chris sadler, page-7

JT,

Having been inspired by recent posts I have just gone over the GCL saga and I am now Enlightened. Mr Sadler was there from 16/4/08 until he resigned 16/6/09. He only took a fee and he was there at the start of the GCL takeover turmoil path but left early. You can guarantee that he was one of lead players.

I agree that Mr Sadler would be ideal to start the ball rolling for ESG.

My pet theory, which Mr Sadler may be onto and he is welcome to co-opt it without any demands from me for a Fee, is that ESG could do a merger with DTE (the Dart) absorbing DTE into its warm embrace. ESG would make an offer for DTE on a very generous scrip basis such that refusal would make the Dartians look foolish.

STO is not on the board so could ESG get away with this ? -Hey ! - Wouldnt it activate STO ! - just what needs to happen if ESG is to breakout.

STO could call a sharholders meeting with a counter proposal to kill the move but if the ESGeans are following the Sadler script then maybe a lot of support from the 200-300 faceless ones and the Top20 (except STO) has already been given and STO is doomed.

The DTEans could be enticed by being offered the management of the merged entity with their gung-ho executive titans - ex the AOE success. DC and some of the others could be given a golden-parachute to cushion their defenestration. STO would be diluted to a low irrelevant figure. The Gunnedah JV would be a smaller part of the merged unit and STOs 35% wouldnt be as critical. A capital raising by this new unit could buy STO out. The sp would be pretty low at this early transformation stage but STO would have been outfoxed by the smarter ones in the pack. As STO has the option of seeing ESG as one of its opportunistic investments and it is sorely in need of money for its GLNG capex it could just take the bait and sell out leaving its acreage in the middle as insurance just in case the extra acreage it allowed in the GLNG area doesnt have much gas. Or STO may decide that it has had enough of Gunnedah, the cost of executive houses in the area must be too daunting and so offer to sell the whole lot to the newly merged unit we could call the Eastern Dart Gas.

STO has tried to be friendly but has been shunned at every turn. STO could just turn very ugly at the last moment and gobble both ESG and DTE or maybe just ESG which would make the BR crew deliriously happy but not as exuberant as a multi-bidder auction would.

Every day recently that I gaze upon the ESG sp I feel happy. I am not taking any medication , it is just the joy of see the sp float on such a buoyant supporting sea of fundamentalism. It is a religious feeling.

I wish Mr Sadler as many shares or options as we can spare, we can do a big print run and make them total close to those of DC and they will vest as long as he can deliver ESG from the control of Santos. I would prefer that he precipitate a takeover by STO but if a merger with the Dart is the path to even greater but longer term riches I wont object.

It is funny how the announcement of a pending AGM brings out the euphoria amongst members of the ESG GoodFellowship.

Cheers

The Swan builds it nest mound in the middle of the lake above the water-line the rains are yet to bring. The leader of an army should act like someone who climbs up a height and the throws away the ladder. (After Sun Tzu with some Tao)