We can't, we can only sell our stake. Joint marketing means we...

We can't, we can only sell our stake. Joint marketing means we can do deals 50/50 with Mac, but we don't have to - it just means we are legally able to approach prospective buyers and offer them Mereenie gas as a JV, without risking violating anti-competition laws. Mac get 50% of the gas to do as they want, either with or without CTP, but if they haven't booked capacity on the NGP they can't send it to the east coast. That's their responsibility.

Currently PWC and CTP have booked 33 and 26.5 TJ/d, and Santos 8.3 TJ/d, leaving 22.2 TJ/d.

Note Mac's share of the PRE-upgrade Mereenie plant is 22 TJ/d (50% of 44). Santos's term is only 3 years, after which as I noted in a post above, 30 TJ/d is available, which is 50% of Mac's POST-upgrade Mereenie supply.

It all seems to be working out a bit too neatly for it to be coincidence. It also puts a timeline on the likely upgrade to the Mereenie spur - Mac has 22 TJ/d available for 3 years and then 30 TJ/d available after that, and their share of Mereenie is 22 TJ/d pre-upgrade and 29 TJ/d post-upgrade. That suggests the Mereenie spur upgrade would be due around 2021.