consolidation pattern, page-4

I am now (in hindsight) of the opinion that we have been fully valued for the past 3 months and that other companies are being rerated.

Our market cap is still greater than MEL. Yet MEL made a recent ann. to have 2p reserves certified within 12 months to the tune of 660PJ.

ESG on the other hand in its most recent ann. is targeting 600PJ certified 2p reserves but within a timeframe of 18 months. Less reserves for a longer time frame.

Hence the reason MEL sp has put on 50%+ in the past 3 months, yet ESG has stayed put.

I am beginning to see why the ESG director sold - why have so much money tied up in an investment not achieving a capital return (for a quarter year) in boom times.

Fact of the matter is MEL still has not caught our Market cap which means it will continue to appreciate whilst we stay put.

Therefore I repeat this company needs some new news on other market opportunities to reward investors. What of the other projects??? C'mon ESG reward my faith and others.