Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2007drilling spud● Neutral
Third-party Beach report: Hurricane-2 (WA-208P, Santos group 31.31%, operator) spudded 24 June to test for an oil leg beneath the Hurricane-1 gas. Highside potential is about 40 million barrels; planned depth 3,280 m.
22 June 2007drilling progress report● Neutral
Third-party Drillsearch update: Talgeberry 19 (Tintaburra, Santos 89%) had oil shows while drilling, and Naccowlah South 16 (Santos 55.5%) was drilling ahead at 1,318 m. No results yet.
20 June 2007drilling progress report● Neutral
Third-party Beach weekly report: Nudgee 1 plugged and abandoned; Marcoola 1 (Santos 4.9%) drilling. Santos-operated Big Lake 85 and Moomba 178 were cased as potential gas producers, and Naccowlah South 16 was drilling.
19 June 2007drilling scheduled● Neutral
Third-party Mosaic update: Santos-operated Hurricane-2 (WA-208P) is due to spud about 25 June, targeting a possible oil leg below the 2005 Hurricane-1 gas find. Mosaic cites 40-50 million barrels potential gross.
19 June 2007asset acquisition disposition● Neutral
Icon Energy said it sold its ATP 765P and 766P interests to Santos for $4.5m, completing the deal. Santos is withdrawing from the Stitch 1 well in ATP 626P from 2 July, leaving Icon with 100%.
18 June 2007drilling result▼ Bad
Third-party Entek update: Nudgee 1 (Santos 4.9%) was plugged and abandoned after logging, a dry hole. The rig moved to Marcoola 1, expected to spud 19 June.
18 June 2007farm in farm out agreement▲ GoodMajor
Santos signed a farm-in with Carbon Minerals' subsidiary over PELs 1 and 12 (Gunnedah Basin, NSW, over 7,000 sq km). Spending $10m earns 25%; a further $30m earns another 40%. Santos would operate.
15 June 2007regulatory community update● Neutral
Santos lodged its submission to the South Australian Government's review, strongly endorsing full removal of the 15% shareholding cap. The Government expects to finish its internal review by 31 July 2007 and announce intentions within two months after.
15 June 2007drilling result▼ Bad
Third-party Drillsearch update: Jalapeno 1 (Naccowlah, Santos 55.5%) was water wet and abandoned, a dry hole. Takyah 2 (Santos 89%) had oil shows and was running a test over the Murta zone.
14 June 2007regulatory community update● Neutral
Santos confirmed it submitted a proposal to the Federal Government for a Moomba carbon storage project, with a $700+ million demonstration phase seeking partial federal funding. It would store about 1 mtpa of CO2 from 2010; the Government has not responded.
13 June 2007drilling progress report● Neutral
Third-party Beach weekly report: Jalapeno 1 (Santos 55.5%) was setting abandonment plugs. Santos-operated Big Lake 85 and Moomba 178 continued, and Nudgee 1 (Santos 4.9%) was at total depth.
7 June 2007drilling result▼ Bad
Third-party Drillsearch update: Enoggara 1 (Tintaburra, Santos 89%) showed only trace oil, no pay on logs, and was plugged and abandoned. Jalapeno 1 (Naccowlah, Santos 55.5%) was drilling ahead at 94.5 m.
6 June 2007drilling progress report● Neutral
Third-party Beach weekly report: Beach's own Bodalla South 17 flowed 4,617 barrels of oil a day. Santos-operated Golah Singh 1 (Santos 79.79%) was being abandoned and Moomba 178 was drilling.
31 May 2007drilling progress report● Neutral
Third-party Drillsearch update: Inspector 1 (Tintaburra, Santos 89%) found no oil pay and was abandoned. Enoggara 1 spudded and Jalapeno 1 (Naccowlah, Santos 55.5%) was waiting on rig repairs.
