Cmon / DB - I hope you both enjoyed "the Santos" ......
EIG will have to herd quite a few cats - viz: SA Govt (which cares abt jobs and major corporate in sunny Adelaide), major shareholder (arguably a hedge fund - so its abt profit), and "the Board" (which, arguably cares abt their jobs!!)......
to derive "value" - one has to look at where the upside is for sunny STO ........I would argue its in "filling" both trains at GLNG, and any expansion in PNG (and how STO gets its foot on enough resources to have a seat at the table - else it will have to acquire from osh / xom)...
for GLNG - santos (the), can either rampup capex in the roma shelf / develop ESG dirt (post approvals from farmers / nsw govt) or acquire production / development assets (SXY - whose major shareholder / funder is EIG - is arguably a target post any deal ....) - or STO could approach shell / china inc and try and buy gas (below export prices!!!!!) from the arrow expansion ........low possibility on this one (imho).....
if one tots up the capex requirements - its a few scheckels !!!!!!!
else - STO could try and take-over ORG (art of Zen !!!!) and be "the big Australian" ............just a left field thought (which is why I used the title for this discussion!) - this would ensure the "Board" of their jobs ...........lol !
it will be interesting to see how this plays out
rgds
V_H
Zen, The Art of Motorcycle Maint, & Santos, page-9
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