bg: slow to shore up reserves, page-11

psi81,

Interested to see your analsis of ESG, BOW and MEL, but it seems a bit absolute rather than comparative.

Calling things Tier 1 and 2 etc suggests it is like picking a wife ie that you can only choose one at a time-unless you're Bin Laden.

Maybe that is appropriate to assess short term takeover targets, where scale matters, or if you are BHP and just want to be Tier 1 all the time.

Fact is, on my metrics, ESG is priced more than 5 times the price of MEL, with a market cap. of just over $80 million. BOW lies between, on a comparative value basis, I would have thought.

For clarity, I think all will be taken by majors by year's end at significant premia.