30 May 2007drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Bogala Central-1 and Narcoonowie 5 were cased as potential oil producers. Burke 10 was cased pending a well integrity review.
25 May 2007drilling progress report● Neutral
Third-party Drillsearch update: Kooroopa 2 (Tintaburra, Santos 89%) was abandoned with no significant oil. Bogala Central 1 (Naccowlah, Santos 55.5%) found oil pay and was cased as a future producer.
23 May 2007drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated Moomba 31ST1 was cased as a gas producer and Boongala 2 (Santos 67%) was cased as a potential gas producer. Burke 10 was perforating casing.
21 May 2007investor presentation● Neutral
Santos presented to investors in the US, Canada and UK, repeating 2006 results, the Cooper Oil plan and the shareholding cap review. It notes a buyback of about 4.5% is underway and market cap of about US$6.8bn.
18 May 2007other● Neutral
Biosignal announcement about its anti-corrosion technology tested at Monash University. Santos is only one of the supporters of the testing; it carries no news about Santos's own business.
17 May 2007drilling progress report▲ Good
Third-party Drillsearch update: Kooroopa 3 (Santos 89%) showed about 16 m of combined net oil pay and was cased as a future producer. Kooroopa 2 was running logs and Bogala Central 1 was starting.
16 May 2007drilling progress report● Neutral
Third-party Beach weekly report: Narcoonowie 6 was cased and completed as a Hutton oil producer, Nuata East 1 was plugged and abandoned, and Burke 10 had a misrun test. Santos-operated Cooper wells continued.
15 May 2007material agreement▲ Good
Cooper Basin producers (Santos 66.6%) extended their ethane supply contract with Qenos, adding up to 56 PJ from late 2007 to the beginning of 2013. The price is linked to world oil prices.
10 May 2007drilling progress report▲ Good
Third-party Drillsearch update: Kooroopa 3 (Tintaburra, Santos 89%) found about 7.5 m of net oil pay, extending the Kooroopa field south. Nuata East 1 (Santos 55.5%) showed no significant hydrocarbons and was being abandoned.
10 May 2007investor presentation● Neutral
Santos presented to Singapore and Hong Kong investors, repeating 2006 record results, the Cooper Oil plan of about 190 wells in 2007, and its case for reviewing the 15% shareholding cap. No new figures.
9 May 2007drilling progress report▲ Good
Third-party Beach weekly report: Santos-operated Cooba 2, Goyder 5 and Moomba 177 (Santos 67%) were cased as gas producers, and Narcoonowie 6 was cased as a potential oil producer. Burke 10 was preparing a test.
3 May 2007drilling progress report▲ Good
Third-party Drillsearch update: Takyah 4 (Tintaburra, Santos 89%) found about 2.5 m of net oil pay and Wilson 9 (Naccowlah, Santos 55.5%) found oil pay. Both were cased as potential producers, and Takyah may get more delineation wells.
3 May 2007investor presentation● Neutral
CFO Peter Wasow's Macquarie conference presentation repeats 2006 record results and the Cooper Oil and LNG strategy, argues Santos is undervalued, and welcomes the government's review of the 15% shareholding cap. No new figures.
2 May 2007drilling progress report▲ Good
Third-party Beach weekly report: Santos-operated Caroowinnie 1 (Santos 67%) recovered 45.5 bbls of oil on a test, Wilson 9 (Santos 56%) was cased as a potential oil producer, and Moomba 176 was cased as a gas producer.
1 May 2007agm notice● Neutral
All five AGM resolutions passed: election of Roy Franklin and Kenneth Borda, re-election of Chairman Stephen Gerlach, adoption of the remuneration report, and approval of the non-executive director share plan. Routine governance outcome.
1 May 2007regulatory community update▲ GoodMajor
South Australia's Premier agreed, at Santos's request, to review the 15% single-shareholder cap in place since 1979, with the outcome due by end September 2007. Santos's board says the cap is not in shareholders' long-term interest.
