We should all recognise that the agreement with Santos to farm in with spending up to $150m was executed in 2012 by the previous CEO when CTP's gas fields were stranded assets. Santos clearly had the upperhand in the negotiations and the JV was always on their terms.
For Santos this is simply another exploration option in their >5000PJ portfolio, which has grown significantly larger today with the Oil Search merger.
Its understandable Dukas isn't a priority for Santos. Hopefully they are committed to the drilling permit requirements to complete a well by late next year.
