Ann: Santos sells its Mereenie interest to Macquarie, page-6

Wow. Macca really want a slice of that sweet, sweet NGP action!

Hard to know whether this makes it more or less likely that they will continue to pursue CTP. On the one hand, it's hard to think why they'd be content with a non-operated stake, but on the other hand they are a bank, not a gas company. Assets like this are hard enough to run efficiently for a large O&G company like Santos - doubly so for a company even larger but with no technical or operational skills at running a field.

The most cost effective outcome would be to continue to let CTP operate it and perhaps buy a controlling or at least blocking stake in CTP.

Putting all this together with what RC and the board have said recently about accepting the reality of the need for a significant capital injection, I wouldn't be surprised if that capital injection comes from MB. It will give CTP enough money to fund their share of Mereenie and will give MB the upside from owning a significant stake in CTP while going some way to pacifying shareholders who will retain their exposure to upside.