Sub salt Helium and Hydrogen, page-30

Certainly nothing much would happen while they were merging but the merger might actually be a blessing in disguise.

WDS is only interested in the offshore LNG, they would spin off GLNG, Narrabri, and all the onshore conventional acreage including Cooper and Amadeus. Either into a separate company or there is some rumour Gina Rineheart's Senex might take on some or all of it.

AFR was reporting that even Dorado and the other conventional offshore WA acreage might go with the rejects, though personally I think there's enough synergy there (and enough blue sky at Dorado) that they'd keep it with the LNG assets.

So the rest of Santos ends up as a mid-tier onshore O&G company, without the massive LNG projects draining all the capex and all management's attention. Amadeus helium suddenly goes from a distant nowhere in the exploration opportunities to right up near the top.