Debt isn't much of an issue now, with the AUD at 77c. Net debt would be max AUD 4.5 billion (US 3.492 billion), and that's before the proceeds of the $201 million SPP. Compare this with Origin's $9.2 billion in net debt. Given Santos debt is USD, the recent strength in the AUD would help Santos, not Origin.
Also, should the litigation against Fluor be successful, net debt could fall further.
My guess is the market is concerned about reserves replacement. Reserve replacement has been too low in recent years so need to get drilling, pronto. That's why Woodside was the only oiler to rise today.
Santos seeks $1.5b in damages, page-11
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