Long Term Future of Santos, page-351

If they can navigate out of Barossa and get Narrabri into gear, then I’d say they’d be in play. Only factors
of concern is that they supply so much into each of the east & west coast domestic gas markets. Another potential hurdle could be the PNG assets where a suitor may need to promise another 5% to the PNG Gov from PNG LNG.

They’re an iconic Australian company and I’m not one to be nostalgic when it comes to $$ but I think they’d fight very hard to defend themselves from any corporate action.

Anyways there’s a lot of work to be done for them in the coming year to get themselves fit enough for one of the majors to consider. I must say, 6+mtpa of LNG is a massive carrot.