for new investors - the takeover case, page-18

Sandlion,

From Santos' presentation 4/3/2010:

GLNG - "7.2mtpa two trains"

"2P reserves exceed requirement for first train" - so Santos do not have enough 2P reserves currently for more than 1 train.

That is why Santos exaggerate their gas resources and reserves by talking about "Portfolio Gas" - what a joke! Talk about counting your chickens. Who do you think has this 'portfolio gas'..?


And Santos is on the record as saying they aspire to exporting 10mtpa via GLNG!

Hence this document, which outlines the greenhouse gas emissions based on a 3mtpa project, and a 10mtpa project:

http://www.glng.com.au/library/Part_3_K_Greenhouse_Gas_Emissions.pdf (October 2009)


Yes, all the projects have enough gas for one train. But none of the projects want one train. The economics are so far superior if you have 3 or more trains in one large project.

Y