I need more time to crunch all the numbers, but overall at a...

I need more time to crunch all the numbers, but overall at a glance it looks good. More WA dom gas - which is not linked directly to oil price. Decent extra DDA, which effectively means tax free income, need to look further to understand how much depreciation is left. Without synergies it looks like a pretty good price.

The icing is a possible growth project (Dorado) at around the equivalent that Quadrant will have spent drilling that block. But these costs only realised on booking resources. No risk in this portion of the acquisition.

Santos had silently quite low debt, there is space on the balance sheet for this. Synergies plus more WA dom gas should provide some extra resilience in low oil price environments.

DYOR etc. My largely positive view on this is built around a strategy to hold STO until mid to late 2020s when LNG is in short supply again.