Santos Limited has further expanded its global oil and gas search with the announcement today of the Company’s first North African exploration venture. Santos is investing approximately AU$70 million in a joint eight-well exploration venture over three years in the Gulf of Suez, Egypt, with major US petroleum group, Devon Energy Corporation. It is the…
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 (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 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,…
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 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 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 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
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 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%).
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,…
Santos Limited is pleased to announce the achievement of two significant milestones at the Bayu-Undan project with the flowing of first gas from the Bayu-Undan gas and liquids field. The project has successfully opened two wells for production as part of the commissioning and start-up procedures for the Wellhead Platform Number1. In addition, 1000 metric…
Santos Limited has appointed Mr Peter Wasow to the new position of Chief Financial Officer.Mr Wasow was previously Santos Executive General Manager, Finance and Accounting, having joined the company in 2002 after a 23-year career with BHP Billiton in Australia and overseas including postings in the United States. Since joining Santos, Mr Wasow has made…
Santos Ltd announces the sale of the subsidiaries holding its 61.1% operated interests in the Bentu and Korinci-Baru Production Sharing Contracts (PSC) in Central Sumatra, Indonesia.Divestiture of these subsidiaries is in line with company strategy of focusing its Indonesian activities in East Java. Santos has accepted offers from Asian Worldwide Group Ltd for the Bentu…
Santos Limited, on behalf of the VIC/P44 Joint Venture, announces that it has conducted a successful production test of the Casino-3 well in the offshore Otway Basin. The production test measured gas flow over the primary reservoir zone encountered in the Casino 3 well to confirm reservoir flow characteristics. The successful test means that Santos…
Santos Limited as operator on behalf of the VIC/P44 Joint Venture will this week conduct a production test of the Casino-3 well in the offshore Otway Basin following the successful drilling of the appraisal well. Last week, Casino-3 intersected a 20-metre net gas column in the target Waarre sandstone. Over the weekend wire-line log, formation…
Santos Limited today reported that total sales revenue rose 2.2% to $1102 million in the nine months ended 30 September 2003 from $1078 million in the previous corresponding period. Total sales volumes in the third quarter of 2003 were steady at 15.3 million barrels of oil equivalent (mmboe) compared with the previous corresponding quarter. Total…
Santos Ltd today announced that, having regard to the Independent Experts Report and recommendation of the Independent Director of Oil Company of Australia Ltd (OCA), it intends to accept the off-market take-over offer by Origin Energy Ltd of $4.25 per share for the remaining 11,793,140 shares Santos holds in OCA. Pursuant to a pre-bid agreement,…
In response to media queries today, Santos Ltd advises that it did not pursue a bid for ExxonMobils subsidiary, Delhi Petroleum. Santos is currently satisfied with its position as operator and 60% interest-holder in the Cooper Basin assets. Our corporate focus is on maximising returns from these interests and developing our other flagship projects in…
Santos Limited announces that it has been awarded additional exploration acreage in the off-shore East Java Basin by the Indonesian government. The new Production Sharing Contract (PSC) area, North Bali 1 is located east of Java and north of the island of Bali. The block covers 3,449 square kilometers in water depths ranging from 100…
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