Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2006resource reserve update▲ GoodMajor
Santos booked a record 122 mmboe of 1P additions in 2005, lifting 1P reserves to 414 mmboe after 56 mmboe of production. 2P reserves rose to 774 mmboe, including 49.6 mmboe 1P from Fairview. Contingent resources rose 37% to 1,971 mmboe.
23 Feb 2006other● Neutral
Santos gave its 2006 capital expenditure outlook of $1,087m in total, including $750m on development, $112m on delineation and $225m on exploration. The exploration figure matches the budget announced in January.
23 Feb 2006auditor change● Neutral
Santos will recommend Ernst & Young as auditor from the 2006 financial year, following a competitive tender, subject to a vote at the 4 May 2006 AGM. KPMG would resign at the AGM's conclusion, subject to ASIC consent.
23 Feb 2006annual report▲ GoodMajor
Santos reported 2005 revenue up 64.1% to $2,462.8m and underlying profit up 107% to $638.7m. Net profit rose 114.8% to $762.1m. The final dividend is 20 cents per share, with record date 6 March 2006.
23 Feb 2006annual report▲ Good
Santos reported record 2005 net profit of $762m, up 115%, with the full-year dividend raised 15% to 38 cents. It guides production to 60-61 mmboe in 2006 and 62-63 mmboe in 2007, and plans over 310 wells in 2006.
23 Feb 2006investor presentation● Neutral
Presentation of the 2005 results: profit $762m, production 56.0 mmboe, reserves up and gearing 35% (up 3 points). It repeats figures released the same day, so it adds no new information.
22 Feb 2006drilling scheduled● Neutral
Third-party filing by Stuart Petroleum: it plans 12 Cooper Basin oil wells by end of May 2006. Santos, operator of the Derrilyn block, spudded Derrilyn 3 on 19 February; Stuart holds 35% there.
21 Feb 2006well test result▲ Good
Third-party filing by Sunshine Gas: Latemore 2 on the Roma Shelf (Santos 85% operator) flowed 2.5 million cubic feet a day from the Rewan Formation. The earlier Precipice test flowed 0.29 MMcfd. Drilling continues to 1,479 m.
17 Feb 2006drilling progress report▲ Good
Third-party filing by Sunshine Gas: the Latemore 2 appraisal well on the Roma Shelf (Santos 85% operator, Sunshine 15%) spudded 11 February. It showed strong gas in the Precipice Sandstone at 1,228 m, with a drill stem test about to run.
17 Feb 2006drilling progress report▼ Bad
Third-party filing by Drillsearch: the start of Mulberry 6, the first well of the Santos-operated Tintaburra program (Santos 89%), is delayed by further rig testing and maintenance. It is now expected to begin 18 February 2006.
14 Feb 2006drilling spud● Neutral
Third-party filing by Comet Ridge: drilling of two shallow core holes (Mira-1, Humboldt-1) began at Mahalo, with Santos as operator. The Mahalo 2 test slips to mid-year as Santos says a different rig is needed. Three wells would earn Comet Ridge 40%, Santos and Origin 30% each.
13 Feb 2006drilling spud● Neutral
Third-party filing by Drillsearch: Santos-operated drilling (89%) of the 51-well Tintaburra oil program is due to start 14 February 2006 with the Mulberry 6 development well. Drillsearch holds 10%.
9 Feb 2006drilling result▼ Bad
Third-party report by Origin: Kyeen Creek 1 (Santos 6.5% before, 5.5% after the well) reached 2,587 m. Tests found low permeability sandstones and only thin hydrocarbon indications. The well is being plugged and abandoned.
3 Feb 2006other● Neutral
Santos responded to media speculation about the proposed PNG Gas Project. It confirms it is doing due diligence and negotiating with stakeholders, but no definitive agreements have been concluded.
2 Feb 2006director officer appointment● Neutral
Christian Bennett, formerly Australian High Commissioner to Brunei, joined Santos in the newly created role of Group Executive, Government Strategy & Media Affairs. This is a senior hire, not a change of CEO or chair.
