I'm not sure. Would depend, imho, on whether the major thinks...

I'm not sure. Would depend, imho, on whether the major thinks (as I believe STO does) that an LNG plant at Newcastle is feasible. The potential for offshore gas in the sydney basin (MMR & BUY), albeit a long shot at present, may add further impetus to a NSW LNG plant. While I can see decent upside in ESG without an export market for real multibagger potential I think LNG is a necessity. Without a Newcastle/local NSW pathway for export I don't think ESG would be of interest to a 'super major'.