Santos Post Record Sales in Q4 2018

Australian energy producer Santos (ASX:STO) has released its Q4 2018 sales revenue. The results highlight record sales during the last quarter of the of 2018.

As quoted from the press release:

Record sales revenue and strong production

  • Record quarterly sales revenue of AU$1,043 million, up 7 percent and including record quarterly LNG sales revenue of AU$449 million, up 11 percent
  • Record annual sales revenue of AU$3,696 million, up 19 percent.
  • Fourth quarter production up 6 percent to 15.9 mmboe due to sustained strong performance from the core portfolio and acquisition of
  • Quadrant Energy, partially offset by the sale of the non-core Asian assets

Onshore activity levels increasing within disciplined operating model

  • A record 305 wells in GLNG drilled in 2018, up 77 percent. Expect to drill 350-400 wells in 2019
  • 85 wells drilled in the Cooper Basin in 2018, up 40 percent. Expect to drill ~100 wells in 2019, including up to
    16 exploration wells

Cooper Basin exploration and appraisal success

  • The Cooper Basin exploration program resulted in five new field discoveries (four gas and one oil) and at Moomba South, four appraisal wells targeting a significant 2C resource have been brought on-line
  • The Moomba South program also discovered new plays in the Granite Wash and Tirrawarra sandstone which are being assessed for further appraisal

Quadrant Energy acquisition completed on 27 November 2018

  • On completion, Santos paid an amount of $1.93 billion, comprising the purchase price of AU$2.15 billion less completion adjustments and cash acquired

Cash generative core portfolio. Balance sheet supportive of growth profile

  • As at 31 December 2018, Santos had cash and cash equivalents of AU$1.3 billion and total debt of AU$4.9 billion, resulting in net debt of AU$3.6 billion and gearing of approximately 33 percent.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said: “In 2018, Santos delivered higher production in the onshore business and acquired Quadrant Energy which will provide a significant boost to our production in 2019.”

“Our cash generative asset portfolio set new records for quarterly and annual sales revenues, notwithstanding the divestment of our non-core Asian assets during the year, while our low cost and disciplined operating model enabled more investment in exploration and appraisal to improve ongoing organic resource and reserve replacement.”

Click here to read the full announcement

Petratherm Limited Announces Filing of Early Warning Report Related to the Disposition of Common Shares of Outback Goldfields Corp.

Petratherm Limited (ASX: PTR) (“Petratherm”) announces that it has filed an early warning report (the “Report”) announcing that it has disposed of 33,333,333 common shares (the “Disposed Shares”) of Outback Goldfields Corp. (CSE:OZ) (formerly, Skarb Exploration Corp.) (“Outback Goldfields“). Petratherm acquired the Disposed Shares as consideration for the sale of its gold projects located in Victoria, Australia. Unless permitted under securities legislation, Petratherm must not trade the common shares before April 16, 2021. Following the expiry of this restriction period, Petratherm distributed all of the Disposed Shares in specie to its shareholders effective today. Following the disposition of the Disposed Shares, Petratherm holds nil shares of Outback Goldfields.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of the Report by Petratherm.

Keep reading... Show less

AU$4 Billion Galaxy/Orocobre Merger to Create Top 5 Lithium Company

Australia’s Orocobre (TSX:ORL,ASX:ORE) and Galaxy Resources (ASX:GXY,OTC Pink:GALXF) agreed this week to join forces in a AU$4 billion “merger of equals.” The deal comes as demand for lithium for electric vehicle (EV) batteries continues to pick up pace.

Once the merger is complete, the new company will become a top five lithium chemicals company globally — and top three outside of China — with production capacity of around 40,000 tonnes of lithium carbonate equivalent per year.

“The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV demand for lithium,” Galaxy Chairman Martin Rowley said.

Keep reading... Show less

IIROC Trading Halt – TMRR

The following issues have been halted by IIROC:

Company: Tempus Resources Ltd.

Keep reading... Show less

Cleantech Investing in Australia

Climate change is a looming issue for Australians, with 82 percent concerned about bushfires and 81 percent worried that drought or flooding will affect crop production and food supply.

This is where conscious investors look to the cleantech sector, which covers everything from renewable energy to low-emission technologies to water technology to battery storage and more.

What should investors know about cleantech in Australia before they jump in? Read on for a look at key factors, including market size, the industries encompassed by cleantech and big players to watch.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Becoming a substantial holder

The announcement can be viewed at:
https://www2.asx.com.au/markets/trade-our-cash-market/announcements.gxy

Keep reading... Show less

Top News

Related News