Ann: Amadeus Basin Exploration Update, page-7

To me it looks like it will end up with 3 mostly equal partners. If Santos gives up 21% it will retain 34% while CTP if it gives up 12% it will still hold 33% (which is 3% more than it previously held). Peak will end up with 33% on par with CTP and the project will progress. From my reading Santos still want to be involved but have too much on their plate at the moment and also don't have much faith in CTP taking over as operator. If Peak can secure 33% all up then I'm thinking Santos will handball the role of operator to Peak. If Dukas does turn out to be a bonanza then Santos can always take out the whole of CTP for well under market value as we have seen time and time again that the market doen't value CTP's other producing assets.