Good article in the AFR this morning and general gists of discussion is as following:
Santos need to sell non core assets in order to slash debt by $US1.5b. santos will do this by applying a similar methodology as Origin Energy's announcement earlier this week that it will float its conventional oil and gas business. The main reason to apply same methadology in to attempt and acceleration its efforts to cut costs and restore value.
The article does mention the assests for sale, it does not make refernce to the M oil and gas field located in land NT.
Santos describes its selling as being "sweat or exit" strategy.
The new stand-alone business will be based in Sydney and will be run by former AWE Ltd chief executive Bruce Clement. A "lean, fit-for-purpose operating model" will drive efficiency and increase productivity, and the portfolio will be continually "optimised" to maximise value, Santos said.
HOWEVER, >>>>>>>>> Santos does mention the five key, long-life assets to remain within the core company and one of those is northern Australia. So it would seem that the purchase by cntral for the other 1/2 is not on the table, thank goodness.
So, placing the bank interest in central has now become all te more clearer, it certainly has for me.
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