I think we often forget that STO bought out Gastar so they have 35% of the acreage no matter what/who buys/takeover ESG.
Lindo pointed out correctly that STO now actually have almost 50% of the resource and Holy (or his cousin or brother-in-law !) refreshed us on 3% creep provisions so really, STO "don't have ta do nuthin" for the moment.
Conversely, the other suitors also know the above which throws a bit of cold water on any bid they make knowing that STO "don't have ta do nuthin"
STO is really like a big groper that swallowed half the flathead fish and now only has to keep its jaws tight and let the flathead slowly slip into its throat 3% at a time. Zaaro p.s. do these fish analogies serve any porpoise ?
ESG Price at posting:
84.0¢ Sentiment: Buy Disclosure: Held