Street,I agree with much of that.But there is always scrip...If...

Street,

I agree with much of that.

But there is always scrip...

If Santos believe the ESG assets have a much higher strategic and future value than they do now, ESG is to "die fighting for".

Santos have had over 6 months to plan for the situation in which another party bids for ESG. There is no way they will sit idly by while that happens.

And, their balance sheet, whilst not overflowing with cash, is not burdened with debt. And, they generate $1.5b a year.

So, I agree, Santos does not have as deep pockets as some. And, they have plenty of capex-hungry projects on their slate.

But perhaps Santos' divestments will come AFTER a resolution on ESG, and only if they are successful. No point divesting other LNG assets if it turns out they will not be developing ESG's assets after all. And divestment also sends a message to the market about their intentions.

No, I think if, and only if, Santos successfully acquire ESG, they will divest some equity in other projects.

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