jp morgan initiate coverage, page-15

"You are nothing but consistent!

OK here's a scenario then ... what say BG buys ESG's gas (they don't have enough and are already marketing train 3). What would STO do then?"

Thanks H. I'd rather be consistent than inconsistent. Ignoring relevant information because it clouds those blue skies is not my style.

If BG buys ESG's gas then STO still benefits via it's ~ 20% stake and it's 35% JV holdings. In fact it probably makes ESG a better takeover prospect for STO. Combine all ESG/STO PEL's in NSW, scrap LNGN and dedicate all gas towards Gladstone for the foreseeable future. Not a bad idea there H'man!