Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2007quarterly activities report▲ Good
Santos reported record second-quarter production of 15.6 mmboe, up 4.7% on a year earlier, taking the half to 30.1 mmboe. Revenue was $634m, down 8.3%. Full-year guidance of 59-61 mmboe is unchanged; the buy-back took 24.7 million shares at $12.16.
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.
27 June 2007drilling progress report● Neutral
Third-party Beach weekly report: Marcoola-1 test misrun after packer failure, recovering 6 barrels of oil. Santos-operated Naccowlah South 16 was cased as an oil producer; Hurricane 2 had stuck pipe at 153 m.
27 June 2007production update▼ Bad
Third-party Cue update: Santos-operated Oyong first oil is delayed from early to late in Q3 2007 due to procurement issues with the production barge. Expected rate is 8,000-10,000 bbl/d; gas phase in late 2008 is unaffected.
27 June 2007investor presentation● Neutral
Managing Director John Ellice-Flint presented at the UBS conference, repeating 2006 results and arguing Santos is undervalued. He stressed rising eastern Australian gas prices, with spot prices above $25/GJ. No new company figures.
26 June 2007drilling result▲ Good
Third-party Entek update: Marcoola-1 (ATP 269P, Santos 4.9%) reached 1,348 m with oil fluorescence in several zones, including the Hutton. Logging will follow, with testing if needed.
