Dukas, page-14

The approvals shouldn’t be a problem, just time-consuming both internally and externally. Santos are more efficient than some of the others but it still takes time.

I’m excited for Dukas but realistic - targeting sub-salt reservoir in such an old basin as the Amadeus is a real gamble and the most likely outcome will be that they encounter gas (probably helium-rich gas) but find no reservoir quality rock down there to flow it from. Similar to what happened at Mt Kitty.

But that’s the name of the game in exploration. Drill enough 10% COS wells and eventually you strike it big. Maybe Dukas will be that well. If the helium content is high enough then even a low flow rate from tight rock could be economic, though of course it would likely be 5+ years before we saw a dollar of revenue from it.

NGP is the more immediate concern. No doubt we’ll get an update in the quarterly as events post-reporting period.