Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 June 2006drilling progress report● Neutral
Third-party filing by Cue: Jeruk-3 ST1 reached 5,086 m MD after cutting a core with oil shows, and drilling continues to find the oil/water contact. Herbras-1 was at 2,428 m, drilling ahead (Santos 40.5% operator).
19 June 2006drilling result▲ Good
Third-party filing by Tap Oil: Amulet-3 found a 15 m gross oil column up-dip, about 700 m south-east of Amulet-1, likely connected to the Amulet-2 oil. It will be plugged and abandoned as planned; further drilling is likely later.
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.
