U got to remember that should ESG become the point of contention then u need someone with deeper pockets to take on STO & thats where AGL comes in.
Remember AGL flogged their shares in QGC to BG for a decent profit & at the same time sold their assets in PNG, so I believe they do have the cash for future acq's and one can't ignore them, which means Casisdy & Co can beef up their 2P/3P reserves even more, with an aggressive drilling campaign this year & then put the bait out there. I dont think the current SP does ESG any justice but such is the nature of Mr Market.
ESG are cashed up with $54.278mil in the bank for now & their 6 mnths exploration budgt till Dec '09 was $24 mil, so they are not too desperate at this stage, which means anyone eyeing them might have to pick the right time, say later in the year. Definetely worth keeping on one's radar this year.
As for VPE, well they might b a candidate for a quick arm-wrestle, a la BPT-AOE deal frm last year which went for a bargain 33c/GJ!!
Just my thoughts for now.
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