, and a 2008 Cooper oil plan of 94 wells at A$260m capex.
20 Feb 2008drilling progress report● Neutral
Third-party Beach weekly report: no Cooper Oil activity this week. Tirrawarra-75 reached 3,090 m and is being logged; Cook-12 is rigged up, and Beach's own Murrippi-1 is about to spud. Nothing new on Santos's results.
19 Feb 2008director officer appointment● Neutral
Andrew Nairn, from BHP Billiton, joins as Group Executive, Investor Relations. Andrew Seaton moves to a new leadership role on the Gladstone LNG Project after a handover.
18 Feb 2008drilling result● Neutral
Third-party Origin report: Riverslea Southeast 1 (PL 30, Surat Basin) found only weak oil shows and will be plugged and abandoned. Santos holds 15% of the permit but did not participate in the well, so no direct cost is stated.
13 Feb 2008drilling progress report▲ Good
Third-party Beach weekly report: Mudlalee-6 (Santos operator) cased as a future oil producer, with 4.8 m of oil pay in the Birkhead and 1.2 m in the Hutton. Tirrawarra-75 is being cored; Mudera-12 is still under accident investigation.
6 Feb 2008drilling progress report● Neutral
Third-party Beach weekly report: Coonatie-11 (Santos operator) cased as a future gas producer. Tirrawarra-75 and Mudlalee-6 are drilling; Mudera-12 is still under accident investigation.