what are the positives, page-2

Max, Santos are not mugs - an have got some good assets, but are pretty smart see note from accounts:

"...The $60 million senior secured letter of credit facility has been utilised to provide a letter of credit as security for completion of
certain capital works on the Longtom gas project and in respect of obligations to make gas deliveries. The facility and letter of
credit have two tranches: tranche A ($30 million) attracts a fee of 2.05% - 3.50% until project completion and 1.80% thereafter,
tranche B ($30 million) attracts a fee of 2.90% - 3.50%..."

ie. They not only expect someone to build a pipeline for a project but also have a LOC against BOS against NXS if they cant deliver.