Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2007agm notice● Neutral
AGM speeches: Chairman said 2006 shareholder return was negative 17%, the first annual share price fall in five years, blamed partly on the Jeruk downgrade and the Indonesian mudflow. Operations hit records; full-year dividend 40c, up 5%.
26 Apr 2007resource reserve update▲ Good
Third-party Nexus announcement: Nexus declared Longtom commercial, booking 350 PJ of gas and 4 million barrels of condensate. First gas is forecast for Q3 2008. Revised gas sales agreement signed with Santos, which can take up to 35% of the project.
26 Apr 2007contract award▲ GoodMajor
Santos signed conditional contracts with Nexus to process and buy up to 350 PJ of Longtom gas over at least 10 years through its Orbost plant, starting between Q3 2008 and Q1 2009. Santos also holds an option on up to 35% of Longtom.
26 Apr 2007drilling progress report▲ Good
Third-party Drillsearch update: Ipundu North 12 (Tintaburra, Santos 89%) and Graham 2 (Naccowlah, Santos 55.5%) found oil pay and were cased as future producers. Fajita 1 was water wet and abandoned.
24 Apr 2007quarterly activities report▲ Good
Santos reported record first-quarter production of 14.5 mmboe, up 5%, while sales revenue fell 7% to $580.9m on lower realised liquids prices and a stronger A$. Fairview coal seam gas has doubled to 55 TJ/d, targeting 70 TJ/d.
24 Apr 2007drilling progress report● Neutral
Third-party Beach weekly report: Santos-operated wells (Santos 56-67%) in the Cooper Basin continued. Graham 2 was cased and suspended as a successful oil well, Fajita 1 was plugged and abandoned, and Moomba 39 ST1 was a successful gas well.
20 Apr 2007drilling progress report● Neutral
Third-party Drillsearch update: Endeavour 37 (Tintaburra, Santos 89%) was abandoned on poor reservoir quality. Ipundu North 12 is the 100th well in the Cooper Oil Project's Tintaburra program. Jackson South 11 was cased as a future oil producer.
18 Apr 2007drilling progress report▲ Good
Third-party Beach weekly report: Santos-operated Fly Lake 21 (Santos 67%) was cased and suspended at 2,965.5 m. Jackson South 11 and Tostada 1 (Santos 56%) were also cased and suspended as successful oil wells.
12 Apr 2007drilling progress report▲ Good
Third-party Drillsearch update: Endeavour 29 (Tintaburra, Santos 89%) found about 4.5 m of potential net oil pay. Tostada 1 found about 4.5 m of potential pay, and Jackson South 10 was cased as a future oil producer. All three wells were cased and suspended.
11 Apr 2007material agreement● Neutral
Third-party Oil Search announcement: a cost sharing agreement to study a PNG LNG project, with studies running to 30 March 2008. Santos funds 17% and buys PNG Gas Project FEED data, for about US$9.0m paid to Oil Search.
11 Apr 2007material agreement▲ GoodMajor
Santos signed a cost sharing agreement with ExxonMobil, Oil Search and Nippon Oil for a pre-FEED study of a 5.0-6.5 mtpa PNG LNG plant based on Hides (Santos 25%), targeting first cargo in 2012-13. Santos funds 17%; the study is due by end 2007.
11 Apr 2007drilling progress report▲ Good
Third-party Beach weekly report: Santos-operated Jackson South 10 (Santos 56%) was cased and suspended as an oil well. Moomba 36 ST1 was a successful gas well, and Jackson South 11 and Tostada 1 were drilling, Tostada 1 preparing a test.
10 Apr 2007admin correction● Neutral
Santos advised that its share register address changed from 10 April 2007 to its registered office at 60 Flinders Street, Adelaide, with new phone and fax numbers. Administrative notice only.
5 Apr 2007drilling result▲ Good
Third-party Magellan report: Thungo-11 at Nockatunga (Santos 61.006% operator) was cased as a future oil producer, completing a 10-well program in which all ten wells were cased for production. Several wells are expected online within two months.
5 Apr 2007farm in farm out agreement● Neutral
Third-party Tap announcement: Tap will earn a 15% interest in the Totem block of Santos-operated WA-191-P from Nippon if Totem is a commercial discovery, taking Tap's Totem-1 interest to 23.2%. Totem-1 is expected in Q2 2007.
