From STO CFO Anthony Neilson on analyst conference call...rapid...

From STO CFO Anthony Neilson on analyst conference call...rapid debt repayment continues for the short term. $221 mil settlement next month for the Asian asset sale. Plenty of $$$ in the kitty

Net debt at June 30 reduced to $2.4 billion and gearing of 26% driven from stronger free cash flows. Our debt reduction target of $2 billion will be reached shortly, more than a year ahead of schedule. With the acquisition of Quadrant, we're expecting our gearing to increase to 34% by year-end. However, rapid de-gearing occurs from strong, stable cash flows, and we are targeting a long-term gearing ratio of less than 25% excluding periods of major growth. S&P have issued a bulletin last night on the 22nd of August, reaffirming our investment-grade credit rating is unchanged and stating that Santos has the financial headroom to undertake the Quadrant acquisition. Post completion of the Quadrant acquisition, we will have liquidity of $2.5 billion with cash on hand of $0.5 billion at 30 June, plus cash flows generated since 30 June and our undrawn bilateral facilities of $2 billion. The 2019 debt maturity of $600 million relating to the ECA facility will be repaid from this cash, plus any new free cash flow generation.