a 40% increase in esg's 3c resource

I just wish ESG had sold it a little better. A better headline makes all the difference in catching the attention of the smaller end of the market.

So today ESG is certifying an initial contingent resource in these non-Santos PELs of:

PEL 6: (ESG share 77.5%)

2C: 152.8PJ
3C: 1,160.5PJ

PEL: 427 (ESG share 50%)

2C: 751.1PJ
3C: 2,457.8PJ

PEL 428 (ESG share 40%)

2C: 107.3PJ
3C: 1,1018.9PJ

This increases ESG's total 3C position from 6,215PJ to 8,750PJ, an increase of 2,535PJ, or 40%.

By way of a comparison...

Santos paid $300m when they bought Gastar's 35% share of PEL 238.

For that, they got:

2P: 117.6PJ
3C: 2,144.8PJ

So in other words, Santos paid $300m for their share of a 3C resource that was SMALLER than the resource booked to ESG today.

Food for thought.

Yaq

Amazing that ESG doesn't 'sell the sizzle' of this. Also amazing that OIP do not even consider this to be a market-sensitive announcement!