Beacon,
I also like your theory:
"2. To go alone with the Kanmantoo project, HGO will have substantial tax benefit when the ESG windfall do occure."
So, you think the fact that HGO is going to go it alone on Kanmantoo is a bullish sign for the top-up? Not just that HGO will be receiving extra cash (and so can afford to go it alone), but that they are doing so ON THE ASSUMPTION that they will have a future windfall gain from Santos, which in itself will need to be offset for tax reasons.
I sincerely hope you are correct Beacon. :)
Y
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