01:58:28 pm 0.680 order 346,551 $235,654. , page-9

King,

Agree.

Part of the reason shorting ahead of a takeover works is because it beats down people's expectations.

The value of ESG is independent of its price, whether it was trading over $1, at 70 cents, or whatever.

Gas is a commodity. It has a price. And the directors will not be accepting any offer below average metrics. But, I'm sure they have not been sitting on their hand for the last 9 months since Santos started sniffing around. It would be naive to think they haven't spoken to multiple parties. This is what Chris Sadler is on the board for - not for his oil/gas experience. To get a multiple party auction when they are ready, just like at GCL, and at Mitre 10. And until ESG book even higher reserves from all three seams, ESG is not yet ready to pick a fight.

The longer ESG has, the more we will get.

But, it will all come down to the number and interest of the big players. The starting price, as we have seen so many times in the past, bears no relation to the end game.

Y