Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Dec 2006regulatory community update▼ Bad
The ACCC pushed its final decision on the QGC acquisition from 7 December to 31 January 2007, blaming Santos's delay in answering an information request. Santos has until early January to respond, so the bid timetable lengthens.
11 Dec 2006asset acquisition disposition● NeutralMajor
Santos plans to sell all its US exploration and production interests (2.1 million boe produced in 2005, over 180,000 gross acres in Texas and Colorado), appointing Scotia Waterous. It redeploys capital to Australia, Asia and the Middle East, reversing earlier Jaguar/Cougar Texas activity.
11 Dec 2006asset acquisition disposition● NeutralMajor
Third-party filing by Innamincka: it will exercise pre-emption on VFI's 65% of PEL 103 (US$8m), blocking Santos there. It did not pre-empt ATP 543P South, so Santos's US$9m for VFI's 50% proceeds, making Santos a partner.
11 Dec 2006material agreement● Neutral
Santos extended its A$1.26 cash QGC offer by 42 days to 31 January 2007 and moved the conditions-status notice to 23 January. The offer is still not freed from conditions and none is fulfilled; Santos holds 3.88% of QGC.
8 Dec 2006investor presentation▼ Bad
Santos released a briefing on the Banjar Panji-1 incident. It outlines the chronology and the operator Lapindo's view that an earthquake triggered it, versus Medco's gross negligence claim. Santos holds 18% of the Brantas PSC. Largely restates known facts.
7 Dec 2006drilling result● Neutral
Third-party filing by Drillsearch: Endeavour 41 in Santos's Tintaburra block had poor shows and was abandoned. Zenoni 1 has Murta oil shows and is being tested. Endeavour 20 is drilling. Routine drilling.
6 Dec 2006drilling progress report● Neutral
Third-party Beach report: Yanda-21 (Santos 55% operator) was cased as a Murta oil producer. Talia-1 was plugged and abandoned. Big Lake-83, Psyche-5 and Yanda-22 continue drilling. Routine.
5 Dec 2006drilling result▼ Bad
Third-party filing by Tap: Bricklanding-1 reached 3,131 m with only minor gas shows and is being plugged and abandoned. Confirms the dry hole in TP/7, where Santos holds 63.369% as technical operator.
5 Dec 2006drilling result▼ BadMajor
Third-party filing by Pan Pacific: Bricklanding-1 reached 3,000 m with no hydrocarbon shows or log anomalies and will be plugged and abandoned. A dry hole for Santos, which holds 63.369% as technical operator.
4 Dec 2006drilling result● Neutral
Third-party filing by Drillsearch: Endeavour 21 in Santos's Tintaburra block found about 3 m of pay and was cased. Aros 2 recovered no hydrocarbons and was abandoned. Endeavour 41 and Zenoni 1 are next. Routine drilling.
1 Dec 2006asset acquisition disposition▲ GoodMajor
Third-party filing by Innamincka: partner Vernon Faulconer accepted Santos offers to buy its Cooper Basin interests, US$8m for 65% of PEL 103 and US$9m for 50% of ATP 543P South, US$17m total. Innamincka has 10 days to match.
29 Nov 2006drilling progress report● Neutral
Third-party filing by Pan Pacific: Bricklanding-1 had drilled to 1,830 m of a planned 3,000 m. Santos holds 63.369% as technical operator. No result yet.
29 Nov 2006drilling progress report● Neutral
Third-party Beach weekly report: Yanda-24 (Santos 55% operator) was cased as a future Murta oil producer, and Yanda-21 and Big Lake-83 are drilling or logging. Rising Fast-1 was plugged and abandoned. Routine.
29 Nov 2006drilling progress report● Neutral
Third-party filing by Tap: Bricklanding-1 had drilled to 1,906 m, with about ten days left to reach its 3,000 m target. Santos is technical operator with 63.369%. Routine.
