defensive takeover strategies, page-45

Yes they are typical of the latitude that certifiers give CSG on the possibilities of commercialisation (the "P")

MEL Mkt Cap $72M 2P 427.9 3P 2541.7 (why the decimals ?)
ESG Mkt Cap $620M 2P 988 3P 1818


MEL uses MHA
ESG uses NSAI

What MOUs does MEL have:- Not one is Quantitative from my reading, while we know ESG has 3 Quantitative MOUs totalling 1700PJ

Shows that the Market regards ESG's MOUs as worth something considering that ESG Mkt cap is ~9x MEL's even though MEL has nominally more 3P

MEL's Wish List
-LNG Ltd - feasibility Gladstone LNG
-Flex LNG - Feasibility study Offshore LNG
- Richmond Dairies - Supplying A dairy processing operation
(likely to be their first gas sale)
- Richmond valley power stn
- Pipeline ? - Still Stranded - Lions way pipeline not approved yet

The certifiers must have drawn heavily on the 5 year rule
and added a touch of fairy dust

There are Certifiers and Certifiers and obviously different approaches for Unconventional and Conventional O&G

Looks like a Bubble to me


Cheers