santos u win, page-32

It's a good deal that covers areas of urgent need for funding and seems in line with other deals over similar areas. And at this stage, not necessarily the most prospective shale areas. It leaves a big chunk including South Georgina up for better deals with more time on hand to conclude such deals.

The focus on immediate needs while also having a long term view is a huge step forward for this company. Imagine the dilution across the whole portfolio if we had to raise capital at the old depressed share price.

the benefits of this deal may take some time to sink in for some, but i think it sets CTP up well.