Ann: Quarterly Reports - March 2009 , page-22

AllanGB,

Given the reality of todays world I take the view that energy reserves are analogous to the old adage about building roads .. and usage rising to meet capacity.

ESG's gas (and all the other players), will find a market or a buyer thats happy to stockpile.

Gas fired base load power represent a low hanging fruit for CO2 reduction, maybe lng for transport will get a kick on - we are about to convert to LPG for our commute vehicle - and would take LNG if it was there. Remember we had oil at > $150 barrel not too long ago and as quickly as the price fell away .. it will come back. All sorts of energy options will be back on the table.

Short of some very bad news from pel 238 .. if we fall below 50C .. I'll morgage a kidney ;-)

cheers

sg