So, first I believe this acquisition offer would be for PEL182...

So, first I believe this acquisition offer would be for PEL182 only.
I don't see the merits of Santos taking all the Cooper Basin tenements, the sites currently producing are small pataters and the exploration sites aren't attractive enough.

Let's say the rough metric for fully derisked and producing deposit is $1 billion / 1Tcf of gas.
We'll never know to what extent this is now "derisked" in the Santos camp until the offer is made. They were deliberately vague on the horizontal drilling info, other than "successful".
For now let's assume that vague reporting = too good to inform the market with a potential offer coming.

I would estimate the first offer for PEL182 to come in at $200-250 million, circa 4-5x current market cap.
That offers Santos a lot of value and is a quick and easy return to investors.

Management could at their discretion dismiss the offer out of hand on the basis of the offer not adding enough value.
If there are competing bids this would be good, although if we're one and the same as Beanbush then Santos would surely have the upper hand, and there are prior relationships etc.

They can also put it to a shareholder vote. Who here would not take 4-5x their money bought today (or more). I'd be on a Disallowed so would vote in favour.

The other question I have is how to best realise that value as a shareholder.
For similar instances in the past, companies have returned the value to SH via a return of capital + special dividend (no CGT implications) that equates to the value of sale. I don't know the legal framework that might allow the company to retain a % of that sale value for other ops, capex etc.

Long answer, but I think we could be on a 4-5x offer within months.