Category: <span>Papua New Guinea</span>

Significant progress on the Santos turnaround: Record production and sales volumes, free cash flow breakeven US$36.50 per barrel and net debt reduced to US$3.5 billion. Underlying profit US$63 million. Net loss of US$1,047 million including US$1.1 billion GLNG after-tax impairment recorded at half-year. Managing Director and Chief Executive Officer Kevin Gallagher said: “In 2016, the…

Last night the Santos Board hosted the company’s 13th EHS Directors Awards, an annual event that celebrates the very best in safety and environmental performance at Santos. The awards recognise safety and environmental excellence across six categories, with team awards for Innovation, Efficiency, Environment and Safety, and individual awards for the Environment Leader of the…

Santos today announced modifications to its segment reporting structure, effective second half 2016. The revised segment structure will be reported in the 31 December 2016 financial report, to be released on 17 February 2017 and comparative disclosures will be restated. In accordance with AASB 8 Operating Segments and Santos’ new strategy announced on 8 December…

Santos today announced the completion of its Share Purchase Plan (“SPP”). The SPP gave retail shareholders the opportunity to participate in Santos’ turnaround strategy following the successful completion of the Institutional Placement in December 2016. The SPP closed at 5.00pm (AEDT) on Tuesday 31 January 2017. Applications for approximately A$201 million of new fully paid…

Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “2016 was a year of significant change for Santos and we can be proud of what was achieved.” “We restructured the business, removed substantial costs and generated free cash flow for the first time in many years. Our production cost per barrel has reduced, and…

Santos is pleased to offer eligible shareholders(1) an opportunity to acquire additional Santos shares under a Share Purchase Plan Offer (SPP Offer). The intention to launch the SPP Offer was announced at the time of Santos’ recent institutional placement which was conducted to strengthen the company’s balance sheet and provide Santos with the financial flexibility…

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any security or financial product and neither this announcement nor anything…

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any security or financial product and neither this announcement nor anything…

Santos today outlined its new strategy to drive sustainable shareholder value by becoming a low-cost, reliable and high performance business. Speaking at the company’s Investor Day in Sydney, Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos will implement a disciplined, three-phase strategy to drive shareholder value. Transform: Simplify the business to focus…

Santos is aware of market speculation that 40 million shares representing 2.25% of the company’s issued capital were acquired at a price of $3.98 by Hony Capital after market close on 10 November 2016. Santos has made enquiries with Hony Capital this morning who have confirmed that they were successful in acquiring an additional 40…

Santos today announced the sale of its Victorian assets to Cooper Energy for cash consideration of up to A$82 million. The sale will result in Santos exiting from offshore Victoria. In March 2016, Santos completed the sale of its interest in the Kipper gas field for A$520 million. The assets sold to Cooper Energy include:…

Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos continues to focus on driving down costs and applying available cash flow to reduce debt. “We are taking the right steps to ensure Santos becomes a strong and sustainable business, and that mindset guides our decision making as we continue to reduce costs and…

Santos has released the 2016 first-half shareholder update.

To view this document please click on the link below.

Santos is pleased to announce the appointment of Mr Anthony Neilson as its new Chief Financial Officer. Mr Neilson is a Chartered Accountant with significant experience in the oil and gas sector within the United Kingdom, China, South East Asia and Australia. He is currently the Chief Executive Officer of Roc Oil Company Limited (ROC),…

Santos released its 2016 Half Year Results today. View the full presentation below.

Santos today announced a 2016 first half net loss of US$1,104 million, impacted significantly by the previously announced impairment charge for GLNG of US$1,050 million after tax and lower oil prices. Excluding impairments and other one-off items, the company recorded an underlying net loss of US$5 million after tax for the first half. Managing Director…

View the 2016 Half Year Report incorporating Appendix 4D from the link below.

Following a review of key production assets, Santos advises that it expects to recognise an impairment charge against the carrying value for GLNG of approximately US$1,050 million after tax (approximately US$1,500 million before tax) in its 2016 half-year accounts. The impairment outcome is subject to finalisation of the half-year accounts, which will be released on…

Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company’s commitment to lifting productivity and cutting costs was starting to deliver tangible results. “There is a lot of work ahead of us but today’s results show we are heading in the right direction. “The second quarter also saw first LNG from GLNG train…

Santos announced today that Chief Financial Officer Andrew Seaton will retire from the company by the end of 2016 following over eleven years of service, including the last six as CFO. Santos Managing Director and Chief Executive Officer Kevin Gallagher paid tribute to Mr Seaton as a key member of the executive team. “Andrew has…

Santos will change its reporting currency from Australian dollars to US dollars, commencing with the 2016 interim result. This reflects the change in the group’s revenue mix, which is now predominantly US dollar denominated with PNG LNG and GLNG in production. Reporting in US dollars will also enhance comparability with Santos’ industry peer group, the…

Santos announced on 13 April 2016 that Peter Hearl and Guy Cowan would be appointed to the Santos Board as independent non-executive directors shortly after the 2016 Annual General Meeting. Santos advises that Mr Hearl and Mr Cowan were appointed to the Board on 10 May 2016. Mr Cowan has been appointed Chair of the…

Santos Chairman Mr Peter Coates and Managing Director & CEO Mr Kevin Gallagher address the 2016 Santos AGM in Adelaide.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company’s first quarter results reflect solid production and a firm commitment to drive costs down and improve efficiencies across the business. “We are focused on developing a business that is self-sustaining in a low oil price environment and well positioned to take full advantage…

Santos Chairman, Peter Coates, today announced that Peter Hearl and Guy Cowan will be appointed to the Santos Board as independent non-executive directors shortly after the 2016 Annual General Meeting (AGM). Mr Coates said that the appointments of Mr Hearl and Mr Cowan, following the retirements of Ken Dean and Jane Hemstritch at the conclusion…

Santos notes the ENN Group’s announcement in relation to the proposed acquisition of Hony Capital’s 11.7% shareholding in Santos, subject to certain conditions, including the ENN Group’s shareholder approval. As part of the transaction Hony Capital will become a strategic investor in the ENN Group through a private placement. The ENN Group is a large…