ACCC Approves Santos Acquisition, page-15

Now the interesting part, once we get a formal approach of ownership of quadrant our preemptive rights come into play. At the very least we get a valuation on the 80% and atleast firm commitment plans on seismic, wells and all the other fun parts in a multi discovery appraisal/development program. This should give us a better valuation on broker forecasts as it’s another concrete step in the right direction.

I would see $1.40 being likely with concrete plans at dorado and buffalo. A farmout at Buffalo is 70% likely with the dorado discovery taking centre stage and requiring a bit more capital given the size and scope of the play. Maybe the East Timor sovereign wealth fund has a role to play here as they have the capital and desire to see early returns here. An equity and finance facility would make perfect sense to get this development/appraisal going.