From what we've been able to piece together (anyone with more info or different thoughts please wade in!!) is that Santos have a larger number of latent plots around the Trough and that he particular ones we are JV'ing on with them (ATPs 2056 & 2057) were "nabbed" by us as the statutory permit expiration deadline was fast approaching and Santos were about to let those ATP's lapse.- meaning they would have gone back out in to the open market. Our previous CEO Neil did a deal (one of the better ones he did!).
But in essence, our assumption is that Santos have different priorities and expenditure commitments and the Taroom was/is not a priority for them.
They get the upside though on EXR progressing the de-risking, via the JV.
PS- vested interest aside....I think EXR id WAY undervalued currently, we hold twice the ground and twice the contingent resource (currently) of OMA - DYOR
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