US$2.15 billion upfront payment on a cash and debt free basis;
• Contingent payments linked to Dorado oil/liquids 2C resource certification of
>100 mmbbls and future FID decision (Certification Payment); and
• Royalty over any future Bedout Basin project revenue (excluding production of Dorado oil/liquids).
The Certification Payment:
• Comprises contingent fixed and variable payments linked to certified Dorado 2C oil, condensate and natural gas liquids resources at FID; and
• Subject to a minimum 100 mmbbls (gross) certified 2C resource. Calculation of the Certification Payment:
Santos Buy Quadrant US$2.15B, page-5
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