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…
Santos profit increases to $170 million before write-downs First half profit up 2.2% before write-downs Net profit down 16.6% after write-downs 6.4% rise in sales revenue to $716.0 million Cash flow increased 35.6% to $421.7 million 350 PJ of gas commercialised in new contracts Leverage reduced to 25.3% 15 cents per share interim dividend Strong…
Santos Limited has expanded its deepwater acreage in the offshore Otway Basin having been awarded its sixth operated exploration permit in the area.Santos (50% and operator), in joint venture with independent US oil company, Unocal (50%), has been awarded exploration permit T/35P in the Tasmanian portion of the offshore Otway Basin. T/35P is located immediately…
Santos gas revenue up 15.5% to $193.5 million Santos Limited today reported that sales gas revenue in the June quarter rose 15.5% from $167.5 million to a record $193.5 million on sales volumes of 59.0 petajoules (PJ). A large component of the strong June quarter sales improvement came from the United States where Santos gas…
Santos Limited (through its wholly owned subsidiary Santos (Sampang) Pty Ltd) and its joint venturers are set to secure a slice of the developing East Java gas market following the signing of a new long term agreement to sell over 90 billion cubic feet (BCF) of gas.Santos and its joint venturers have signed a Gas…
Santos Ltd has, subject to the satisfaction of certain conditions, agreed to accept an off-market take-over bid of $4.25 per share announced by Origin Energy Limited (Origin) for Oil Company of Australia (OCA) in respect of 2.9 million shares in OCA held by the Santos Group.Apart from Santos commitment for 2.9 million OCA shares, the…
Santos Limited is set to formally join the world Liquefied Natural Gas (LNG) market and add more than three million barrels of oil equivalent to its annual production following signing of final approvals for the giant Bayu-Undan gas development by the Timor Sea Designated Authority.This project, involving Timor-Leste and Australia, will be the first cross-border…
Santos Limited announces that it has taken up a 20 per cent non-operated interest in two deep-water exploration permits off-shore Indonesia.This is a continuation of Santos strategies to add higher impact exploration acreage and build its South East Asian energy business. The Popodi and Papalang Production Sharing Contract (PSC) areas lie in the deepwater portion…
The Titan BP 1 well was plugged and abandoned after reaching a total depth of 791 metres. It intersected 49 metres of gross gas charged sandstones of the Tawun Formation containing 75% carbon dioxide and 25% natural gas. The well is located 100 kilometres northeast of Kepodang Gas Field and 160 kilometres from Surabaya, East…
Addressing the Annual General Meeting of Santos Ltd, the Chairman, Mr Stephen Gerlach, told shareholders that 2002 had been one of the most productive and exciting years in the Companys 49-year history. The Company: Achieved record production and sales, Established three new growth projects, Commercialised 620 petajoules of gas, Achieved savings in capital and operating…
Australian oil and gas company, Santos Limited, today reported its highest ever first quarter revenue. The record total sales revenue of $368.7 million for the three months to 31 March 2003, driven by higher gas sales and increased prices for all products, was 14.5% stronger than the $322.0 million for the previous corresponding period. The…
In response to the article appearing in todays Australian Financial Review entitled Santos in line to buy PNG assets, Santos advises that, whilst it does not generally comment on press speculation, the Company has not made an offer, not made a bid and not negotiated with ChevronTexaco for their Papua New Guinea assets.
The Board of Directors of Santos Limited, one of Australias leading oil and gas companies, will meet this week in Darwin.Santos Chairman, Mr Stephen Gerlach, said the decision to hold the Board meeting in the Northern Territory reflected the importance of northern Australia as a key growth area for the oil and gas group. “This…
2002 Annual Report
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