Ann: Woodside concludes discussions with Santos, page-22

The STO assets that came from OSH takeover are good - ie Pikka in Alaska and PNGLNG . Pikka will have a large uplift in value in next 18 months and PNGLNG will do similar with new train coming along although PNG will always come at a discount however with short shipping time to asia and long term contracts for LNG to Japan and Korea it is stable. The re- opening of Barrick gold mine will add some cream on top and also gas electricity generation in PNG. . Pikka with USA wanting energy security is important. Still STO is a while off actually paying a decent div as IRR is better to pay down deby and build capital infrastructure so 2 years out it should be a cash generator As a STO shareholder ( OSH refugee) I am glad WDS TO failed .