so did everyone see the latest santos pres?

I know I said I was done posting on ESG but this is worthwhile.

Santos have owned ESG for like a week, yet they already gave us more information about ESG than ESG did ever.

And despite the Santos spin (trying to talk it up) it wasn't pretty. You can see the total (ie combined) gas rates from all four lateral pilots and they are currently at about 2.5MMcfd.

Obviously two of those pilots are still in ramp-up but keep in mind what this represents - perhaps 25 production wells, including shield wells, in four pilots, are producing an average of 100,000 cfd each.

Some verticals in Queensland exceed 2.5MM a day and they cost $800,000 to drill and complete (and with no CO2 issue either). It cost ESG maybe $20M for the same result.

Santos obviously believe they can get more out of the Basin than ESG did, and they probably can, but it's pretty clear ESG alone couldn't have commercialised this on a large scale and LNGN was quite literally a pipe dream. It seems the board misled shareholders but of course they couldn't mislead their JV partner.