1 Feb 2006production update▲ GoodMajor
First gas flowed from the Santos-operated Casino field offshore Victoria (Santos 50%), ahead of schedule, a little over three years after discovery. Full production is due later in February under a 12-year contract of up to 420 PJ to TRUenergy.
1 Feb 2006resource reserve update● Neutral
Third-party filing by Sunshine Gas: it plans 2006 appraisal and coal seam gas wells. Its Roma Shelf interest is about 15%, with Santos holding about 85% as operator. Roma reserve figures are still year-end 2004 because Santos has not issued 2005 data.
1 Feb 2006production update● Neutral
Third-party filing by AWE (25% partner): confirms first commissioning gas from the Santos-operated Casino project, with full production due later in February. Repeats what Santos announced.
30 Jan 2006material agreement● Neutral
Third-party filing by Methanol Australia: it assigned its May 2006 Stena Clyde rig slot to Santos, which intends to drill in NT/P48 (Evans Shoal) subject to joint venture approval. Santos will reimburse costs and aim to provide a replacement slot by end 2007.
27 Jan 2006drilling progress report● Neutral
Third-party weekly drilling report by Origin: Kyeen Creek 1 is drilling in the Surat Basin. Santos holds a minor 6.5% interest, falling to 5.5% after the well. No result yet.
25 Jan 2006quarterly activities report▲ GoodMajor
Santos reports record 2005 sales revenue of $2.46 billion, up 64%, on production up 19% to 56.0 mmboe. It targets 60-61 mmboe in 2006. Oyong first oil is delayed to late first half 2006, with project cost up about 30% to US$130m.
25 Jan 2006drilling scheduled▲ GoodMajor
Santos announced a 25-well, $225m exploration program for 2006, up from $187m spent in 2005. Seventeen wells are outside Australia, including Egypt and the Gulf of Mexico. Lynedoch and Evans Shoal South come later in the year.
24 Jan 2006drilling spud● Neutral
Third-party filing by Cue: the Jeruk-3 appraisal well began drilling 24 January 2006 in the Sampang PSC, with Santos as operator (40.5%). It targets about 5500 m measured depth and is expected to take about 90 days.
20 Jan 2006farm in farm out agreement● Neutral
Third-party filing by Caspian: Santos will not take part in shallow oil layers in four Kyrgyz licences. It stays committed to its farm-in over ten licences, funding up to US$24m over 3.5 years to earn 80%.
20 Jan 2006drilling result▼ BadMajor
Nyari 1, an exploration well offshore East Java (Santos 67.5%, operator), reached 3693 m. The Kujung Formation target was water bearing, with no hydrocarbons. The well will be plugged, and the rig moves to Jeruk 3.
18 Jan 2006joint venture update● Neutral
Third-party filing by Great Artesian Oil and Gas: its Smegsy-1 gas well will connect to a pipeline system operated by Santos, with commissioning around 19 February 2006. Gas will be processed at Moomba.
16 Jan 2006drilling scheduled● Neutral
Third-party filing by Drillsearch: Santos, operating with 89%, has a drilling rig assembled for a 51-well oil program in the Tintaburra Block. Drilling is expected to start in late January 2006, with a second rig planned for April.
12 Jan 2006drilling result● Neutral
Third-party report: Currambar-1, the final Nockatunga well, was cased and suspended after both tests failed on packer problems. A later through-casing test is planned. Santos is operator.
12 Jan 2006joint venture update● Neutral
Third-party filing by Comet Ridge: the Santos-operated Mahalo coal seam gas earn-in program (three wells) restarts when a rig arrives in early February 2006. Most likely gas in place is over 400 Bcf.
5 Jan 2006drilling result▲ Good
Third-party report: Muthero-3 was cased as a future Birkhead oil producer after one test flowed 1030 barrels a day. Currambar-1 spudded 29 December 2005. Santos operates both Nockatunga wells (59.064%).
