Victor, here's an Australian E&P that might be worth looking into: Santos Ltd.
(ADR: STOSY)
I never heard of the company before, but it might be worth checking out.
This is what I was able to find on the net:
quote.yahoo.com
Company Information (might not be up todate)
Santos is an independent company involved in the exploration and production of petroleum products in and around Australia, the US, and the UK. It produces and supplies gas, gas liquids, and oil predominately to Australian customers like the Natural Gas Authority of South Australia. Santos has interests in production operations in the Cooper/Eromanga and Amadeus Basins of central Australia, as well as in Indonesia, Papua New Guinea, and the southwestern US. The company has offshore operations around Australia, the UK, Texas,
and Louisiana.
Address: Level 29, Santos House, 91 King William St.
Adelaide 5000, Australia
Phone: +61-8-218-5111
Fax: +61-8-218-5274
CEO: Ross Adler
CFO: Graeme Bethune
HR: Winnie Pelz
News
Dow Jones Newswires -- March 25, 1998
Santos Acquires Gulf Australian Hydrocarbons
SYDNEY (Dow Jones)--Australian oil and gas producer Santos Ltd.
(STOSY) said Wednesday that it has acquired Gulf Australian
Hydrocarbons Ltd. from Gulf Australia Resources Ltd.
Santos said in a statement that the acquisition would complement its
development of gas reserves in Southwest Queensland state.
The new addition will help supply existing and prospective customers in Southeast and Northwest Queensland, according to the company.
The acquisition price wasn't disclosed in the statement and no Santos
representatives were immediately available for comment.
Gulf Australian Hydrocarbons and Santos both have a stake in the
Coolah-1 gas well in Southwest Queensland state.
Santos is the operator of Coolah-1 and holds 58.9% of the project, along with Delhi Petroleum Pty. Ltd. (23.2%), Boral Energy Resources Ltd.(16.5%), Gulf Australian Hydrocarbons Ltd. (1.2%), and Oil Company of Australia Ltd. (0.2%).
Summary of last Q's Earnings:
Dow Jones Newswires -- March 10, 1998
Australia's Santos FY Net Pft +5.3% To A$206.2 Mln
SYDNEY (Dow Jones)--Record production and sales increased Australian
oil and gas producer Santos Ltd.'s (STOSY) net profit by 5.3% to
A$206.2 million for the fiscal year ended Dec. 31, 1997, the company said.
The improvement in profits was on the back of a 6.8% climb in sales to A$778.5 million.
Company managing director Ross Adler said he was pleased with the result considering that 1997 was a transition year for Santos. He noted that 1998 should be a good year for the company as it has new gas and oil projects coming on line.
The company declared a final dividend of 13 cents a share bringing the total dividend for 1997 up to 25 cents a share, against the 24-cent-a-share dividend in 1996.
Reserves increased by 149 million barrels of oil equivalent to a record 1,009 million BOE at the end of 1997, the company said.
Santos' sales volume increased from 38.3 million BOE to 41.3 million BOE, due to higher gas and ethane sales.
Adler said reserves were boosted by a 65% success rate from its 112
exploration wells drilled in 1997. As a result, Santos plans to increase its oil and gas exploration expenditure by 8.4% to A$206 million in 1998 and expects to drill 117 wells.
Looking forward, Alder noted that profit will be hit by lower commodities prices in the first half: 'At this stage it is expected that results in the first half will be somewhat lower compared with 1997.'
Adler said that the results achieved in 1998 will depend on the timing of production at each of the company's new projects, on the oil price and on the U.S. dollar/ Australian dollar exchange rate.
'Assuming that oil and liquids prices remain at around current levels, it is presently expected that results for the full year will be similar to or exceed 1997 results,' Adler said.
Among Santos' major developments in 1997, were acquiring a 30% stake
in the East Spar gas field in the Carnarvon Basin off the Western Australian coast from WMC Ltd. and the acquisition of MIM Holdings Ltd.s' petroleum assets which took effect on Jan. 21, 1997.
In November, Santos made one of the largest gas discoveries in Australia at its Barrolka field project in southwest Queensland state.
Proved and probable gas reserves are estimated at 650 petajoules. In
addition, the company said it discovered a further 200 petajoules of gas in South West and Central Queensland state.
Santos has a 58.9% stake in the project and other shareholders include Boral Ltd. (BORAY) and Oil Company of Australia Ltd.
'The discoveries result from the use of new technologies, together with the expanded exploration program we are undertaking in response to market opportunities,' Adler said.
'These reserves provide Queensland (state) with considerable security in future gas supply, as well as providing the opportunity to supply new projects with gas. This will contribute to economic growth, employment and royalty payments,' he added. |
