Santos Limited advises that it has sold a total of 4,723,095 fully paid ordinary shares in Magellan Australia Petroleum Limited at $1.25 per share.
This sale represents Santos’ entire remaining holding in Magellan and follows the sale of 3.8 million shares in February 2004.
The divestment is in line with the Company’s policy to divest non-core assets.
Santos Limited, on behalf of the Cooper Basin Joint Ventures, notes today’s announcements by the Australian Pipeline Trust (APT) – owner of the Sydney-to-Moomba gas pipeline – and gas retailer/distributor, AGL Limited, regarding their management decisions on pressure levels in the pipeline. Santos does not expect the APT/AGL pipeline pressure decisions to impact on its…
Santos Limited (Santos) announced today that, given Sunovs decision not to proceed with its bid for Novus Petroleum Limited (Novus), Santos has agreed with PT Medco Energi Internasional Tbk (Medco) to acquire part of Novus Indonesian interests and all of Novus Cooper Basin interests. Sunov Bid Sunov has announced that it has decided that it…
The new areas are in the shallow waters of the Gulf of Mexico, where winning lease bids have now all been formally awarded, and onshore East Texas. Exploration drilling is scheduled for both areas in the second half of the current calendar year. Santos said today that its wholly-owned subsidiary, Santos USA Corp. (SUSAC), had…
Santos Limited advises that it has achieved another significant milestone towards returning the Moomba plant in central Australia to normal oil and gas operations. This involved the successful reinstatement over the weekend of Train-A, one of two liquids recovery plants at the Moomba operation. Both the A and B liquids recovery trains had not been…
Santos Limited expects its annual results to improve significantly in 2005 following the previously forecast downturn in the current calendar year. Addressing the Company’s Annual General Meeting in Adelaide today, Santos Chairman, Mr Stephen Gerlach, outlined several factors that would contribute to strong growth in production, cash flow and earnings in 2005. “Santos has entered…
Santos Limited today announced details of its new business improvement program which will enhance the oil and gas groups future profits. Features of the program are a new senior leadership team, a dramatic reduction in executive reporting structures, and a 16% reduction in staff and contractor numbers. Detailing the improvement program, Santos Chief Executive Officer,…
The conditional agreement is designed to provide Origin with access to up to 200 petajoules (PJ) of gas at the Moomba Gas Hub in central Australia, with a mechanism to increase these quantities. Details in the agreement will be finalised through ongoing negotiations. It is expected that the first gas to be swapped under the…
Santos Limited today reported lower production, sales volumes and revenue for the opening quarter of 2004, principally attributable to the 1 January 2004 incident at Moomba. Total production for the three months ended 31 March 2004 was 9.7 million barrels of oil equivalent (mmboe) compared with 13.0 mmboe in the previous corresponding period. Sales volume…
Santos Limited advises that full gas processing capacity has been achieved from the Moomba plant, ahead of schedule. Total Moomba gas production capacity has now achieved levels of approximately 630 terajoules per day – which equates with pre-incident capability – as a result of the resumption of processing through the Liquids Recovery Plant B train…
Santos Limited announced today another significant achievement in the development of the US$1.8 billion liquids phase of the Bayu-Undan project in the Timor Sea. The project operator, ConocoPhillips, has advised that the first shipment of 340,000 barrels (gross) of condensate destined for the Asian market from the Bayu-Undan development project was completed on 30 March…
Santos Limited announced today that it has entered into a non-binding Heads of Agreement with BP Singapore Pte Limited to market Santos crude oil and natural gas liquids (naphtha and export LPG). Santos will now work to negotiate and conclude a Marketing Services Agreement with BP. Marketing of crude oil and natural gas liquids has…
Santos Limited has entered 2004 the year marking the Company’s 50th anniversary with six company-building projects located in South East Asia, the Timor Gap and offshore Western Australia and Victoria, Managing Director, Mr John Ellice-Flint, says in the latest Annual Report. “Three of these have been approved and are under development. We expect approvals on…
Santos Limited today announced that it is targeting growing oil production from its Cooper Basin assets. Speaking at a PESA symposium in Adelaide today, Santos Exploration Manager Central Business Unit, Mr John Chambers, said that after a 17 year period of decline, Cooper Basin oil production was expected to be stable in 2004 and then…
