Santos spells out its plans - big on Dorado, page-182

Dave,

Dorado is a gem, and the potential for her sisters (what oil field is alone in a basin) huge. We will not follow FARs path on account of prioritising Dorado. You might need to do some study of lemons to see that.

By the time our holding in Buffalo is diluted by farmout/part sale it likely much less significant - assuming all the expected oil is there.

Having said all that I too am keen to see Buffalo tested, and believe the company is now big and strong enough to at least go as far as B-10 solo, if need be. JVs are preferred for good reason in this industry. The tangible downside on failure would be about 3 cps, including about a quarter of our cash. I doubt the psychological would be much more. It’s a hit I believe we could risk taking, but only AC and his team know the risks and probabilities to judge whether we should take that risk.

Please don’t TU or endorse zero credibility trolls.

EL