where to from here, page-2

I don't think STO will do anything about ESG at the moment because they don't need to as they have a controlling stake and own a third of the key tenement. ESG can make any plans they like, but when the time is right STO can move to either pick up those plans or renege on them.
At the moment I think their main game is developing GLNG and they would be comfortable in the knowledge if anyone moved on ESG, they are in a position to fend it off. Who would move on ESG knowing this would happen?

I also think they will delay any capital raising until the share price is north of $15.

Why are so many hooked on the idea STO will do an spp soon? Just because some analysts decided STO needs $8 billion to build GLNG over 4 years?

If they get this Kogas deal, then STO probably don't have any call for additional money for 2 years so why would they dilute at this point and run an expensive spp?

STO have access to over $6 billion and they look likely to bring in another $1.5 billion from Kogas..In this context a $500 million spp would simply put some money in the bank at 6%. STO is a prime target already imo and doesn't need a $500 million cherry sitting in the bank.

The additional hybrid issue may have covered the spp anyway.

Could be totally wrong and I am blinkered by the hope that the sp is about to rise strongly.