Yes richrichie it is ESG's Strategic position but MEL is in fact closer to Sydney, anyway I keep asking even with all its + points over MEL is ESG worth 10x MEL? I dont think so
I'll repost my thoughts
Bagasas its not a claim its a fact
As at today here are the following respective reserve standings
ESG 21PJ's 1P 336PJ's 2P 1300PJ's 3P
MEL 2.3PJ's 1P 247PJ's 2P 1389 PJ's 3P
(Note these are NET reserves to MEL)
So there it is in palin black and white, if you don't believe me go have a look for yourself at ESG's latest presentation and MEL's latest presentation
However here are 3 factors which make ESG far superior in my opinion at the moment
1. There wells are flowing at better rates
2. ESG has something like 6TCF Gas In Place and aims to have like 1300-1900 PJ's 2P By end 2009
3. ESG's grounds already have better infrastructure, powerplants and are also located next door to Santos
The question is even with all these superior factors is ESG worth 9-10x MEL? My answer is no perhaps 4x
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