an unpopular dose of industry perspective, page-16

The other answer is, Santos ALREADY have access to LNG markets, we do not. They have a project to monetize the gas and sell it to Asian buyers. We do not.

A Major with equity offtake partners buys a large market constrained resource. Gas + market = Reserves.

- A market constrained resource, in the hands of a Junior, is still a market constrained resource.

- A market constrained resource, in the hands of a Major with a market, becomes a reserve.

Unfair? Yes, certainly. But that is life. Just ask any iron ore junior in the Pilbara without their own rail line.

Unfortunately, the Majors are the gatekeepers to the LNG market. The barriers to entry are huge.

Yaq