Don't be Mad at Santos, page-28

Lets see what chatGPT says, I have never seen a quote from Gallagher saying due to reasons stated above... do you have any?

... several other reasons stated. The most prominent from my view point is available capital and resources to dig into a project like Dorado with Barossa and Pika heading the queue. Once these are over the hump then Dorado development is likely. On the exploration side, rigs are hard to find until now, the recent downturn in oil price should see this change. There is a suitable rig in Otway, but in contact till at least mid 2026.

The agenda you speak of, isnt making it easier, but not key reasons....

ChatGPT

Santos has delayed the Final Investment Decision (FID) for its Dorado oil and gas project in Western Australia, now targeting 2025. Several factors contributed to this decision:offshore-energy.biz+14argusmedia.com+14energyvoice.com+14

1. Cost Pressures and Supply Chain Uncertainty: The company cited an "inflationary cost environment and supply chain uncertainty" as reasons for not supporting the FID at this time.offshore-energy.biz+2splash247.com+2offshore-energy.biz+2

2. Reassessment of Development Concept: Santos recommended revisiting the development concept for Dorado after a detailed assessment of all relevant factors, including further evaluation of Bedout Basin resources.theaustralian.com.au+2oedigital.com+2reuters.com+2

3. Focus on Other Projects: The company is prioritizing its Barossa and Pikka gas projects, aiming to deliver these key developments in 2025.oedigital.com+16reuters.com+16oedigital.com+16

4. Shareholder Returns: Santos has adjusted its dividend policy to return at least 60% of free cash flow to investors from 2026, up from the previous 40%, reflecting a focus on shareholder returns.theaustralian.com.au

5. Project Optimization: The joint venture is assessing optimization opportunities to improve project economics and significantly lower upfront capital expenditure.theaustralian.com.au+10carnarvon.com.au+10oedigital.com+10

These factors have led to the deferral of the Dorado project's FID as Santos navigates cost challenges, project priorities, and shareholder expectations.offshore-technology.com+11theaustralian.com.au+11splash247.com+11