second
Agree ESG is the most likely by far. Santos also has access to the info on OIP via its 19.99% holding in ESG I would think. My hypothesis is that ESG will move on OIP ahead of any takeover move on itself .. just when that might be is of course unknown .. but yes I would expect that it would be after ESG has itself been rerated on reserves upgrades so after December, by which time at least one PEL 6 well should have been completed which if successful will in itself rerate OIP. Interesting few months ahead!
H
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