santos presentation, page-10

H, co2 is still a concern and there will be pockets where our saturation is not the greatest so I don't think you can say among the best in the world.

Santos has a good 3 years or more until they determine if production should go ahead.

They originally said their corehole program would be finished by the end of 2009. That has already blown out to 18 months as of today. So more like end of 2010 just to complete corehole program.

So as you can see - 3 yrs may be conservative.

Imo STO would not move on ESG until they have an idea from their testing and analysis of their own backyard, rather than looking across the fence.

But by then if ESG's strategy goes to plan, ESG's enterprise value may be significantly higher.

Tricky one. But there is no doubt the buying is holding up. Surprising me actually.