go to santos ffn preso on hotcopper, page-22

db,

Yes, Santos have lots of different terms for their two MINORITY and NON-OPERATOR interests.

I see they are still grossing up their ESG shareholding. Call it a 'beneficial interest' or 'portfolio gas' or just now "ESG footprint', it is all the same.

Two separate holdings. A minority stake in ESG (no rights to gas), and a minority and non-operator stake in PEL 238.

Two minority positions do not equal control.

They mean ESG UNITED - 2, SANTOS JUNIORS - nil.

That is the power relationship, and the minority holder can suck it up, pay what ESG are asking, or try to take it by force. But otherwise, Santos won't be deciding anything in Gunnedah.

Only now, Santos are being honest about their need and desire for more gas in QLD.

Yaq