nsw/qld csg company comparsions, page-21

TBE,
ESG flying? Maybe on a takeover, but I am not counting on that. The 'flying' would be more of a slow motion 'fly' because it will take years for them to get to LNG. The probability of their HQ resource getting used for something I think makes them only slightly undervalued at present - still good upside though.

MEL something or nothing? Well the company is definitely giving off vibes that it is something. And DJ and co. have put it to market that in no uncertain terms it is ver SIGNIFICANT. You can look in the latest presentation and it quite clearly delineates a GASFIELD at Kingfisher, not a prospect or lead, but a field. So, personally, I think it is definitely something but until they come through with reserves and test results, a possibility of it being nothing still exists. They are also 'committing' to drilling 1-2 more wells in the area, which is not surprising and it should give them some much better data on the field. They are definitely a company who are more and more looking like having a 'stranded' asset in NE NSW. Pipelines and powerstations are their future to unlocking that value, irrespective of how many reserves they have. no market. no value.

BOW flow rates? Not necessarily as this is not what they have done for their current 2P reserves. I think they will most definitely hit some very big 3P numbers this year from Norwich and I think we can also expect a modest upgrade on the 2P at Blackwater given the coverage of pilots expected across the area. The "5% BW 2P" is a result of the data they put together after last years initial pilot program. I want to know from BOW, what is happening with flow testing and dewatering. We are back 'in season' for the drillers to start chipping away at the plot.

Cheers,

SF