Eastern Star Gas (ASX:ESG) is focused on the exploration and development of coal seam gas (CSG) in Northern NSW for the Eastern Australian and potentially international LNG markets. On 18 July, ESG accepted a $730 million takeover offer from Santos (STO). The all-share offer values ESG at 90 cents, which represents a 51% premium to ESG’s closing price on Friday. As part of the deal, STO has also agreed to sell a 20% interest in ESG’s Gunnedah permits to TRUenergy for $284 million. ESG shares flew 41.2% on the day, making one of the best performers on the Australian share market. Click for FREE Trading Advice.July 19, 2011
ASX Best Shares Eastern Star Gas (ESG)
Eastern Star Gas (ASX:ESG) is focused on the exploration and development of coal seam gas (CSG) in Northern NSW for the Eastern Australian and potentially international LNG markets. On 18 July, ESG accepted a $730 million takeover offer from Santos (STO). The all-share offer values ESG at 90 cents, which represents a 51% premium to ESG’s closing price on Friday. As part of the deal, STO has also agreed to sell a 20% interest in ESG’s Gunnedah permits to TRUenergy for $284 million. ESG shares flew 41.2% on the day, making one of the best performers on the Australian share market. Click for FREE Trading Advice.
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