totally disagree. The deal was nutted out before Dorado, Dorado is what made the deal happen. Why would the Quadrant guys pull away after finding something big when they have already doubled their money and want out. They then tacked on some extra exposure for Dorado, and now STO main aim is to get that up and running. which tells me why they pushed ahead with the purchase. if it wasnt for Dorado could the buy price be less? they got want they wanted in the IPO...
as the announcement from CV says today, dont forget the size of the find and value from that. not from what quadrant paid. I think most the weak hands sold when PS3 didnt come out, now and few more and we have steadied again into smarter hands. 177M barrels in the ground, value that like you would any other oil company
Ann: Santos Acquires Quadrant Energy, page-62
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