cash to ctp from santos and total deals, page-3

SH -if was for past costs it would most likely have been mentioned as part of the deal as a cash component. I believe he's simply referring to costs incurred from the effective date of both deals up until the deals go through the regulatory approvals. i.e. they will be incurring costs on behalf of the JV right now, and this will be chargeable once the deals are cleared.

But it does highlight that as operator of the Total deal, their effective cash burn rate will drop considerably as much of it will be charged to that JV. Not all of course, but they will charge for staff asisgned, and overheads on a pro rata basis.