Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 June 2006drilling result▲ Good
Third-party filing by Cue: SE Gobe 13 sidetrack was completed as a water injector, expected to add about 1.75 million barrels of recovery. This follows the earlier miss of the Iagifu sandstone. Rig moves to SE Gobe 14 (Santos 9.39%).
16 June 2006drilling progress report▲ Good
Third-party filing by Drillsearch: 16 of 17 Tintaburra wells (94%) found oil, with 6 producing and 34 more wells likely into October. Drillsearch expects revenue above $12m a year into 2007 (Santos 89% operator). Targets are Drillsearch's.
15 June 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Mulberry 17 (about 2 m oil pay) was cased as a future producer. Gimboola 5 spudded, Endeavour 8 showed oil, and Chancett 1 was about to spud in Tintaburra (Santos 89% operator).
15 June 2006drilling scheduled● Neutral
Third-party filing by Tap Oil: a third Amulet sidetrack (Amulet-3) is about to start, taking about 3 days, to test the eastern extent of the upper oil sand found in Amulet-2.
14 June 2006resource reserve update▲ GoodMajor
Third-party filing by Tap Oil: Amulet lower pool estimated at ~24 mmbbl oil in place, 10-15 mmbbl recoverable, with a second pool found. Commercial development 'appears achievable'. If developed, Santos (37.3684%) must repay 15 times Amulet-1's cost from first oil revenue.
13 June 2006drilling result▲ Good
Third-party filing by Tap Oil: the Amulet-2 sidetrack hit the Amulet-1 oil sand about 450 m south-east, extending the discovery, plus a separate 6 m oil sand. Santos is permit operator (37.3684%). Volumes await core analysis.
9 June 2006flow test result▲ GoodMajor
Jeruk-3 (Sampang PSC, Santos 40.5% operator) was retested after an earlier test was cut short. A 48-hour test stabilised at about 2,750 barrels a day, below the earlier 3,200 figure, and was limited by surface facilities. Drilling ahead to find the oil/water contact.
9 June 2006flow test result▲ Good
Third-party filing by Cue repeating Santos's Jeruk-3 update: a 48-hour stabilised flow of about 2,750 barrels a day after repairs. Drilling continues to find the oil/water contact. No new information.
8 June 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Mulberry 15 (about 8 m of oil pay) and Mimosa 1 (about 6 m) were cased as future producers in Tintaburra (Santos 89% operator). A third rig joined, and weekly updates now come on Thursdays.
7 June 2006drilling progress report▼ Bad
Third-party filing by Antares: KMF 228-1 in Kenedy County, Texas (Santos USA operator, Antares 5%) is at 13,415 ft. A 9 5/8 inch liner became stuck, was retrieved and is being re-run. The well spudded 4 April.
6 June 2006director officer appointment▼ Bad
Santos announced the sudden death of director Christopher John Recny after a brief illness. This is a board vacancy; no replacement is mentioned.
6 June 2006drilling progress report● Neutral
Third-party filing by Drillsearch: Huckleberry 1 was plugged and abandoned because the reservoir was too tight. Mimosa 1 (about 6 m of pay) will be cased as a producer, and Mulberry 15 reached TD (Santos 89% operator).
5 June 2006drilling result● NeutralMajor
Third-party filing by Tap Oil: Amulet-1 (WA-8-L) is a new oil discovery with a net oil column of about 20 m, but below pre-drill expectations and commerciality is unproven. Santos (37.3684%) has now elected to join the ongoing evaluation, with a JOA cost-recovery penalty if it develops.
2 June 2006admin correction● Neutral
Administrative filing of the new constitution and proportional takeover provision that shareholders adopted at the 4 May 2006 AGM. No new information beyond that approval.
31 May 2006drilling progress report● Neutral
Third-party filing by Tap Oil: Amulet-1 in permit WA-8-L hit a possible hydrocarbon zone of up to 26 m gross. Santos, the permit operator with 37.3684%, is not funding this Tap and Kufpec sole-risk well. Results are still preliminary.
30 May 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Endeavour 11 (about 5 m of oil pay) was cased as a producer. Huckleberry 1 was drilled and was under test with good shows. Mimosa 1 is next in Tintaburra (Santos 89% operator).
