santos's $200 milion

The following is pure speculation

Buried in Santos cap raising is "it is in the early stages of bidding for an undisclosed asset that has a value in the order of $200m" SMH 12th May.

Now this is pretty small if we look at the value of say ESG that has a mkt cap of around $760m. So, what CSG assets are worth $200m?

HGO's 152m shares in ESG are worth today $143m. Throw in a premium and you can easily see HGO's ESG shares worth about $1.30 to Santos or about $200m. This parcel also gets STO a stranglehold 18% of ESG without triggering a takeover.

The takeover target long term may be ESG but short term may be the HGO holding of ESG

Just a thought!