delayed reserve information

Quote:
However, while production from Tintsfield has
increased steadily from the onset of gas production the Company?s independent Reserves Certifier
(Netherland, Sewell and Associates, Inc.) has confirmed that there is not yet sufficient data
available from the Tintsfield pilot alone to warrant an updated reserves report.

But initial production rates have not turned out to be sufficient
to support a meaningful review of gas reserves.

In addition to the gradual production start at Tintsfield, delays in NSW Government drilling
approvals have meant that ESG has not been able to drill wells critical to the anticipated August
reserves upgrade.

As a result of these delays, ESG has demobilised both corehole and pilot
production drilling rigs. - unquote

*******************

so each of these issues above, have lead to the Board of ESG determining that a reserves upgrade (or down grade) cannot be yet made.

so the question HC posters has alluded to is, WHEN were the directors aware of this information.

BECAUSE when the STO t/o was announced, I posted that STO was claiming a bid value of 50c/gj of 3P.
I pointed out, as did others, that we were expecting a reserves upgrade, and that the value per 3P /gj would drop!

So my question is:
Can there be any more an important situation for a s/h than the t/o of their coy??
No.
So therefore, upon the announcement of a t/o, s/h require all MATERIAL up to date info in the hands of directors, to be immediately provided to s/h so that they can be fully informed, and that the market can be properly informed.

to delay provision of that info to the IER is not proper (and I would think a question to be asked wrt the performance of their fiduciary duties).

equally, the delay in announcing the statements in todays ASX release, falls into the above category imho.

if these announcements had been made, would ESG s/h have had the opportunity to act in a different manner?
eg would s/h have sold pre-the latest crash???