I dont think the Board is selling us out from their point of view.
I dont think they performed very well otherwise we would be on the way to a $2Bn company with GSAs signed up
From our point of view a different board and more time and better delivery of GSAa may have us now with a Contested Auction with the Other-Bidders.
If you assume that the Board is acting in their "View" of the best interest of the shareholders, as they should, then the current situation where they have quickly capitulated to a SOA Offer from STO ,is explicable only IF :-
1.The Reserves Upgrade is NOT Massive - nowhere near as big as postulated by the Crew. Tintsfield may have been very problematic.
2. The Board realised that ESG would never be able to raise their share of field development costs especially as the LNGN with Marubeni support seemed to vapourise. Also Not One of the Powergen MOUs was converted to a GSA.
3. No Other-Bidders could be seen to make a Contested Auction work.
Lots of promises but no GSAs
A few here Lionised the many Characters in the ESG Drama, the genius with the horizontal drilling, the one who was taken on for his M&A experience, the politician who had all the contacts and so on and on
Cheers
ESG Price at posting:
79.0¢ Sentiment: Hold Disclosure: Held
