reasonable expectations

Here is what we as shareholders can reasonably expect very soon:

- Next Friday (14th January): ESG decide whether to exercise their option to purchase the Kooragang Island land.

> In the absence of any announcement from the company, it is reasonable for us to expect this purchase will go ahead. And if so, it is a significant commitment to our own LNGN project.

- Next Saturday: The Santos top-up to HGO expires.

> Make of this what you will.

- Mid-January..?: Santos' FID on GLNG. Surely, they can't delay it yet again..? With all approvals, and two trains sold, Santos have now run out of excuses for delaying.

> At the very least, this is yet another bullish sign for CSG and associated industries. It is the second LNG project in QLD to have crossed this last hurdle. Good for all CSG juniors and service providers (such as AJL in particular).

- The Hitachi Study. ESG said that this study would be completed by early December. What they didn't say is when it would be released.

> It is reasonable to assume that ESG will make a statement about this study at some stage... perhaps in conjunction with the land purchase..? But if you think about it, the exercising of the land purchase is yet another indication that LNGN is viable. It is a $25 million commitment.

- APLNG Approvals. Some time this quarter, Origin/Conoco will receive their Federal Environmental Approvals. Given the precedent set with BG and Santos, this is only a matter of time. Origin have also said that they were ready to announce offtake deals for two trains worth of gas (which would appear to be just awaiting the approvals).


These are what ESG shareholders and the CSG sector can reasonably expect in the coming weeks and months. All positives. And yet the share price is being pushed down. Not in large volumes, but with large amounts of shorting. Funny about that!

btw - (20% of sales being shorts means 40% of all transactions are involving one party - for every short sale, there is a corresponding re-buy at some stage. Easy for a large holder to push a share around, and then claim it is 'sentiment'.)

Yaq

and now for the usual rebuttal...