david knox in darwin, page-4

King,

What is interesting is how Santos want to have it both ways. They say this:

"But it is worth highlighting that only four of these projects have binding offtake agreements in place. This includes GLNG - which has sold 5 million tonnes per annum of the total 7.2 mtpa from the two-train plant."

Got that. Binding commitment for 5mtpa.

One train is only 3.6mtpa.

At the same time they want to separate out an FID on their first train from the FID on the second. (No surprise why they want to under-emphasize the second train, given they don't have the gas for it).

So, the question is, how can you defer FIDing your second train, when you already have a binding committment for that second train?

Signing a binding contract to supply 5mpta is a de facto FID on the second train already.

Like all Santos communications, they trip over themselves in their efforts to downplay their need for ESG's gas.

yaq