Yeah, that is it Acorn.- If the reserves upgrade is good, then...

Yeah, that is it Acorn.

- If the reserves upgrade is good, then this deal is terrible.

- And if the reserves are terrible, then this deal is good.

ESG holders just have to find out which it is. And if the former, then there should be other players entering the fray.

All we can say for absolute certain is that Santos, who have all the data, are prepared to pay a minimum of $924m worth of their own scrip to acquire ESG.

Just have to wait and find out now.

Yaq