Quadrant to Santos

The market is fickle and changes every day but today it’s saying the Santos is deal is worth 1.5b. That may change tomorrow but in rough terms this represents a 50% premium on what they’re paying. The market sees this as a very good deal for Santos because of synergies in operating facilities, overhead reductions etc but part of that is the JV assets acquired. At the moment CVN is a bit of a market plaything for speculators and their short term view is this is bad for us, or perhaps it’s good but they’d like to a acquire a few more on the cheap. Frankly they can’t see further than their noses let alone next week. Can’t wait till Adrian comes out and tells us what’s on his mind in his usually considered way.