Seamfriend,the other thing that many do not realise is that BOW...

Seamfriend,

the other thing that many do not realise is that BOW flow rates are very average at best. I'll dig out a research report I viewed only in the past week (it was written a few months ago) which actually confirmed this.

I think BOW's movement is more based on speculation than anything else. Don't get me wrong, I think they are ok, however, in terms of quality, I don't think they come close to ESG. Location is really what is driving their price.

By the way, both BOW and ESG have appreciated the same amount since the Shell offer for AOE.

I think there is little doubt that the money pouring into ESG is on the back of investors beginning to look for a new home from their AOE holdings. Once the deal with Shell is complete, you will have almost $4b looking for a new home in the sector. Can't help but think that ESG may just receive a nice kicker from this.

I think AOE investors will be interested in ESG on the basis that STO have a stake in it. A few similarities with AOE (ie. Shell stake in AOE csg assets).