Ann: CPSA Roadshow Presentation-CTP.AX, page-14

Mereenie last year was called a redundancy asset by Citi, I present to you the following article released today.
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Santos needs more than non-core asset sales; analysts

Analysts have applauded Santos's latest moves to clean up the company's portfolio, but they reckon new boss Kevin Gallagher needs to do more.

"It is right that Santos cleans up what is a messy and somewhat cumbersome portfolio," Credit Suisse analysts told clients on Tuesday morning.

"However, the reality is that, outside of a couple of the larger assets, no number of these types of sales will shift that somewhat heavy debt elephant sitting in the corner of the room."

Credit Suisse says more details should come out at the company's strategy day in early December, where they will be looking for clarity around GLNG gas supply and improving the company's balance sheet.

Citi analysts said the Victorian asset sales, announced on Monday, was a sign of things to come.

"In our view, today's transaction signals the start of Gallagher's strategy to rationalize the portfolio, divesting non-core assets with an underlying rationale of simplifying the business and potentially improving credit metrics in a low oil price environment," the analysts told clients.

"Given our view of the break-up value for STO being greater than the equity value, we see this as a prudent strategy."

Citi is tipping measures including further non-core asset sales, cost outs and redundancies, GLNG pipeline or other infrastructure asset sales, revisiting debt with hybrid credit and further hedging.


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