“It’s a soft result revenue wise for Santos, with realised prices impacting in-line production and sales volumes,” Raymond said.
“Financial year 2023 production guidance has been narrowed to 89-93 millions of barrels of oil equivalent (mmboe).
“Santos believes there is potential for Barossa drilling to get underway before the year’s end, if approvals are granted soon, which would see the project remain on schedule for first production in the first half of calendar year 2025.
“We maintain an add rating on Santos (STO) on valuation grounds.
“We have revised our target price to $8.45 a share,” Raymond said.
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