Ann: Dorado regulatory approval, page-3

STO holds the funding strings on this and has sat on hands since August officially not progressing oficially . No idea what prep is being done in background but it is a political play IMO. Why would STO commit to FID and give government security of supply in ga smarket when teh P r i c k s want tpo cap and nationalise teh market as the slightest issue. STO and other sneed to know that if they do teh capital expenditure that they will be allowed to actually get oila nd gas out of ground and get to market without penalty and if Aussie companies don't step up and enter long term contracts and reply on government to cap market again why would a explorer / producer bother. Even with gas reservation it is a crapfight as aussie industry and domestic suppliers continue to do rolling short tern spot supply arrangements and then bitch to government when prices make theor business not profitable but they refuse to participate in long term supply taht woudl allow STO o expend capital on infustructure.

I suspect this field will be left for a while until politics is more favourable or domestic buyers step up with long term commitments. As it stands STO can supply brickworks for example on mid term agreements but that leaves rest of supply side short goung forward but STO doesn't have to fill that gap as they can use $ in PNG or Alaska for better return . This delay make all gas in Australai fro domestic use more expensive going forward and also means less projected exports do Aussie GDP suffers but STO profitability probably looks better as no capex interest expense for now.

This progects progression will happen at last possible minute to have supply required to meet existing contracts and when suitable demand is locked in and politics won't cripple ecconomics - not sure when that will be but if STO isn't doing Capex others won't either due to risk. Well done government!!