Doesnt have the luxury of the "Maturation" when stretching the QCLNG adventure to 3 trains
Banks are probably scratching their heads,with their right hands, wondering what they have risked their money on and so are now becoming more stringent
Really lucky Santos has been operational for such a long time here, and has so many gas supply options
DK recognised early that BG would be after gas so he looked south of the border to tie up ESG so BG coudnt get hold of it
A Santos pipe northish from Gunnedah and ESG may be invited to sell the very extra special "ESG Gas" into it, to accompany the standard STO gas from Narrabri and its other Gunnedah tenements.
We are still waiting for that mult-party auction that sends the sp to $3
The BG mob just wax lyrical , blue sky forever :-
"....a further tightening of a market situation which we already regarded as quite tight"
Tighter of the Tight, until the moribund EU and USA affect Asia and the Gladstone boom hits a hurdle. "Consolidation will make us stronger" , will then become the Cry.
As for the previous ambit fantastication that ESG may try to get away with sneakily slinking off 15% to an white-knight-ally I draw your attention again to the AGM resolutions of 2010 where ESG had its employee share plan dilution blocked by STO and sufficient "Others"
What do you thnk would happen if that 15% Ambit came up? - a quick EGM and the ESG Board shown the exit
ESG is a Backup to the vast STO Portfolio
In the Santos Portfolio Room where the Prizes are displayed ESG has its place,with due record to its past sloganeering :-
"Delivering gas independence to NSW" "A Star to Follow" "Energy to succeed" "NSW's Leading Supplier of Natural Gas"
It is a winding trail through the Cooper to reach Gunnedah, a bright light at the end.
We are awaiting our first GSA , said to be the one from ERM promised by the end of 2010
We are awaiting news from Tintsfield - something must be flowing as in that presentation of 3/5/11 it was stated (S10):-
"Tintsfield production pilot now online ,producing from Hoskissions coal seam"
Producing what ?
A lot of water , only water , Water and Gas
Has to always be (Water + "X") where "X" maybe Gas or "Nil"
How much of both ? - why so secretive when any production test in a conventional hole they are only too willing to tell the market about the effusions from deep down
Look at our sp , Look at the Announcements - is there some connection ?. Is the market pricing in a high Risk ?
News flow management is not a skill that ESG possesses.
And those Pilligers are just having a big laugh now as they have the Green army on their side jostling to get permission to build them special nests and to stop the outbreak of wellheads in the forest. The locals who just love banging down the forest tracks and amongst the trees in their modified hooner 4WDs also wouldnt want to run into a wellhead arising behind a mound and wrecking their pride and joy and maybe causing a conflagration and an addition to the Darwin List.
Cheers
ESG Price at posting:
70.5¢ Sentiment: Hold Disclosure: Held
