A friend has asked me what all these metrics actually mean in...

A friend has asked me what all these metrics actually mean in terms of what ESG's share price should be, were it to change hands.


Santos bought ESG when ESG only had had 336PJ of 2P. They did so for $1.00, with a clause to top-up Hillgrove in the event of a full takeover within 18 months.

$1.00+, for 336PJ of 2P.

That transaction equates to an ESG price of:

$2.68*,

once the 1300PJ of Project 2P is in.

Same rate, more gas proven, higher price.


Value gaps tend to get closed by the market, one way or the other... organically, or with force applied.

Y

* I have adjusted for the fact that ESG have more shares on issue now.