"If the sale of the 5% stake in PNG LNG materializes, Fitch projects Santos’ net debt /EBITDA to peak at 2.3x before falling to around 1.7x by 2026."
"Santos' net debt/EBITDA could be sustained above 2.5x, the level above which Fitch will consider negative rating action if it takes on new projects without selling stakes in projects."
The sale of 5% PNG LNG may also be the trigger for Dorado FID hopefully by mid 2023 with Pavo sth drilled by then along with other appraisals in the area and maybe, as KG has mentioned, a change in project concept (Integrated Oil & Gas Project) that will be "better for all parties."
Better Capex? Better time to production? Hopefully both!!
Ann: Dorado Project Update, page-159
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