very disappointing, page-6

That is the way to think

We cant control takeovers so when one comes we just have to internalise it and rejoice at the fact that we will still be part of the great adventure to CSG out of the coals

Notice that STO has onsold 20% JV Working Interest to TRU Energy for $284M that values JV 1520PJ 2P at $0.93/GJ about the same as paid in the AOE Transaction

Srong combination which suggests that the Gas is going to be used for Powergen

The $284M is going to be used to fund Gunnedah incremantal capex untl end of 2014 -- Shows that development is not going to be anywhere near LNG intensity

STO Crows that it has only paid $0.50/GJ for 3P - "an attractve acquisition price" YES - the AOE transaction $0.60/GJ 3P was paid

You have to ask as some have asked - just what has the ESG Board been doing since 1/4/11 when the Tinstfield pilot started up ?

The Independent Experts Report is yet to come so we have to see what they say

The Break fee is ony 1% so BRING on The OTHER-BIDDERS

ORG BG Shell Conoco BHP any more out there


Cheers