"drilling like mad-men when they had the chance proving up...

"drilling like mad-men when they had the chance proving up reserves. They didnt...

JT, simply not true. Re-read Ezirida's summary of all the coreholes drilled in 2010.

And excuses? No, just the facts about what happened. I more than anyone could be excused for pouring scorn upon them. But I prefer to look at what really happened. (Because, for everyone who is still invested in CSG in NSW, many of those facts are still very relevant.)

And one may well ask the point of drilling and proving up a larger CR resource anyway if you cannot extend your market constraint by finding a market for the gas, (and you are going to be valued on your 2P and 3P anyway)? 'Here is extra gas in the ground, which we cannot production test, and for which cannot prove a market. Put it with the other gas that we cannot prove a market for...'

Criticisms about communication are VERY valid. As are the way local landholder issues were handled. And we can question ESG's strategy of going after LNG rather than domestic. But they drilled plenty, until the NSW Government refused to allow them to drill. It was their inability to prove a market independently of Santos which, (if this is it), will prove the big shortcoming.

I didn't hear anyone at the time saying 'not enough drilling'. But I heard plenty of people saying, 'oh, another drilling report ... whatever... lets see some more commericalisation.'

Yaq