p 26 fin review - possible bidding war for esg, page-16

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