MMP, I can "see" both sides of this argument////...... lets say...

MMP,

I can "see" both sides of this argument////......

lets say OP rises to say 70-80 us/bbl ......

lets say LNG price is then circa 7.80 - 8.50 +/-

STO would make good cash out of PNG-LNG .........

minor amts of of D-LNG.......

and perhaps 200m out of GLNG .......

however (and this is where I differ from Croasin) - to "get" to the 200m++ from GLNG - they are going to spend >> 700m p.a., plus a further amt of xxxx to get the gas from the CB ..................and this isn't a full -2-train" b/c they don't have the productive capacity to meet that.............

to do 2 full trains - will require >> 3bn in narabri, or 500m PER YEAR (+/-) to develop tight gas in the Cooper (large resource.........but a long way from commercial, and still in r&d phase (imho)

what this means - is STO wont be a large cash generator even if oil prices rise - b/c they need to put it all back into the ground to get to where they should have been 2 yrs ago .........

will be interesting how it plays out (I rekon there is potential for a final cap raise - before it gets put out of its misery..............)

rgds

V_H