Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2007drilling result▼ BadMajor
Third-party Tap announcement: Santos-operated Totem-1 (WA-191-P, Santos 33.4%) reached planned depth but is not an oil discovery; any oil is low saturation and not producible. It will be plugged and abandoned, a dry hole near the Amulet discovery.
2 Aug 2007drilling progress report▲ Good
Third-party Drillsearch weekly update: Talgeberry 20 (Santos 89%) cased as an oil producer, and Naccowlah West 21 (Santos 55.5%) found about 5.5 m of net oil pay and was cased for production. Takyah 5 and Carney South 1 are now drilling.
1 Aug 2007drilling progress report▲ Good
Third-party Beach weekly report: Santos-operated Naccowlah West-21 (Santos 55.5%) was cased as a potential oil producer with 5.5 m of Hutton oil pay. Big Lake 17DW1 was cased as a potential gas producer with 22 m of Patchawarra gas pay. Jena-28 was preparing to run logs.
31 July 2007drilling progress report● Neutral
Third-party Tap update: Santos-operated Fletcher-1 (WA-191-P) was at 2,103 m, preparing to run casing, with total depth expected in 7 days. Totem-1 was at 995 m, drilling ahead. No results yet.
30 July 2007regulatory community update▼ Bad
A leak on 28 July in Santos's Moonie to Brisbane oil pipeline in the suburb of Algester released about 1,300 barrels of oil and water. Santos says the production impact is not material and it holds insurance.
30 July 2007asset acquisition disposition▲ GoodMajor
Santos's interest in the Bayu-Undan LNG, LPG and condensate development rose from 10.6% to 11.4% after a formal redetermination, backdated to the start of development. Santos will receive a cash adjustment for its higher share of past revenue net of past costs.
27 July 2007well test result● Neutral
Third-party Victoria Petroleum announcement: Santos-operated Wilpinnie-4 will have its 9.8 m interval perforated for a production test over the coming days. Results will decide how far the Tomcat oil pool extends into PEL 115.
26 July 2007drilling spud● Neutral
Third-party Tap announcement: Santos-operated Totem-1 (WA-191-P) spudded 26 July, about 4 km from the Amulet oil discovery. It targets oil to about 2,000 m, with total depth expected in about 8 days.
26 July 2007well test result● Neutral
Third-party Impress update: Santos-operated Wilpinnie-4 (Tomcat, PPL 93, Santos 33%) is preparing a cased-hole production test. The earlier test flowed 144 barrels a day from an 18 m oil column. No new result yet.
26 July 2007drilling progress report● Neutral
Third-party Drillsearch update: Naccowlah West 20 (Santos 55.5%) is cased and suspended for future testing, and Naccowlah West 21 has spudded. Talgeberry 20 (Santos 89%) showed oil and a drill stem test is being prepared.
25 July 2007drilling progress report▼ Bad
Third-party Beach weekly report: Hurricane-2 (Santos-operated, 31.31%) found about 9 m net oil pay, an accumulation judged too small to develop now, and will be plugged and abandoned. Warragon-1 (Santos 4.9%) had Toolachee shows and will be cased and tested.
24 July 2007other● Neutral
Third-party Biosignal announcement: Santos is giving additional financial support to development of Biosignal's anti-bacterial compounds for oilfield pipelines. Amount not stated. Peripheral to Santos's business.
23 July 2007drilling result● NeutralMajor
Third-party Mosaic update: Hurricane-2 (WA-208P, Santos-operated, 31.31%) found a roughly 20 m gross oil column (about 10 m net pay), a new oil and gas discovery. Mosaic says it is unlikely to be commercial on its own now; the joint venture will review.
20 July 2007drilling progress report▲ Good
Third-party Drillsearch update: Talgeberry 18 (Santos 89%) showed oil and is cased as a future producer. Naccowlah West 20 (Santos 55.5%) found Hutton oil shows and is being prepared for casing.
20 July 2007drilling scheduled● Neutral
Third-party Tap announcement: Santos-operated Fletcher-1 (WA-191-P, Santos 33.4%) is about to start drilling, 15 km east of Mutineer. It targets oil in a large Cretaceous sandstone closure, with total depth about 3,000 m in around 13 days.