5 Apr 2007drilling progress report▼ Bad
Third-party Drillsearch update: Endeavour 31 (Tintaburra, Santos 89%) was dry and abandoned, and Tequila 1 (Naccowlah, Santos 56%) was abandoned after recovering only about 1 barrel of oil-cut mud. Tostada 1 and Jackson South 10 were drilling.
4 Apr 2007drilling progress report● Neutral
Beach weekly report: Santos-operated Tequila 1 (Santos 56%) was plugged and abandoned at 1,588 m after a test recovered only a little oil-cut mud. Fly Lake 23 and Barina 8 were cased as gas wells.
3 Apr 2007dividend declaration● Neutral
Santos set the FUELS dividend rate at 5.7085% a year (8.1550% grossed up) for 31 March to 29 September 2007. This is a floating rate, 1.55% above the bank bill swap rate. It was amended the same day.
3 Apr 2007admin correction● Neutral
Santos corrected its FUELS dividend rate to 5.7027% a year (8.1467% grossed up) from 5.7085%, using a bank bill swap rate of 6.5967% rather than 6.6050%. Same period, 31 March to 29 September 2007.
30 Mar 2007drilling progress report▲ Good
Third-party Drillsearch update: Mulberry 44 at Tintaburra (Santos 89% operator) found about 7 m net oil pay and was cased as a producer. Tequila 1 in Naccowlah (Santos 56%) had oil shows, with logging tools stuck.
29 Mar 2007annual report● Neutral
Santos released its 2006 Annual Report, covering the 2006 results already announced, including the Remuneration Report. The extract shows only the cover and contents, so no new figures can be drawn from it.
29 Mar 2007regulatory community update● Neutral
Santos released its 2006 Sustainability Report, which includes discussion of the Banjar Panji well incident. The extract shows only the contents and introduction, so no new financial figures can be taken from it.
27 Mar 2007asset acquisition disposition● Neutral
Third-party Tap announcement: Tap is buying Woodside's 8.2% of WA-191-P, a permit operated by Santos (33.4%) near the Amulet discovery. Totem-1 is expected in Q2 2007 and Fletcher-1 around mid-2007.
22 Mar 2007drilling progress report● Neutral
Third-party Magellan report: Santos-operated Kamel-1 at Nockatunga (Santos 61.006%) reached 1,391 m with Murta oil shows, and a drill stem test is under way. Non-Santos Burrum-2 coal seam well found low permeability and was abandoned.
22 Mar 2007drilling progress report▲ Good
Third-party Drillsearch update: Huckleberry 2 at Tintaburra (Santos 89% operator) found 2-3 m net oil pay, called a potentially significant extension of the Mulberry field. Gunna North 1 (Santos 56%) found 2.4 m net pay.
22 Mar 2007joint venture update▲ Good
Third-party Beach announcement: Beach will join the Santos-operated Cooper Oil Program, with at least 24 wells in the Naccowlah Block this quarter at a cost of A$21m to Beach. Beach also plans Kewarra-1 in ATP 633P.
21 Mar 2007drilling progress report▲ Good
Beach weekly report: Santos-operated Epsilon 11 (Santos 67%) was cased and suspended as a gas well at 2,221 m. Gunna North 1 (Santos 56%) found 2.4 m net oil pay. Fly Lake 23 and Dullingari 60 are drilling.
15 Mar 2007drilling progress report▲ Good
Third-party Magellan report: Santos-operated Muthero-6 reached 1,446 m TD with oil shows and is being cased as a future oil producer (Santos 61.006%). Burrum-2, a non-Santos coal seam gas well, continues coring.
15 Mar 2007drilling progress report● Neutral
Third-party Mosaic weekly report: Downlands South-1 (PL 119, Santos 14.87%) is drilling at 960 m toward a planned 1,927 m. No new results.
15 Mar 2007drilling progress report● Neutral
Third-party Drillsearch update: at Tintaburra (Santos 89% operator), Mulberry 30 (about 2 m net pay) and Mulberry 42 (about 2.5 m) were cased as producers. Mulberry 45 found no oil shows and tight reservoir, and was plugged and abandoned.
