Santos Ltd (STO 1198c) - Shares closed +1.27% yesterday following an investor seminar. They have given a start-up date for the $18.5bn Gladstone LNG project of the second half of calendar 2015. 90% complete, within US$18.5bn budget and on track for first LNG in 2H-2015. Until now they had indicated only that the project would start some time in 2015. Santos also narrowed their FY guidance for calendar 2014 to 53m-55 mmboe from 52-57 mmboe. Next year's guidance is 57-64 mmboe.
Broker Comments: Patersons have a positive view on this update on the progress at GLNG. They say STO is taking a prudent approach to the commissioning of the GLNG plant. Reserves and resources for GLNG production are no longer a major concern, at this stage. STO is in a very comfortable position to achieve double digit annual production growth to 2020.
UBS have a Buy recommendation with a target price of 1550c. The main highlight was that the GLNG project is on track to start up in 2015. Their Buy is based on the GLNG being brought online in 2015 and with no further increase in project capex.
STO buy rated
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Last
$7.92 |
Change
0.100(1.28%) |
Mkt cap ! $25.72B | |||
| Open | High | Low | Value | Volume |
| $7.90 | $7.99 | $7.86 | $70.91M | 8.945M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 103131 | $7.92 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.93 | 3783 | 1 |
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| STO (ASX) Chart |