come january gas will be gone, page-3

Tom,

Agree.

Perhaps, if Santos are really well behaved, they can get on board with LNGN..? After all, they seem incapable of commercialising their own (minority) portion of PEL 238's gas.

We buy a portion of Santos' gas from PEL 238, and on-sell it to the Japanese and others at a premium. WE can be the middle man.

Rather than Santos take US out and on-sell the gas to the Koreans, let's sign an offtake agreement with Santos to purchase some of Santos' stranded gas. WE will onsell it to the Japanese, and benefit from the entire value chain.

WE get a large cash injection from our own equity sale.

WE get equity partners in who can provide the capital, the markets and the technical expertise.

And WE get to sell our gas at full tote odds to foreign buyers, not at some sort of wholesale rate to our little minority holder Santos. Foreign buyers pay the big metrics.

Santos... what value have they added to us again? What exactly do Santos provide that we cannot access ourselves?

Nothing, clearly.

Let's sell a share in our project DIRECTLY to the foreign interests at FULL PRICE, rather than sell out to Santos at a wholesale price.

WE DON'T DO DISCOUNTS.

Santos is shortly going to become a 'castrato' shareholder in ESG.

Yaq