** Shares of Santos fall as much as 0.4% to A$7.690
** Australian oil and gas producer reports 14% fall in Q1 revenue to $1.40 bln
** STO produced 21.8 million barrels of oil equivalent (mmboe) in Q1, compared with 22.2 mmboe in pcp
** Analysts at Citi say STO's production in line with their estimates, but future PNG LNG production may be at risk
** Brokerage retains price target of A$7.72/shr and "neutral" rating
** Broader energy index up 0.2% at 0053 GMT
** Stock had risen 1.2% this year, as of last close
(Reporting by Shivangi Lahiri in Bengaluru)
((shivangi.lahiri@thomsonreuters.com))
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