Ann: RBS Morgans Unconventional Oil and Gas Conf., page-11

re: Ann: RBS Morgans Unconventional Oil and G... Thanks Bob,

Yes, he does spell it out. ESG has multiple options for their gas (hence multiple interested parties). Domestic, Newcastle, but perhaps most importantly, non-Santos LNG projects in QLD.

Multiple dotted lines providing optionality into QLD.

It is about as a good as you get from a company in terms of a nod and a wink. They can't say, "well, we have had discussions about a GSA or acquisition with BG and Shell"... they don't have to.. The threats/opportunities are all implied, for those who are listening.

And, ESG have outlined their timetable too. The reserve upgrade 'mid-year' is the next major milestone. And the absolute D-Day (assuming no one 'intervenes' before then), is end of 2011/Early 2012 when ESG make their FID on Newcastle and confirm equity offtake deals with buyers. The committing of a major portion of the gas... the 'act now or forever hold your peace' moment.

Things are in hand. I am just expectantly waiting to find out exactly how big this next upgrade is.

Yaq