signifcant upside based upon sto value

Hey guys,

based upon what Patronas paid in the Santos transaction, it would value ESG at $1.81 per share. This is based upon 3P of 1300PJ ($1.61 per gigajule).

I have taken 65% of 1300PJ.

Based upon current 2P of 185PJ (again only taking 65% of this), this is approx 76c per share ($4.69 per gigajule).

Obviously we would be expecting 2P upgrades, so I thought the 3P may be the better barometer.......and it look better LOL!

So, if a base can be set at 75c, this is really only going to go one way.

est of luck...and comments welcome.