Ann: Santos Third Quarter Activities Report, page-4

Probably its a result of the new AASB. As long as the company has a good handle on the key variables that define FCF (ie costs, working capital, Depr, Dbt repaymnts) they should b fine. Not sure if FCF guidance was provided in their previous conf calls. In my view, should Dec qtr come in with USD 180-200mil of FCF then full year should b past 2018's FCF of USD 1006mil. USD852mil for 3 qtr's this year is not bad a result. Dont think there's any scheduled planned maintenance or shutdown's.

STO's turnaround with FCF over the last 5 yrs is interesting, 2015 to Q3'19 has been USD -739mil, 206, 618, 1006 & 852mil. And the raid by Harbour was a wakeup call this mob needed to have, to create shareholder Value by selling assets, reducing debt, buying quality assets alongwith organic growth to generate FCF in the long term & regain the market's trust. Hope they maintain the momentum over the next few years.

With the latest Qtrly its clear that production from WA assets (23.5 mmboe) is more than the Cooper & QLD (21.5 mmboe) combined. But sales vol for the later r higher (33.3 mmboe) then WA (22.9 mmboe) due to third party gas. Also their west coast gas (Macedon, Reindeer etc) is sold locally compared to East Coast gas, which is perhaps why the Revenue is less for WA assets (ie 679mil vs 1568mil).