go to santos ffn preso on hotcopper, page-41

Psi,

When posters say things like:

"No wonder Knoxy doesn't seem to be too worried. I think the aces are finding their way back up into his sleeves."

It makes us wonder.

The way I see it, ESG is the only company, who can provide any of the QLD projects with a resource and reserve of a size to support multiple extra trains.

Santos, as a minority shareholder, a minority owner of the PEL 238 field and the non-operator, is not in a powerful position.

And ESG, as that operator, has so many options it is ridiculous.

Furthermore, if Santos could have taken ESG cheaply, they already would have.

So it seems to me that DC has all the aces. He has all the options but no obligations. There are multiple buyers, all larger than Santos, and few options for those buyers.

I am certainly glad I am an ESG rather than a Santos shareholder. ESG's upside is so much greater.

Yaq