santos wants in!!!

Check out this article from the PNG newspaper today:

Talks on pipeline

AUSTRALIAN energy giant Santos is in negotiations with PNG Gas operator ExxonMobil to rejoin the multi-billion kina gas pipeline project to Australia.
Company managing director John Ellice-Flint confirmed this by telephone from Adelaide, Australia this week.
He said Santos was still in negotiations and would not reveal how they would rejoin the project.
Mr Ellice-Flint said the company had a long history in Papua New Guinea, recording a very good year last year.
He said the company had spent more than $A200 million on exploration and drilling in the country and this investment was paying off for them.
“We have a licence to develop the Bosavi well and our exploration at Bilip-1 had spudded oil,” Mr Ellice-Flint said.
“We are also involved in the Hides project and we are in negotiations to rejoin the PNG-Queensland Gas project.”
Department of Petroleum and Energy officials said the Government was not aware of the negotiations between Santos and ExxonMobil but the National Government would fully support the move as a positive step towards the pipeline project.
They said the move by Santos to rejoin the project would
make the project more viable and move the project forward.
Mr Ellice-Flint also announced that its shareholders would be paid a dividend of $A0.30 cents per share which maintains the company’s total 2002 dividend on ordinary shares. This would provide their investors with a healthy dividend yield.
He said they have shareholders in Papua New Guinea and they (shareholders) would be paid by the end of March.
He said he was optimistic that the improved achievements, together with further progress in gas commercialisation, would provide the foundation for the future growth of the company.
Full year earnings for Santos before interest tax, depreciation, depletion and amortisation (EBITDA) was $1084.4 million, exceeding the $A1 billion for the third time in a row.
The company announced a net profit of after-tax and exploration write-offs of $A322.1 million, 51.2 cents per share for the 12 months ending December 31, 2002.
Santos is a major Australian energy company with assets worth over $A5 billion and an annual production of 55.7 million barrels of oil equivalent.
The company’s business is oil and gas exploration — and production — with interests in every major Australian petroleum province.
The company has petroleum and gas interests in Australia, United States of America, Papua New Guinea and Indonesia.