nirvana, page-11

Fair enough Edgar. Best wishes.

There has been some discussion about David Casey, body language etc. Don't be mistaken in thinking this is the basis for any investment decisions. It isn't.

(1) The Value of the Gas.

The primary reason for my investment is the value of ESG's main asset - the in situ gas. Even based on ESG's reaffirmed 1300PJ Project 2P target (for which they have a market of course), they are very underpriced. And they have Project 8,000PJ of 3C or better, 6,000PJ of which is market constrained.

And clearly, 1300PJ is not the end game, just the target to be achieved in the remaining 5 weeks of this year. Average transaction values imply a value of $2.4b for this size reserve. That is the average price, not the highest, and not solely in QLD.

And drilling and production testing continues apace...


And yes, ESG is doing little to promote themselves. Good. I support this approach. It was an epiphany a few months ago when I went from being critical of ESG's communication, to realising they deliberately were not TRYING to draw attention to themselves.

As long as ESG keep finding the gas, and proving their resources/reserves, I will continue to buy and hold.

Y