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Santos reports record gas sales for June quarter
Source: AAP
Published: Wednesday July 30 2003, 12:15 PM

Oil and gas producer Santos Ltd today reported first half total revenue of $716 million, up 6.4 per cent.

This included a 15.5 per cent rise in sales gas revenue for the June quarter to a record $193.5 million and sales volumes for the quarter of 59 petajoules (PJ).

Santos said a large component of the strong June quarter sales improvement came from the United States where Santos gas sales revenue nearly doubled.


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Santos said total sales revenue for the second quarter was $347.3 million down from $351.2 million reported in the June quarter 2002.

Total sales volumes for the June quarter 2003 were down at 13.8 million barrels of oil equivalent (mmboe) compared with 14.3 mmboe sold in the same period last year. advertisement

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Production for the quarter was 13.8 mmboe compared to 14.6 mmboe in the previous corresponding period.


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Santos managing director John Ellice-Flint said the oil and gas producer welcomed the higher revenue contributions from its United States gas operations.

"The solid revenue increase in the first half is pleasing and was achieved despite the 17.5 per cent rise in the realised exchange rate over the period," Mr Ellice-Flint said.

Sales revenue from gas and ethane in the June quarter was 15.5 per cent higher at a record $193.5 million as sales volumes increased to 59 petajoules, up 0.5 per cent.

The record revenue increase was due mainly to higher gas prices, Santos said.

Second quarter gas and ethane production fell by 1.9 per cent to 58.1 petajoules.

Oil production during the quarter eased by 2.1 per cent compared to the first quarter of 2003, while sales of crude oil was 18.1 per cent higher due to the timing of shipments.

Sales revenue from oil decreased by 2.7 per cent compared to the first quarter of 2003, with the average realised price of oil sinking 17.6 per cent quarter on quarter.

The average realised price in the June quarter was $US27.12 ($A41.30) a barrel compared to the March quarter price of $US30.41 ($A50.13).

Santos said the reduced price was largely due to the appreciation of the Australian dollar as well as lower oil prices.

The company said that while Cooper Basin oil production rose by eight per cent from the March quarter, production from the Stag oil field in Western Australia was down due to the increased water breakthrough.

The Stag 11H well was subsequently plugged and abandoned.

Production at Legendre, also in Wester Australia, decreased during the quarter.


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Condensate production was down 20.9 per cent to 758,300 barrels in the June quarter compared to the same period a year earlier, with revenue decreasing by 18.7 per cent.

Liquefied petroleum gas (LPG) production slipped 7.1 per cent, quarter on quarter, to 61,800 tonnes.

Sales volumes for the period decreased due to lower production and timing of shipments, while LPG sales revenue were also affected by a decline in prices due to lower seasonal demand in the northern hemisphere.

Santos said an infill oil development at it Legendre field in the Carnarvon Basin was successfully drilled and is expected to increase Santos` oil production by an average 2,250 barrels of oil per day (bopd) for the rest of 2003.

Extra production brought on line during the June quarter included the Stag 25H well which began production at the end of the quarter at an initial rate of 2,000 bopd.

In the Cooper Basin oil development activities added almost 1,500 bopd of production for the quarter.

In eastern Queensland the Churchie gas field was brought on line, producing 5 million cubic feet a day.

Meanwhile in the United States the Runnells 6 re-entry well tested to sales at a rate of 2.5 million cubic feet a day at the end of the quarter.

Completion operations are continuing to resume gas sales.

The Goldsberry 1 well went to sales on July 26 and is currently flowing at a rate of 2 million cubic feet a day.

At 1154 AEST Santos shares were down three cents to $6.15.


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Santos to expand acreage in Otway Basin
Source: ADELAIDE, Aug 18 AAP
Published: Monday August 18 2003, 11:00 AM

Santos Ltd said today it would expand its deepwater acreage in the Otway Basin after being granted its sixth operating permit in the area.

Santos had been awarded the exploration permit T/35P in the Tasmanian portion of the basin, the company said.

Seismic work would begin within 12 months and after the results evaluated, a well could be drilled in the six year work program, Santos said.

The permit follows Santos being awarded previous offshore exploration permits last year - two permits each in the Otway and Sorell basins. advertisement

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"This new acreage builds Santos` offshore interests in the relatively under-explored Otway and Sorell basins," Santos managing director John Ellice-Flint said.

"The concentration of acreage increases Santos` exposure to the potential upside of the emerging play trends in the Otway and Sorell basins and complements our cost-effective, high impact exploration program."

Santos was awarded the latest permit in its joint venture with US oil company Unocal.

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Santos contracts to supply Alinta`s gas-fired unit at Pinjarra
Source: AAP
Published: Wednesday September 10 2003, 5:45 PM

Santos Ltd today said it had signed a new sales gas contract to supply 90 petajoules of gas to Alinta Ltd from its East Spar joint venture in the Carnarvon Basin.

The gas will be supplied to fuel Alinta`s new gas-fired co-generation unit in Pinjarra, south-west Western Australia, which is scheduled for commission in 2005.

The full contract for daily volume after commissioning will be 23 terajoules per day.

[Seefunk]

Santos accepts Origin Energy bid for Oil Company of Australia
By InvestorWeb, 15 Sep 2003



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, Santos has previously accepted the offer in respect of 2.9 million shares. Santos has held shares in OCA since 1987, which have a book value of $1.13 per share.

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