2003 Annual Report
Santos Limited (Santos) announced today that it had entered into an agreement with Sunov Petroleum Pty Ltd (the Crosby Capital Partners/Dr Bob Williams bid vehicle) (Sunov) to acquire Novus Petroleums (Novus) Indonesian and Cooper Basin assets. The agreement is conditional on Sunovs offer for Novus being successful. Santos agreement with Sunov Santos has agreed to…
Santos Limited advises that investigations into the cause of the 1 January 2004 fire at the Moomba Gas Plant are continuing. As previously reported, the cause of the gas release that led to the fire was the unforeseen failure of a heat exchanger (cold box) inlet nozzle in the Liquids Recovery Plant (LRP) – the…
Santos Limited announces that its wholly owned subsidiary, Santos Offshore Pty Ltd, has agreed to farm-out 25% of its equity in the Exploration Permit WA-264-P to Beach Petroleum Limited. The Permit is located in offshore Western Australia and contains the Corowa-1 oil discovery. Under the agreement, the Santos Group will sell down 16.67% of its…
The Board of Santos Ltd is pleased to announce that former senior BP executive, Mr. Richard Michael Harding MSc, who is respected internationally in the oil and gas industry, has been appointed a Director, effective 1 March, 2004. Mr. Harding, aged 54, retired in 2003 from BP Exploration Australia where, from 1996, he held the…
Front end engineering work to develop the estimated $200 million Casino gas field offshore western Victoria, has been given approval by Santos Limited and its joint venture partners in the acreage, AWE and Mitsui. Santos, as Operator of the Casino field, announced on behalf of the VIC/P44 joint venture today that expenditure had been approved…
Financial highlights: EBITDA of $1,061 million for the full year ($1,087 million in 2002). Full year operating profit (after tax) of $327 million ($322 million in 2002). Results reflect one-off $55 million tax consolidation benefit. Operating cash flow $897 million, up 9%. Leverage reduced to 22.5%. $188 million of capital and operating savings achieved since…
Santos Limited advises that the Moomba gas supply capacity now exceeds current South Australia and New South Wales customer requirements, following increases in production over the past month. This excess capacity means that some processed gas, which is not needed by customers, is being reinjected into underground storage for future use during high demand periods.…
Santos Limited today announced 148% (80 million barrels of oil equivalent) replacement in Proven (1P) reserves at a world-class average cost of US$5.62 per barrel of oil equivalent for the year ended 31 December 2003. It follows the 119% reserves replacement achieved in 2002. Santos’ Proven reserves at the end of 2003, after 54.2 million…
The Operator of the Bayu Undan project in the Timor Sea, ConocoPhillips, has announced that first liquids production has been achieved, on schedule, from the Gas Recycle (Liquids) phase of the project. This follows successful commissioning and start-up. A copy of the ConocoPhillips release is enclosed. The Operator anticipates that gas recycling (gas reinjection and…
In line with its policy of divesting non-core assets, Santos Limited advises that it has reduced its share holding in Magellan Australia Petroleum Limited from 8.5 million shares (18.3%) to 4.7 million shares (10.1%).
Gas supplies from the Moomba plant are expected to return to normal by next weekend ahead of schedule and in excess of previously forecast levels. Santos Limited announced today that supplies were expected to increase to about 550 terajoules per day (TJ/d) by next weekend, well above the historic summer demand from Moomba of around…
Total sales revenue for Santos Limited for the 12 months to 31 December 2003 was virtually steady at $1,465.0 million reflecting higher average prices across most products, despite the 26% appreciation in the Australian dollar against the US dollar in the twelve months to the end of the December quarter. In its Activities Report for…
Santos Limited has been awarded its fourth offshore exploration permit in the Sorell Basin, offshore Tasmania, by the Commonwealth and Tasmanian Governments. Exploration block T/36P is approximately 5 kilometres off Tasmanias south western coast and covers approximately 4,500 square kilometres. Santos has been awarded the block for an initial period of three years and has…
Santos Limited today announced a Heads of Agreement (HoA) for the sale of the entire gas reserves of the Maleo field in East Java, Indonesia. The Maleo field is estimated to contain in between 213 and 315 billion cubic feet of recoverable gas. Santos, as operator for the Madura Offshore Production Sharing Contract (PSC) participants,…
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