ivor rees joins the 'baseless rampers', page-20

stumpy

Unfortunately your have used PEL 238 total reserves and resources .. ESG has 65% of this so around 1850 PJ 3P. Nevertheless with the expected upgrade the value gap that you talk of remains valid.

I agree that given that any of the LNG options should help move a chunk of 2C to 2P come second half of the year the value proposition just gets stronger.

Remember all .. its not US that will determine the value of ESG, ultimately its the gas they have and what they can sell it for. That's why we are waiting and waiting for some form of commercialisation to be locked in. That will be the catalyst for arerating on "value".

H