Santos Buy Quadrant US$2.15B, page-147

Having unpleasant flashbacks to the lowball offer of COP’s stake by WPL of the SNE field.

Back then, at sub-$30 oil price, US$2.20 per barrel was considered ridiculously low. Low enough for FAR to put everything on the line to pre-emp the deal. This is in geopolitically risky Senegal.

We are now talking about Australian waters, near infrastructure, negligible geopolitical risk in a simpler JV structure, with oil price more than double what it was during the COP sale. I am absolutely gobsmacked at the consideration offered for Dorado. I think “fishy” is the understatement of the year!