the start of a bidding war?, page-65

H ,

So many questions .

Why this " Scheme Implementation Deed " rather than a straight takeover offer , even if it's scrip only ?

Is this ESG's way of advertising to the market that they are for sale and they've got a decent upgrade coming ? " Look at me " so to speak.

Very risky strategy I would think. And given the work that's gone into the document , they must have been working on it for a while.

Maybe NLNG is a dud i.e. no commercial interest. That leaves selling the gas into QLD and finding the money to develop the Narrabri project. STO would know exactly what that's going to cost and therefore understand ESG's financial position.

Given the $ per gj figure that's being bandied around , what happens if the 2p number doubles post reserve upgrade. Starts to get toward the original DC valuation.