Cabbage,Need you even ask me about my sentiment?Of course, ESG...

Cabbage,

Need you even ask me about my sentiment?

Of course, ESG is a buy. Or hold if you do not have spare funds.

There are just so many reasons for this, both macro and ESG value-specific.

- They are a buy in terms of the large reserve upgrade pending. And in terms of the value of the gas they have already certified as 2P.

- In terms of a resolution about where their gas will go - supply into QLD, supply to LNGN or change of control. There is strong demand, and few uncontracted options of any size. Yes, there is multi-party interest. This will drive the auction of ESG.

Large in-demand resources go up the value chain. They gain value as they do so. LARGE amounts of value, as the majors pay not on the basis of existing share prices, but on a price per GJ of gas. Prices at which they know they can turn into large profits, insurance against problems with their existing projects, and for the higher-margin profits on Trains 3 and 4. As reserves are proved up, value increases. As reserve go up by large amounts, large amount of value is added. As large commercial opportunities are confirmed and deals signed, the value is realised. And as regulatory risk subsides (such as by confirming a land deal in the State Forest with the single landowner - unlike ALL the QLD producers). The strategic value of this cannot be understated.

There are many believers in ESG's large strategic value. I am just one (noisy) one of those. I look forward not only to the wealth and large return that ESG will be bringing to their shareholders. But also for those ESG's holders to be proven right.

Our day in the sun will be sweet indeed. And at the end of the ESG story, no one will be worried whether they paid 60 cents or 70 cents or a dollar for ESG. Just that you own a part of it when the auction kicks off.

Yaq

"From this day to the ending of the world,
But we in it shall be remember'd;
We few, we happy few, we band of brothers;
For he to-day that sheds his blood with me
Shall be my brother; be he ne'er so vile
This day shall gentle his condition:
And gentlemen in other stocks, now a-bed
Shall think themselves accursed they were not here,
And hold their manhoods cheap whiles any speaks
That fought with us upon Saint ESG's day."

After Henry V