YaqExcellent assessment of ESG's options and behaviour. Santos...

Yaq

Excellent assessment of ESG's options and behaviour. Santos may well have signed customers and sold down on GLNG by now if it were not for the RSPT. Seems to me that the delay in STO's FID at GLNG has provided ESG with an opportunity to put together more deals and prove up greater reserves before any move by STO is likely. That's not to say that another party might not move sooner particularly one of the large Japanese or Chinese based majors that are not capital constrained like STO.

Although we would like teh sp higher I guess that in the event of a competitive takeover auction it won't matter that much. PES was around $2 when the bidding started and went for over $8.

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