a $25m commitment to lng, page-5

db,

That is mischieveous to say the least. trying to baffle people with your numbers, which are a gross distortion of the truth.

Santos sold equity in GLNG, to the same party that agreed to a massive offtake deal. So you cannot use that as a pure sale metric, without factoring in the future value of the sales.

You can structure these sorts of deals in a variety of ways - more money for the equity, less costly offtake, less for the equity, more costly offtake. Unless we know the exact detail of the offtake, then no comparisons can be made.

Only in the case of Santos buying in to PEL 238 can we see a good estimation of value. Because they just bought the equity, without any other offtake benefits. It is a pure and unclouded metric.

Santos paid $300m for 35% of PEL 238 - $300m for 118PJ of 2P plus upside of a contingent resource.

The 2P reserves have now QUADRUPLED.

And now you suggest that 29% of PEL 238 is now worth $165m?

So, equity in PEL 238 has halved in price, whilst the 2P reserves have quadrupled?

What a joke!

You guys really have no scruples, do you? You will say and do anything if there is a buck in it for you.

Yaq