Our well situation, page-32

My take on it, and this is just my gut feeling, is that RGN#1 was drilled before Lockyer as they needed to shore up reserves for the plant with a view to either sell the plant or borrow against it in order to repay ERM.

Forget the book value of the plant. The plant is not worth as much if it only has a guaranteed supply of gas to keep it running at capacity for, say, three or four more years.

Any buyer or lender would want more surety of longevity before forking out their cash to EGO.