I doubt STO would go into development at 80% interest in dorado,...

I doubt STO would go into development at 80% interest in dorado, it would be pretty unusual for such a development, albeit not unheard of.

Whilst they seem comfortable at 100% for smaller more mature assets imo they”ll still see advantage in bringing in someone else’s balance sheet, someone else’s eyes and someone else’s expertise and experience. An outside voice can be a great counter to “yes sir” group think and good at spotting any emperors new suites.

Could be wrong.

Analysis of a merger is likely to put valuation of Dorado (and all assets) under a greater spotlight anyway.

EL