It is very likely that Santos will launch a full takeover of ESG asap.
They have picked up 35% of ESG's acreage via Gas Star. They have picked up the key 20% blocking stake in ESG. It is now very likely they are going to launch a full takeover for ESG and achieve their ultimate objective - full control.
Santos do not have a history of being passive investors.
Lots of upside for ESG & HGO.
