Santos Plans to Grow Production Two Thirds to More Than 100 mmboe by 2025. FVE Increased to AUD 7.85
We increase our fair value estimate for no-moat Santos by 12% to AUD 7.85 per share. The company has set out the path by which it intends to grow group production by 40 million barrels of oil equivalent, or mmboe, or around 65% to over 100 mmboe by 2025. This includes base additive Quadrant production of around 19 mmboe, still subject to regulatory approval but unlikely to run into road-blocks in our opinion. The USD 2.15 billion Quadrant acquisition was already factored into our fair value esti...Santos is a natural gas company engaged in the exploration for, and development, production, transportation and marketing of, hydrocarbons. Co.'s operating segments consist of five key assets/operating areas of: Cooper Basin; Gladstone LNG; Papua New Guinea; Northern Australia; and Western Australia gas; based on the nature and geographical location of the assets, plus Other non-core assets. Co.'s proved petroleum reserves were 485.0 million barrels of oil equivalent at Dec 31 2016.
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