29 Nov 2006well test result▲ GoodMajor
Santos's Barossa-1 in the Timor/Bonaparte basin confirmed gas, flowing about 30.1 million cubic feet per day from the better interval, limited by equipment, with about 16% carbon dioxide. Santos holds 40%. Caldita-2 appraisal and 3D seismic follow.
24 Nov 2006resource reserve update▼ Bad
Third-party filing by Cue Energy repeating Santos's Jeruk update: upside recoverable oil most likely under 50 million barrels, appraisal drilling on hold. Santos operates Sampang PSC with 40.5%.
24 Nov 2006drilling result▼ Bad
Third-party filing by Drillsearch: Bingilberry 1 and Hakheem 1 exploration wells in Santos's Tintaburra block had oil shows but tests recovered only water, and both were plugged and abandoned. Endeavour 21 is about to spud. Routine drilling.
24 Nov 2006resource reserve update▼ BadMajor
Santos says the Jeruk oil discovery's upside recoverable resource is most likely under 50 million barrels, with substantial uncertainties. Further appraisal drilling is on hold pending development review. This follows the disappointing Jeruk-3 appraisal.
23 Nov 2006production update▼ BadMajor
A Pertamina gas pipeline failure near the Banjar Panji 1 site caused casualties, and Santos shut in Maleo gas production. Maleo, which began flowing 3 October, was about 7,000 boe/d net to Santos before the incident.
22 Nov 2006drilling spud● Neutral
Third-party filing by Pan Pacific: Bricklanding-1 in TP/7 (Part 3) spudded 22 November, targeting about 3,000 m. Santos holds 63.369% as technical operator, Apache operator 20%.
22 Nov 2006drilling spud● Neutral
Third-party filing by Tap: Bricklanding-1 started drilling, expected to take about 25 days to a 3,000 m target. Santos holds 63.369% as technical operator. Repeats the Pan Pacific notice.
21 Nov 2006business combination● NeutralMajor
Santos applied to the Takeovers Panel, claiming QGC's Target's Statement is deficient and omits a recent expert reserves report. It wants the statement withdrawn and replaced. The Panel has not yet decided whether to hold proceedings.
21 Nov 2006investor presentation● Neutral
Santos released a coal seam gas conference presentation by its gas marketing VP. It describes the CSG industry and Santos's Scotia and Fairview projects, including Fairview production up 67% since acquisition. Largely repeats known facts.
20 Nov 2006business combination● Neutral
Santos extended its $1.26 offer for QGC by 19 days to close 19 December 2006, with defeating-conditions notice moved to 11 December. None of the conditions has been fulfilled yet. Santos held 3.87% of QGC.
17 Nov 2006business combination● Neutral
Supplementary Bidder's Statement for the QGC offer. Text is garbled and unreadable, so contents cannot be summarised. The cover letter (next item) indicates an extension of the offer. Text not readable.
17 Nov 2006drilling result▲ GoodMajor
Santos's Blackbird well in Vietnam Block 12E found four oil-bearing intervals with over 70 m net pay at 4,058 m, following the Dua finds. Flow tests are being prepared. Vietnam approvals for the Premier farm-out to 37.5% are also now received.
16 Nov 2006drilling result▲ Good
Third-party filing by Drillsearch: Endeavour 15 in Santos's Tintaburra block (89% operator) found about 14 m of net oil pay and was cased as a future producer. Bingilberry 1 and Hakheem 1 exploration wells are underway. Routine drilling.
15 Nov 2006business combination● Neutral
QGC lodged its Target's Statement responding to Santos's $1.26 offer. The text provided is garbled and unreadable, so its contents cannot be summarised. Text not readable.
15 Nov 2006drilling progress report▲ Good
Third-party filing by Beach: Yanda-23 in PL 61 (Santos 55% operator) was cased and suspended as a Murta oil producer at 1,931 m. Other wells listed do not involve Santos as a named participant. Routine development drilling.
10 Nov 2006business combination● Neutral
Santos said a spokesperson was misquoted in a newspaper article about the QGC bid and that the statement should be ignored. It restated that its $1.26 offer remains fair. No change to terms.
