Have to remember different number of shares on issue and hence market caps!
In the lastest ESG presentation (Narrabri update) there's a graph of all the transactions in the sector .. including STO/HGO/ESG. PES was bought by BG at $0.40 per GJ 3P and importantly $1.94 per GJ 2P. ESG says its shares were bought and thegastar equity purchased at an average of $0.74 perPJ 3P and $2.87 per PJ 2P. I think that looking forward to when a bid is more likley .. being once reserves are upgraded to year end targets .. of 845 PJ 2P for ESG ... with around 845m shares and at the rate paid for PES of $1.94 ... that would give around ... $1.94 per ESG share. But ESG is in my view far more strategic than PES. At the rate paid by STO the share price could be as high as $2.87 .. but I'm sure some will argue that some of the reserves upside was factored in by STO already.
H
ESG Price at posting:
$1.02 Sentiment: LT Buy Disclosure: Held
