coming back to racional mode, page-24

At least the ESG board knew when their time was up.

I'm not so convinced with passage of time that STO got the steal suggested. ESG had a lot of technical problems getting their wells to flow. The old blue ball affliction! :)

That's why assets typically rise up the chain in oil and gas. Financial and technical capacity are two pre-requisites. KAR has only technical and the capital flows are quickly drying up OR attracting a premium. The capital base is in for a flogging if there is another raising.

I wonder if the emotional attachment of the board to the company always reflects the full interests of shareholders? That's not to suggest Bob and co. aren't capable/honest/pros - clearly they're very very good at what they do - it's just their motivations differ (not right or wrong, just different) in many respects.

My personal view: once the drilling program in Browse is complete there should be a resource upgrade and a takeover by year's end.