At least do a little bit of research on Santos before trying to...

At least do a little bit of research on Santos before trying to compare valuations...

The last time Santos reported 2C was in 2015 annual report (1,853 mmboe)

Santos 2017 annual report 2P is 848mmboe... no 2C reported

There is a huge difference between 2P hooked up to multi-billion dollar infrastructure, 2C slated for tieing into existing infrastructure and undeveloped/greenfield 2C. Santos has oil and gas which fall into all these buckets.

Even then - not all 2P is equal. Some costs more to produce, some less, some fetches higher prices, some lower. Some will be taxed, others not due to depreciation, some is subject government take / royalties, some not, some is tied to long term sales agreements, some for spot market. It is insanely simplistic to try compare companies based purely upon what they have in the ground, not including their infrastructure and tax positions etc...