tom elliot eureka report top ten take overs, page-20

from eureka report

Eastern Star Gas (ESG) During a most difficult year in the stockmarket, the performance of the coal seam gas (CSG) sector was, thanks to M&A activity, nothing short of breathtaking. At the large end, BG bid unsuccessfully for Origin and successfully for Queensland Gas, while Petronas and Santos committed to a large joint venture, something former target Origin also did with US giant ConocoPhillips.

At the smaller end. both Sunshine Gas and Pure Energy were taken over, and we think another target in this range is Eastern Star. It has vast CSG reserves in Queensland and recently “welcomed” Santos on to its register after the latter bought a 20% stake from Hillgrove Resources.