Here comes the awaited clarification announcement
". Carnarvon notes that Santos has not stated what proportion of the upfront consideration was applied to the Phoenix Project area. Accordingly, it is not possible to ascertain the consideration applicable and therefore the look through value associated with the Phoenix Project. Carnarvon shares the enthusiasm shown by Santos in relation to the Phoenix Project and the willingness to quickly commercialise the recent discoveries including Dorado."
SMART MANAGEMENT
Ann: Santos Acquires Quadrant Energy, page-2
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