19 July 2007drilling progress report● Neutral
Third-party Mosaic update: Hurricane-2 reached total depth of 3,253 m and is being logged. Hydrocarbon shows were seen in the main sandstone reservoir, but no result has been given yet.
18 July 2007asset acquisition disposition▲ GoodMajor
Santos proposed a 3-4 million tonne a year LNG plant at Gladstone, costing A$5-7bn, fed by its Queensland coal seam gas. Final investment decision is targeted by end 2009, first cargoes early 2014; Queensland granted significant project status. About $200m is planned for 2008.
17 July 2007drilling progress report● Neutral
Third-party Mosaic update: Hurricane-2 (WA-208P, Santos-operated) reached the Eliassen reservoir close to prediction, with gas readings and oil fluorescence. Drilling ahead at 3,206 m; significance awaits logging. Pre-drill pitch was 40-50 million barrels recoverable.
16 July 2007asset acquisition disposition● NeutralMajor
Santos agreed to sell all its US exploration and production interests for US$70m (A$82m), subject to conditions, and keeps a 17.5% net profits interest in three Texas prospects. This completes the exit announced 11 December 2006 to focus on Australia, Asia and the Middle East.
12 July 2007drilling progress report▲ Good
Third-party Drillsearch update: Talgeberry 22 (Santos 89%) showed oil and is cased as a future producer/injector. Naccowlah South 15 (Santos 55.5%) found Hutton oil pay and is cased as a future producer; Naccowlah West 20 spudded 10 July.
12 July 2007drilling progress report● Neutral
Third-party Mosaic update: Santos-operated Hurricane-2 (WA-208P) was cementing casing at 2,162 m and expected to reach the Eliassen reservoir within days. Planned depth is about 3,280 m. No result yet.
11 July 2007drilling progress report▲ Good
Third-party Beach report: Cooper Oil Project wells, including Santos-operated Naccowlah South-15, Gambero-1 and Mudlalee-4, found oil. Beach reports 38 wells at 76% success. Hurricane-2 is nearing its 3,280 m depth.
9 July 2007contract award▲ Good
Third-party Jabiru announcement: it signed a gas supply agreement with Santos for its Jaguar project, with a gas-fired power station due in Q1 2008. Volumes and price are not given.
6 July 2007drilling spud● Neutral
Third-party Entek update: Warragon-1 (ATP 269P, Santos 4.9%) spudded 5 July, the last of a three-well program. It targets Basal Jurassic and Toolachee oil and should take about 14 days.
6 July 2007drilling progress report▲ Good
Third-party Drillsearch update: Talgeberry 17 (Tintaburra, Santos 89%) showed about 7 m of net oil pay and is being cased as a producer. Naccowlah South 15 (Santos 55.5%) was drilling ahead at 1,300 m.
4 July 2007drilling progress report● Neutral
Third-party Beach weekly report: Marcoola-1 (Santos 4.9%) was cased and suspended as a potential oil producer. Santos-operated Hurricane 2, Naccowlah South 15, Alwyn-7 and Gambero-1 were all drilling or preparing.
3 July 2007director officer appointment▲ GoodMajor
Santos appointed David Knox, currently BP's Australasia Managing Director, to the new role of Executive Vice President, Growth Businesses. He will report to the Managing Director and lead new ventures, Indonesia and strategic projects.
2 July 2007drilling result▲ Good
Third-party Entek update: Marcoola-1 (Santos 4.9%) was cased and suspended as a new oil discovery, with oil recovered from two tests, both marred by packer failures. Warragon-1 is the next well.
28 June 2007drilling result▲ Good
Third-party Drillsearch update: Naccowlah South 16 (Santos 55.5%) found Hutton oil pay and was cased as a future producer. Talgeberry 19 (Santos 89%) recovered oil on test and is being cased as a producer.
27 June 2007drilling result▲ Good
Third-party Beach announcement: Marcoola-1 (ATP 269P, Santos 4.9%) is a new oil field discovery. A Hutton test recovered 6 barrels of oil before the packers failed. Santos's share is small.
