Brent just breached $84, page-8

Value is created by growth which for an Exploration company comes from Acquisitions & Organic growth. STO has shown that buying Quadrant's assets added 19 mmboe production data on top of their 70 mmboe's and 2P-220 mbboe reserves, so that's growth via Acq'ns.

Organic growth on the other hand comes from developing their own assets & selling the product to get the maximum benefit from the Commodity cycles. (e.g their 2013-2014 revenue stream when oil prices were high & cash boost coming from PNG). 

Next phase for Santos will come from the following 3 key assets :

1) farming in at P'nyang which has a 2C resource of 4.36 tcf gas (100% basis) held between Exxon, OSH & JX Nippon.

2) Barossa which has a certified 2C resource of 4.3 tcf gross basis, with STO holding 25% in that project or 1.1 tcf net gas. Unlike BayuUndan this has a low liquids content. So once BayuUndan goes offline, Barossa gas to DLNG will offset any production drop. 

3) Dorado appraisal wells next year & fast-track to Development thereafter.

Note without Quadrant's Oil assets, STO dont have any oilfields left in the West. They sold Stag a few years ago to Jadestone. In July this year, their operated field Mutineer-Exeter and the nearby Fletcher-Funcane cluster were depleted & the FPSO departed which is why the 2 QE Oil assets, ie VanGogh-Coniston-Novara cluster & Pyrenees JV with BHP, are crucial as these will bring in the petro-dollars for the 2H-2018 & 2019. For 1H-'18 they've averaged USD75/bbl which was 7% premium to Brent prices. 

4) Rest of the growth will b from the Cooper, GLNG & Eastern QLD assets.

There aren't any assets left in Victoria or Oilfields in Vietnam, which makes their task to focus & deliver on their growth strategy pretty straight-fwd in my view.

Slides 13, 14, 22 & 67 from the Invstr show state all this very clearly so are worth a read until the Qtrly results are released on the 18th Oct.