Santos chief executive David Knox said progress was continuing on several of the company's major projects. He said construction of its Gladstone LNG plant was now over 60 per cent complete, while its PNG project was on track to deliver its first cargo of LNG in 2014. "PNG LNG remains on track to deliver its first LNG cargo next year, providing a substantial boost to our production, and it is our intent to review capital management options as we approach PNG LNG production," Mr Knox said. Santos shares have fallen 39 cents, or 2.73 per cent, to $13.87 as of 1030 AEST.