To be fair, exploration success has been thin on the ground for almost all the oilies in the last 3 years, because they're not spending on exploration.
Having said that, Santos mainstay Cooper Basin is depleting steadily and they badly need a replacement asset. CSG was supposed to be the saviour, but its margins are tight and some performance has been erratic. It's also capital intensive upfront with years until payback. All these demands weigh on the short to mid term outlook just when their debt demands attention. They will be trading off paying down debt versus capital spend to optimise production. Little if any spend on bold exploration.
It's a long haul from here.
mutineer
5 Years, page-3
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$6.72 |
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