very controlled trading lately

Shouldn't probably read too much into it though. But I'd love to know who is behind it!

I don't think we are expecting Santos to make a move if they do until reserves targets are met .. but there's no doubt in my mind that with Australia growing in stature in the world gas scene many large companies will see ESG's assets as very attractive. So someone else could be accumulating a stake. To my mind the most likley ones to be interested are BG, Petronas and some other big player (but not so much Shell). BG needs more gas and is falling behind in Qld as the AOE/Shell and STO/Petronas JVvs are progressing siting and customers much more quickly .. so maybe they will see NSW as attractive. And one of these super majors might just take out STO and ESG in one go!

H