Santos Ltd Various initiatives with record performance

Various initiatives with record performance: Santos Ltd (ASX: STO) finished their share purchase plan (SPP) according to which they got application for approx. $201 million of new fully paid ordinary shares. In December 2016, the company has raised funds under the Institutional placement and the total funds raised under institutional offer and share purchase plan is about $1,241 million. Successful eligible SPP would be issuing new shares at $3.94 per share. The company released its monthly drilling report for January 2017 for three gas developments in which the company holds over 60% share and is also the operator. Santos even highlighted fourth quarter activities for December quarter. The management further commented that the company has restructured the business, removed substantial costs and generated free cash flow for the first time in many years. The production cost per barrel has reduced and is free cash flow positive below $38 per barrel down from $47 per barrel at the start of 2016. Production and sales volumes were at record levels for the company. Meanwhile, Santos reported annual sales volume of 84.1 mmboe, up 31%, while record annual LNG sales volume reached 2.8 million tonnes, representing a rise of 89% due to ramp up of GLNG and strong performance at PNG LNG and Darwin LNG.      

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