I think it far more likely that a STO suitor would look to carve...

I think it far more likely that a STO suitor would look to carve off assets to Wesfarmers/Woodside etc. This could alleviate some FIRB concerns and perhaps offer exisiting STO holders some script shares vs an all cash offer. Script always appeases share holders like me - hopefully we get a short term premium for our investment and then some shares in the asset that we originally purchased a very small part of the company for. I am holding all my energy shares for the foreseeable future.