It is/was too big for AJQ. The debt they took on was massive and that is why they needed Santos. They could have gone the same path with the NT acreage but it is sort of a giveaway for peanuts. That is why AJQ wants to do the unlocking themselves with new/fresh capital. AJQ could never have raised this amount with that much debt on their books. That is why it is a Master stroke from Brad. I am in again.
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Ann: Proposed Demerger of Northern Basin Oil & Gas Business, page-33
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