CANBERA (dpa-AFX) - Oil and gas producer Santos Ltd. (STOSF.PK, SSLTY.PK,
STO.AX) reported that its third quarter production declined to 23.3 million
barrels of oil equivalent or mmboe from 26.1 mmboe from the prior year.

Quarterly sales revenue were US$1.44 billion down from US$2.15 billion in the
previous year.

The company maintained its 2023 guidance. It still expects production to be in
the range of 89 mmboe - 93 mmboe and sales volumes of 90 mmboe - 100 mmboe.

In a separate press release, the Australian Energy Regulator said it has
instituted proceedings in the Federal Court against Santos Direct Pty Ltd for
alleged breaches of important record keeping obligations in the National Gas
Rules relating to the Day Ahead Auction for gas pipeline capacity.

The Day Ahead Auction commenced in 2019 and was designed to improve competition
in the gas market by providing access to contracted but unused capacity on gas
pipelines.

The regulator alleged that on 4,701 occasions between March 2019 and June 2021,
Santos failed to keep the required records of its material renominations for the
Day Ahead Auction across six different auction facilities, contravening the
National Gas Rule.

The regulator is seeking pecuniary penalties, declarations, an order requiring
the implementation of a compliance program, and costs.

Meanwhile, Santos said it is disappointed proceedings have been instituted. The
conduct alleged arises from record keeping of nominations and renominations over
a period of around 27 months. The alleged record-keeping issues had no impact on
supply or price in the east coast domestic gas market.



Copyright(c) 2023 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX