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August 13 - 19, 2010
The Independent Weekly
Santos Ltd has bolstered its leadership
ranks with a series of senior manage-
The oil major said it had appointed
Peter Cleary, 52, formerly of BP, in the
role of vice president strategy and
corporate development, with responsi-
bility for the commercial, strategy and
planning, corporate development and
public affairs functions.
He will report to Santos chief
executive David Knox.
Mr Cleary was most recently presi-
dent of North West Shelf Australia
LNG, the LNG marketing company for
the North West Shelf Venture.
During his 24-year career with BP,
Mr Cleary has held senior manage-
ment positions in Australia, Korea,
Hong Kong, Abu Dhabi and the United
Santos said that to support the
GLNG project moving to a successful
financial investment decision, Mark
Macfarlane will take up the role of
chief executive of GLNG Operations
Pty Ltd, which is accountable for the
delivery of the gas pipeline and LNG
plant for the GLNG shareholders.
Mr Macfarlane is currently Santos
vice president Eastern Australia,
and will work directly with Rick
Wilkinson, vice president Queensland.
In other moves, James Baulderstone,
currently Santos vice president cor-
porate and commercial, and company
secretary, will move to the role of vice
president, Eastern Australia.
David Lim, currently assistant
company secretary, will be appointed
The management changes are
effective from September 1.
Rural Bank Ltd has increased
full-year net profit by 23 per cent
on improved interest margins as
funding costs declined from high
levels of the year before.
The subsidiary of Bendigo and
Adelaide Bank Ltd said profit for
the 12 months to June 30 rose to
$55.4 million from $45.1 million the
"Rural Bank s interest margins
have improved as absolute higher
funding costs during 2009 repriced
to lower levels during the year,"
chief executive Paul Hutchinson
said this week.
"Rural Bank s operating model
has also continued to be a major
strength of the bank, with an
efficient cost structure enhancing
Rural Bank s performance."
Cost-to-income ratio declined to
25.6 per cent during the year from
27.8 per cent.
Loans under management were
little changed by the end of the year
at $3.667 billion.
Rural bank said about 98 per
cent of its funding base was retail
Mr Hutchinson said the rural
debt market had declined by about
two per cent during the year.
"The economic climate and some
softening in rural land values have
combined to slow rural debt growth
which has flattened over the last 18
months," he said.
"We expect rural debt demand to
increase in the near future as the
fundamentals for the agricultural
sector remain strong."
Commodity prices were holding
up, especially wheat, which had
risen in value recently, he said.
"Furthermore, the significant
rainfalls across the eastern
seaboard have provided a great
start for the cropping season and
excellent pasture for livestock," he
Rural Bank is about 60 per cent
owned by Bendigo and Adelaide
Bank, with the other 40 per cent
held by rural services firm Elders
Green pastures for Rural Bank s CEO Paul Hutchinson.
Oil and gas producer Stuart
Petroleum Ltd has impressed
investors after turning around
last year s loss to post a full-year
profit for fiscal 2010.
The company said its profit after
tax increased to $6.8 million from last
year s $25.9 million loss, due mainly
to lower exploration expenses and
Shares in the company surged
on Monday, finishing the day up 12
cents, or 25 per cent, at 60 cents and
remained there late in the week.
Stuart managing director Tino
Guglielmo said production in 2010/11
would likely exceed 350,000 barrels of
oil, compared to just 193,000 barrels
in the prior year.
He said Stuart would soon begin its
2010/11 exploration drilling program
at Kerinna 2, in the Cooper Basin.
Last financial year s production
dropped 43 per cent due to unusual
flooding in the Cooper Basin in
northern South Australia, and
natural field decline.
Stuart said sales revenue was
down 28 per cent on the previous
But exploration expenses in
fiscal 2010 were $2.1 million, down
$38.7 million, or 95 per cent, on the
previous 12 months.
Impairment charges were down
about 68 per cent, or $6.0 million.
Profitability per share was
9.9 cents on a fully diluted basis,
compared to a loss in the previous
year of 41 cents per share.
At June 30, 2010 Stuart had cash in
the bank worth $100,000 compared to
$300,000 at the end of fiscal 2009.
On the oil front, Stuart s report
stated it has drilled the Worrior 7
development well and is completing
it for immediate production in its
70 per cent owned Worrior Oilfield
"Worrior 7 delivered better than
expected results, with a six-metre oil
column in the McKinlay Member and
an unexpected four-metre oil column
in the Birkhead Formation," the
"Both intercepts have visually
good porosity and both zones are
expected to be particularly good oil
On the gas front, independent
gas expert MHA Consultants of
Denver has advised the company
that Stuart s Cooper Basin tene-
ments have the potential to contain
world-class resources of natural
gas in two settings -- thick, organic
shales are thermally mature in the
southern Cooper Basin where MHA
advise that Stuart may have between
38 and 60 trillion cubic feet (TCF)
of shale gas in place in the Allunga
Trough/Mettika Embayment, with
additional potential elsewhere in the
Thick coals are thermally mature
for gas generation throughout the
Cooper Basin and MHA advise that
Stuart may have an additional 20 TCF
of coal gas in place in its tenements.
Stuart Petroleum Ltd also raised $2
million via an issue of four million
shares at 50¢ each, with interests
associated with J Bruce Parncutt,
a senior figure in the Australian
Mr Parncutt was CEO of listed
securities firm McIntosh Securities
for seven years and senior vice
president of Merrill Lynch for three
its leadership team
Stuart shares surge
on annual results
Stuart Petroleum has turned around last year s loss and has positive signs from
its Worrior oilfield south west of Moomba.
Rural Bank profits lift due
to better interest margins
Sir Rod Eddington, Chairman,
"Chatham House Rule discussion about the nations future infrastructure needs
Join us for a rare "Chatham House Rule
intimate interview with Sir Rod Eddington
as he is asked about the national approach
to planning, funding and implementing
the nation s future infrastructure needs.
Time: 12.00pm to 2.00pm
Venue: InterContinental Adelaide
Date: Monday 6 September 2010
To register contact Nadine Turhan
t: 8236 2800
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