european energy issues, page-6

I think EPG is still primarily an explorer. The income from Gazonor is important because it will help fund exploration and development with equity issues.

Even the existing reserves are enough to justify a higher valuation, except that the path to production isn't yet clear. But the French regulatory process can't possibly be slower than the Italian bureaucracy - it could yet be 4 years for PVE for Sillaro! - so hopefully EPG will have a much more rapid path to production.