w o o, page-12

SeamFiend et all,

If STO have 14 months left for GLNG train 3, and given it:
a) needs gas for the 3rd train;
b) needs to build pipelines from its Gunnedah fields (STO words that it owns 48% of the Gunnedah field - not mine)
c) It needs to develop enough wells to make GLNG3 train commerically viable.
d) and then there is all the preparatry works at each well (ie access roads, site clearing, infrastructure requirements at each well)
e) procurement of drillers, etc

So, in my opinion, based on the above activities and typical timeframes for these - AND the 14 months for Santos' GLNG train 3, we should expect a STO bid soon?!?

I guess STO will most likely lob a bid after the reserves upgrade - which in my opinion will be in Aug sometime - just before the Annual Reporting Season. This then allows backslapping and high 5's at the AGM in November.

Others agreed?