What do you do if you're the Santos board?Acquire assets at the...

What do you do if you're the Santos board?
Acquire assets at the most value adding time; ie lowest risk and highest return.

If there's certainty of what's in PEL182, then that offer will be coming sooner rather than later. Flow rates will not be disclosed for obvious reasons, it shoots their offer opportunity in the foot. They will test the waters with a low-ball offer, and despite what we think is "fair" value, who would vote against a $1 per share offer today?

If there's no offer in the next six months it tells me Santos consider the risk to outweigh reward for what is known. That could see a big SP crash.

So, in my opinion there's a potential 5-6x coming our way in the next few months. Happy to hold for that opportunity.
In another year from now it's a 10-15x to buy BAS assuming the resource is as expected.