Free Will,
It is pretty simply - Santos will have to pay top dollar, or they will miss out, again.
It doesn't matter what you or I think is fair value for ESG anymore - that is entirely in the hands of the majors who will be bidding for ESG.
And as the recent binding deal between QGC and CNOOC has shown, QGC was a cheap acquisition for BG. And a giant missed opportunity for Santos.
If Santos miss out on ESG, after having missed out on QGC, then heads will need to roll at Santos.
Y
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