Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Oct 2007drilling progress report▲ Good
Third-party Drillsearch update: Jackson 47 (Santos 55.5% operator) was cased and suspended as a future oil producer. Jackson 46 reached depth with pay indicated in the Westbourne and lower Birkhead/Hutton, and a test is being prepared.
11 Oct 2007drilling result▼ Bad
Third-party Magellan notice: Burundi 1 (PL 33, Santos operator 61.006%) reached 1,443 m with no commercial hydrocarbons and is being plugged and abandoned. A dry exploration hole in the Nockatunga area; Maxwell 5 follows.
10 Oct 2007asset acquisition disposition● Neutral
Third-party Antares notice: it is buying IPR's (formerly Santos USA) Kenedy Ranch group A interest, lifting its stake from 5% to 60%. Confirms IPR completed buying Santos's US business; Santos no longer holds that acreage.
10 Oct 2007drilling progress report▲ Good
Third-party Beach weekly report: Moomba-182 and Jackson-47 (Santos operator) were cased and suspended as future oil producers; Moomba-180 was cased as a future gas producer. Ragno-1 and Jackson-46 are drilling.
9 Oct 2007admin correction● Neutral
Third-party Cue correction of its Wortel seismic notice: the survey is 395 km, not 320 km, and Wortel-3 is expected in the first half of 2008 rather than Q1 2008. Santos operates the Sampang PSC.
9 Oct 2007drilling scheduled▲ Good
Third-party Cue notice: a 320 km 2D seismic survey has begun in the Sampang PSC (Santos operator 45%) over the Wortel gas discovery and three leads. Wortel-3 appraisal is expected in Q1 2008.
8 Oct 2007drilling spud● Neutral
Third-party Magellan notice: Burundi 1, a near-field exploration well in PL 33 operated by Santos (61.006%, Magellan 38.994%), spudded 4 October. Planned depth about 1,436 m; Maxwell 5 follows.
4 Oct 2007drilling progress report● Neutral
Third-party Drillsearch update: Jackson South 12A (Santos 55.5% operator) failed to recover oil on test and was plugged and abandoned. Chilla 2 found Murta oil and was suspended as a producer. Jackson 47 has spudded.
3 Oct 2007drilling progress report▼ Bad
Third-party Tap update: Maitland-3H flow test (Santos 18.71%) was interrupted by water from above the reservoir, which Tap calls a mechanical isolation issue. Drilling data matched prognosis; testing is to resume once fixed.
3 Oct 2007drilling progress report● Neutral
Third-party Beach weekly report: Chilla-2 (Santos operator) was cased as a future oil producer and Jackson South-12A plugged and abandoned after a test recovered little oil. Callawonga-3 (not Santos) flowed about 5,660 bopd.
3 Oct 2007drilling progress report▼ Bad
Third-party Pan Pacific update: Maitland-3H flow testing (WA-33-R, Santos 18.71%) was interrupted by water coming from an open zone above the reservoir. A fix is expected in a few days, then testing resumes.
2 Oct 2007security holder rights change● Neutral
Santos set the FUELS dividend rate at 5.9803% a year (8.5433% grossed up) for 30 Sep 2007 to 30 March 2008, up from 5.7027%. Set at a 1.55% margin over the 6.9933% bank bill rate.
28 Sept 2007contract award▲ Good
Third-party Walter Diversified announced a $33m contract with Santos to build a 273 km, 8-inch oil pipeline from Jackson to Moomba in the Cooper Basin, starting before end of 2007. Supports the Cooper Oil program.
27 Sept 2007drilling progress report▲ Good
Third-party Drillsearch update: Pitchery 3 (Santos 55.5% operator) found oil in the Murta Formation and was suspended as a future producer. Jackson South 12A found an oil show and is being tested. Chilla 2 spudded.
26 Sept 2007drilling progress report● Neutral
Third-party Beach weekly report: Big Lake-86 and Pitchery-3 (Santos operator) were cased as future oil producers; Bronzewing-1 was plugged and abandoned. Jackson South-12 was respudded as 12A after a cementing problem. Callawonga-3 (not Santos) had oil shows.
26 Sept 2007drilling progress report▲ Good
Third-party Tap update repeating that Maitland-3H (WA-33-R, Santos 18.71%) drilled over 500 m of gas-charged reservoir, consistent with expectations. Flow testing to start in about a week.
26 Sept 2007drilling progress report▲ Good
Third-party Pan Pacific update: Maitland-2 evaluation is complete, core recovered, and the 500 m+ horizontal Maitland-3H (Santos 18.71%) reached depth with good gas shows. Flow testing is expected to start in about a week.
24 Sept 2007production update▲ Good
Third-party Cue notice repeating Santos's Oyong first oil news: gross rates expected to stabilise at 8,000-10,000 bopd, gas FID before end 2007 and first gas in H1 2009. Santos holds 45% and operates; no new information for Santos holders.
24 Sept 2007production update▲ GoodMajor
Santos announced first oil from the Oyong field (Sampang PSC, Santos operator 45%), as expected for September. Gross rates should settle at 8,000-10,000 bopd. Gas FID is expected by end 2007, with first gas in H1 2009 (earlier noted as late 2008).
21 Sept 2007drilling progress report▲ Good
Third-party Drillsearch update: Jackson South 13 (Santos 55.5% operator) had oil shows in four formations and was cased and suspended as a future oil producer. Jackson South 12 and Pitchery 3 have spudded. Follows the earlier logging-next note.
19 Sept 2007drilling progress report● Neutral
Third-party Beach weekly report: Jackson South-13 (Santos 55.5% operator) was cased as a potential oil producer and Piniata-1 plugged and abandoned. Bronzewing-1, Pitchery-3, Jackson South-12 and Big Lake-86 are in progress. Callawonga-3 (not Santos) spudded.
18 Sept 2007drilling progress report▲ Good
Third-party Entek update on ATP 269P (Beach operator, Santos 4.9%): Marcoola-1 oil discovery expected to start production in November 2007. Warragon-1 will be flow tested from early October. Nudgee-1 was dry.
17 Sept 2007drilling progress report▲ Good
Third-party Tap update: Maitland-2 (WA-33-R, Santos 18.71%) reached total depth on prognosis; preliminary analysis indicates a gas-charged reservoir. Coring and horizontal Maitland-3H sidetrack with flow testing follow in about two weeks.
17 Sept 2007drilling progress report▲ Good
Third-party Pan Pacific update: Maitland-2 (WA-33-R, Santos 18.71%) reached total depth on prognosis with hydrocarbon shows through the reservoir. Coring sidetrack and horizontal Maitland-3H follow, with flow testing about 14 days away.
14 Sept 2007drilling progress report● Neutral
Third-party Drillsearch update: Piniata 1 (Santos 55.5% operator) found only trace oil shows, no pay on logs, and is being plugged and abandoned. Jackson South 13 has oil shows in several formations; logging next. The 2007 Tintaburra drilling program is complete.
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.
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.
