If we want to talk case studies, we can look at White...

If we want to talk case studies, we can look at White Energy.

Back in May 2008, they commissioned the demo coal drying plant at Cessnock, in the Hunter Valley. At the time, they had around 110,121,019 shares on issue, and they were trading at about $2.50, giving a market cap of $275 million. They were also looking for a CSI (BHP bought in), and they had assorted interests in coal deposits - much like where ESI is now.

Based on the demo plant, WEC began work on the Indonesian project in Tabang. Much like ESI will be doing in LV

By mid Oct 2010, the Tabang coal drying plant was ready for commissioning. WEC ended up being a 51% owner, in conjunction with a local Indonesian partner. At that time, the WEC share price was $4.27, with 307,225,811 shares on issue, or a market cap of $1.3 billion.

The market got a bit burnt when WEC had all that trouble getting rates up and solving a few technical issues, and the SP slowly fell away. The current market cap is only about $60 mill.

I've ignored options in this little exercise, because both ESI and WEC had huge numbers. I took the number of shares from the AppB's.

Compare ESI, at a current market cap of $18 mill, and, in my opinion, a better simpler, technology, and the scope for growth is huge.