agm .... my take.

The AGM was reasonably well attended ... didnt count but possibly 30 or slightly more present including at least 5 HC members (such an influential bunch should be granted investor briefings from EPG management in future lol).

Tony McClure's presentation was excellent and there were insights and asides not in the version released to the ASX or at least not overly emphasised in the ASX version.

There is no point me giving a summary of the AGM because the facts are there for anyone to read. So the following is what I feel was emphasised in Tony's presentation:

# GASONOR IS A DONE DEAL ... it was apparently not out of the question that an announcement was to be made to that effect at the AGM ... it could be anytime soon.

The main Gasonor asset is Nord Pas de Calais(NPC), a multi site CMM producer. Apparently EPG was the only tenderer to recognise the potential value of CBM within existing permits and possible adjoining extensions. CMM 1P reserves are 32.6 PJ and desorbable gas is 395 PJ. CBM potential is to be assessed by geological studies and stratigraphic drilling by mid 2008.

Have a careful read of the Gasonor deal in the ASX announcement. Management expressed confidence that the cash flow potential of Gasonor is going to surprise the market over the next 12 months.

Over the next two yrs, the Gasonor deal provides 11 mill euro in potential capital works on existing NPC CMM assets and other projects and 5 mill euro in CBM explorations within NPC permits and others within EPG's portfolio.

The funding terms for the Gasonar deal represent good value for EPG shareholders ... McClure described the funder as a "conglomerate" secured over Gasonor, but with option to exploration over other projects ... I was left with the clear impression that a long term beneficial association is anticipated and that shareholders (and hopefully the market) will appreciate the strategic value of the "conglomerate" when announced on signing of the Gasonor deal.

# A FRENCH LISTING IS TARGETED FOR MID 2008 ... this will drive operations until that time as management will be keen to highlight value/potential ... check the proposed works programs for the various projects to mid 2008 ... augurs well for an increased sp imo.

With the listing, there will be a significant raising to increase liquidity and to provide capital for rollout of the proposed Lorraine 30 well production program... It wasn't stated but I felt it was clearly implied that the raising would be at a significantly higher price than the recent sp trading range.

Some additional finance will be required before the listing and McClure said a range of options other than a capital raising are being carefully and confidently considered.

By time of listing, EPG will be a gas producer and will be the dominant CBM/CMM player in France with active projects at Lorraine, Gardanne, Lons le Saunier, NPC and others.

# LORRAINE 2 WELL PRODUCTION TRIAL PROGRAM started two weeks ago. A GiP upgrade and a more bankable reserves assesment is expected by mid 2008. Whilst this work was pre empted in the Sept Quarter report, I am mildly surprised there wasnt a specific ASX announcement confirming the commencement of the trial program. An aside from Tony was that Lorraine coals were relatively dry, which is good news for rapid well development after completion drilling.

The ASX AGM presentaion is full of more details ... have a good read. Would be pleased to hear comments from others at the AGM

Regards
Poyndexter