ob on lng project and reserves upgrade, page-8

CJCC

I agree! On the other topic of possible offtake agreements I note this comment in RBS's report in August (after the CR):

ESG stated that ?we envisage conditional offtake arrangements will be established over coming
months?. We therefore anticipate some announcement on conditional LNG offtake will be announced before the end of 2010, which should be a positive catalyst for the stock."

And today DC "hints" strongly that Marubeni may itself take enough gas to underwrite the project, and he clearly states that "Importantly, ESG already has an equity interest in gas reserves sufficient to underwrite a commitment to development of the project."

So obviously they don't have to wait for the reserves upgrade to sign off-take deals!

H