I totally agree with your thoughts, NO company out there would spell out "look, I'm going to takeover you soon". Of course "not".
Even thought Santos says no takeover planned.
I have a feeling that Santos will takeover ESG, by year end. They are probably waiting for ESG to have the upgrades of 1,300Pj 3P to 2P certified.
Once certified, its like Pure Energy all over again.
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