Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2006other▲ Good
At the AGM the chair noted 2005 total shareholder return of 49% and the 38c dividend. The MD outlined a $100m commitment to accelerate Timor/Bonaparte exploration and appraisal, aimed at possible LNG expansion. The Timor/Bonaparte spend is the new element; the rest repeats known results.
4 May 2006other▲ Good
Full text of the chair's and MD's AGM addresses. It repeats the 2005 results already announced (revenue +64% to $2.5bn, NPAT $762m, 38c dividend, 218% proven reserve replacement) and the strategy. No new material information visible in the excerpt.
2 May 2006drilling progress report▲ Good
Third-party weekly update by Drillsearch: Mulberry 11 (Santos 89% operator) met several hydrocarbon zones in the middle Birkhead and was cased as a future oil producer. The rig moves to Mulberry 16, while a second rig prepares to spud Endeavour 5.
2 May 2006flow test result▲ Good
Third-party filing by Sunshine Gas: Coxon Creek 4 (Santos 85% operator) flowed gas at up to 1.074 MMcfd on an open hole test at 299 m. It is the third of up to four pilot wells, and testing and completion should take about 11 days.
27 Apr 2006drilling result● Neutral
Third-party filing by Drillsearch: Mulberry 13 (Santos 89% operator) was cased as a potential water injection well, not an oil producer. Mulberry 11 spudded 24 April. Seven of 51 planned wells are done; a second rig is due in May and reporting moves to weekly.
26 Apr 2006farm in farm out agreement▲ GoodMajor
Santos entered Vietnam for the first time, farming into Premier Oil-operated Blocks 12E and 12W in the Nam Con Son Basin for a 37.5% interest, up from nil. It funds part of a two-well program; Dua-4X is to start drilling in early May 2006, followed by the Blackbird well.
26 Apr 2006material agreement▲ Good
Third-party filing by AWE: the VIC/L 24 (Casino) participants, including Santos as 50% operator, signed an extra gas sales contract with TRUenergy for about 5 PJ minimum, to be delivered in the rest of 2006. It adds to the existing 420 PJ contract.
24 Apr 2006regulatory community update▲ Good
Third-party filing by Mosaic Oil: the Queensland Government awarded the Churchie West joint venture a 23-year, 46 sq km production lease (PL 213). Mosaic holds 83.333% as operator and Santos 16.667%.
21 Apr 2006drilling result▼ Bad
Third-party filing by Drillsearch: Mulberry 13 (Santos 89% operator), spudded 16 April, reached TD of 1,349 m with only poor to fair oil shows over 15 m in the Birkhead. Logging follows; this is weaker than the earlier Mulberry wells.
19 Apr 2006flow test result▲ Good
Third-party filing by Sunshine Gas: Coxon Creek 3 (Santos 85% operator) reached 407 m, flowed gas up to 830 thousand cubic feet a day from a sandstone and was cased for production testing. It is the second of four pilot wells; Coxon Creek 4 spuds next.
18 Apr 2006drilling result▲ Good
Third-party filing by Drillsearch: Mulberry 10A (Santos 89% operator) reached 1,349 m and logs showed 4 m of net oil pay in the Birkhead. It was cased as a future producer, extending the reservoir south of Mulberry 9 and 14. The rig moves to Mulberry 13.
13 Apr 2006drilling progress report● Neutral
Third-party report by Drillsearch: Mulberry 10 was abandoned at 218 m after its surface casing failed a pressure test. The rig moved 5 m to Mulberry 10A, which spudded 10 April and was at 1,183 m with good oil shows in the Westbourne Formation.
11 Apr 2006drilling result▲ Good
Third-party filing by Drillsearch: Mulberry 14 (Santos 89% operator) was cased and suspended as a future oil producer, with about 10 m of net oil pay in the mid Birkhead. The rig moves to Mulberry 10.
6 Apr 2006drilling spud● Neutral
Third-party filing by Cue: Dukuh-1 exploration well began 5 April in the Sampang PSC offshore East Java, about 10 km south of the Jeruk discovery. It tests a four-way dip closure to 3,200 m in about 44 days. Santos operates with 40.5%.
6 Apr 2006drilling result▲ Good
Third-party filing by Drillsearch: Mulberry 14 (Santos 89% operator) reached 1,360 m with strong oil shows over 16 m (1,241-1,257 m) in the Birkhead Formation. Drillsearch calls it a significant extension of the Mulberry oil pool. Wireline logging is next.