24 May 2006farm in farm out agreement● Neutral
Third-party filing by Mosaic: Mosaic and Santos farmed out Surat-Bowen acreage (PL 119, Bainbilla block) to Ausam, which can earn up to 35% by spending up to $6.5m on seismic and wells. Santos's interest would fall from 16.667% to 10.8336% at full earn-in.
24 May 2006material agreement● Neutral
Third-party filing by Biosignal: Santos will fund and give technical support to develop an anti-corrosion product for oil and gas pipelines. Bench trials should finish around early Q4 2006. No amount is stated.
24 May 2006drilling spud● Neutral
Third-party filing by Cue: Herbras-1 began drilling on 24 May in the Sampang PSC (Santos 40.5% operator), in 24 m of water. It is a vertical well testing sandstone targets and follows the Dukuh-1 dry hole.
23 May 2006drilling progress report▲ Good
Third-party filing by Drillsearch: Mulberry 12 (3-4 m of oil pay) was cased as a future producer in the Tintaburra block (Santos 89% operator). Endeavour 11 and near-field well Huckleberry 1 have spudded.
18 May 2006flow test result▲ GoodMajor
Jeruk-3 appraisal well in Indonesia's Sampang PSC (Santos 40.5% operator) flowed oil at about 3,200 barrels a day, limited by surface facilities. This is a positive early appraisal result for the Jeruk discovery; testing continues, then drilling ahead.
18 May 2006drilling result▼ BadMajor
Third-party filing by Cue: Dukuh-1 in the Sampang PSC (Santos 40.5% operator) found no significant hydrocarbons and is being plugged and abandoned. The rig moves to Herbras-1. This is a dry hole for the 2006 Indonesian program.
18 May 2006flow test result▲ Good
Third-party filing by Cue repeating Santos's Jeruk-3 update: about 3,200 barrels of oil a day, limited by surface facilities. It restates the Sampang PSC and Jeruk interests; no new information.
16 May 2006drilling result▲ Good
Third-party filing by Drillsearch: Gimboola 3 (about 3 m of oil pay) and Endeavour 5 (about 14 m) were cased as future oil producers in the Tintaburra block (Santos 89% operator). Mulberry 12 spudded 13 May. Two rigs now operate in the 51-well program.
12 May 2006drilling progress report● Neutral
Third-party update by Cue: Jeruk-3 sidetrack was about to core the Kujung limestone, and Dukuh-1 was at 2,685 m. SE Gobe-13 (Santos 9.39%) is being sidetracked east after thrust faults meant it missed the Iagifu sandstone target.
10 May 2006asset acquisition disposition▲ GoodMajor
Third-party filing by Sunshine Gas: it signed a binding agreement to sell its roughly 15% Roma Shelf interest to Santos for A$10m cash, subject to Sunshine shareholder approval. If completed, Santos would hold the whole Roma Shelf (PL 5) rather than about 85%.
9 May 2006asset acquisition disposition● Neutral
Third-party filing by Woodside confirming it agreed to sell its 30% of VIC/RL2 (Kipper gas field) to Santos, effective 1 July 2005 and subject to regulatory approval. It repeats Santos's same-day announcement; no new terms.
9 May 2006asset acquisition disposition▲ GoodMajor
Santos bought Woodside's 30% of VIC/RL2, lifting its Kipper gas field interest in Bass Strait from 14% to 35%, subject to government approvals. Gross resource is about 620 Bcf of gas plus 30 million barrels of liquids; first gas is expected 2009, subject to funding and approvals.
8 May 2006drilling progress report● Neutral
Third-party filing by Sunshine Gas: Coxon Creek 4 (Santos 85% operator) has been cased and completed and now awaits production testing. The rig moves to Coxon Creek 5, the last well of the current pilot program. Follows the earlier 1.074 MMcfd open hole flow.
5 May 2006investor presentation● Neutral
CFO Peter Wasow presented 'A strategy on track' at a Macquarie conference. It restates the core-area strategy, Fairview sales up 67%, the $100m Timor/Bonaparte program and 2006 wells in Indonesia, Vietnam, US and Egypt. No new announcements in the excerpt.
