why would STO have to take out CVN's 20%??
nearly all the fields that @Ya mentions in his posts are joint ventures... and we all accept that in this game risk minimisation by way of JV is pretty much the norm... farm in, farm out...
and let's not forget, STO might want to farm into projects such as... buffalo, near term, low cost, easy cash flow which could be brought forward even sooner with STO on board... and labyrinth, the expected motherlode...
i may be naive, but i think this could be the start of a very profitable JV.
but then again,to be fair, my glass is always half full... maybe i need to drink quicker...
Ann: Santos Acquires Quadrant Energy, page-88
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