5 Apr 2006drilling progress report● Neutral
Third-party report by Drillsearch: Mulberry 14 (Santos 89% operator) was drilling ahead at 905 m on 4 April, having drilled 687 m in 24 hours. No result yet.
4 Apr 2006drilling spud● Neutral
Third-party filing by Drillsearch: Mulberry 14 delineation well (Santos 89% operator) spudded 1 April, reaching 218 m with surface casing set. It targets the Birkhead Formation at about 1,250 m, planned TD 1,340 m. It follows Mulberry 9 in the sequence.
4 Apr 2006drilling spud● Neutral
Third-party filing by Antares: Santos USA-operated KMF 228-1 well in Kenedy County, Texas spudded 3 April, targeting a deep Frio prospect to 18,200 feet in about 80 days. Antares holds 5%; its un-risked estimate is 225 Bcf. Santos's own interest is not stated.
4 Apr 2006drilling spud● Neutral
Third-party filing by Cue: SE Gobe-13 began drilling 30 March in Papua New Guinea, following the SEG-11 and SEG-12 successes. It is planned to reach 2,200 m measured depth in about 35 days. Santos's subsidiary Barracuda holds 9.39% of the unit.
31 Mar 2006other● Neutral
Santos set the dividend rate on its FUELS securities at 5.0412% a year for 31 March to 29 September 2006 (7.2017% grossed up for franking). It is a routine reset at 1.55% over the bank bill rate; it does not affect ordinary shares.
31 Mar 2006director officer appointment● Neutral
Santos promoted Trevor Brown to Vice President Geoscience and New Ventures, succeeding the retiring Jacques Gouadain. He will lead exploration, including the planned $225m, 25-well program in 2006 with a record 17 wells outside Australia.
31 Mar 2006drilling result▲ Good
Third-party filing by Drillsearch: Mulberry 9 (Santos 89% operator) reached 1,337 m, found fair to good oil shows at 1,245-1,251 m in the Birkhead Formation and was cased. It is the fourth successive well to extend the Mulberry field. The rig moves to Mulberry 14.
31 Mar 2006drilling progress report● Neutral
Third-party weekly report by Origin: Newstead 11 gas injector (Santos QNT 12.5%) was drilled to 1,508 m and cased, with a gas show noted in the Moolayember Formation for later evaluation. The rig moves to Ogilvie Creek 1.
30 Mar 2006annual report● Neutral
Santos lodged its 2005 Annual Report, with the corporate directory, contents and full financial report. The excerpt shown is mostly cover and index material. The results were already announced on 23 February.
30 Mar 2006annual report▲ Good
Santos said its annual report was lodged and that 2005 production rose 19% to 56.0 mmboe. It expects more than 60 mmboe in 2006, above the 57.3 mmboe peak of 2002. The 310-well 2006 program includes 25 wildcats.
29 Mar 2006drilling progress report● Neutral
Third-party report by Drillsearch: Mulberry 9 (Santos 89% operator) was at 1,025 m on 29 March and drilling ahead. Birkhead target is about 1,250 m. No result yet.
27 Mar 2006drilling result▲ Good
Third-party filing by Drillsearch: Mulberry 8 (Santos 89% operator) found 12 m of good reservoir in the mid Birkhead oil interval. It extends the Mulberry pool 850 m south-west of Mulberry 5 and was cased. The rig moves to Mulberry 9.
27 Mar 2006drilling spud● Neutral
Third-party filing by Drillsearch: Mulberry 9 (Santos 89% operator) spudded 26 March and reached 218 m. It targets the Birkhead Formation at about 1,250 m, to a planned 1,345 m. It is the fourth well of the Tintaburra program.
23 Mar 2006drilling result▲ Good
Third-party filing by Drillsearch: Mulberry 8 (Santos 89% operator) reached 1,344 m with fair to good oil shows at 1,248-1,260 m in the Birkhead Formation. Drillsearch calls it a pleasing extension of the Mulberry pool. Logging is next.
23 Mar 2006drilling progress report● Neutral
Third-party weekly report by Origin: Santos QNT (12.5%) is a partner in the Newstead 10 and 11 gas injection wells in the Surat Basin. Newstead 10 was cased as a future injector, and Newstead 11 was drilling. Nothing material for Santos.
