Here is another article that goes against our ways of thinking. And IMO until these sort of article will stop being published, and instill fears and concerns into the population at large, things will not change and possibly makes Oil and Gas Companies feel the pinch.
One more thing HD. We can't just post on here all of the news that we think are good or positive for us and keep us all happy. We have to look in perspective at whatever else is going on in the background that can influence the market at large and the bottom line of our investments. Do you honestly believe that what we write here will influence the sp to any extent.? If you do, think again mate.
Look at what happened in Quebec of late for instance, where all of the gas drilling have been stopped and a Moratorium has been put in place by the Government for two years while some form of studies will take place to see what the gas drilling can do to the environment and to the water tables. Yes, the Companies there in North America are jumping up and down and are trying very hard to use their powers to influence the Government in changing their minds, but, in the meantime, they will have to grean and bear it.
Finally, it is not just ESG that is feeling the pinch due to what is happening. Many other companies are doing the same. Could it be that, that is what the big oil and gas companies are waiting for to make their moves while the sp's of these companies are lingering.? That I don't know, but it could very well be a distinct possibility.
Look at MEL for instance. They have huge reserves, they have Conventional gas and possibly oil, they also have good CSG reserves and CSG wells that produce low cost Gas with little water problems if any, they are not far from the coast, they are not far from existing gas pipelines, they are going (planning) to build a power generation plant to supply Electricity to Casino and the surrounding area, and yet, their sp is laying in the middle to low thirties when it reached the $1 mark at one stage not so very long ago. Does it makes any sense.?? To me it doesn't.
MPO has now announced, after the long awaited and successfull change of the Board and Management took place, that they are thinking of selling their CSG operations in Australia while trying to concentrate more in the OIL and unconventional gas. My views are, why are they doing so if there is so much blue skye about it.? I have to admit that I don't know as to why they are thinking in that way, but one cannot help feeling that there could be something that worries them there to take that action.
Below is the article that I mentioned at the beginning of my post.:
"WASHINGTON � Millions of gallons of potentially hazardous chemicals and known carcinogens were injected into wells by leading oil and gas service companies from 2005-2009, a report by three House Democrats said Saturday.
The report said 29 of the chemicals injected were known-or-suspected human carcinogens. They either were regulated under the Safe Drinking Water Act as risks to human health or listed as hazardous air pollutants under the Clean Air Act.
Methanol was the most widely used chemical. The substance is a hazardous air pollutant and is on the candidate list for potential regulation under the Safe Drinking Water Act.
The report was issued by Reps. Henry Waxman of California, Edward Markey of Massachusetts and Diana DeGette of Colorado.
The chemicals are injected during hydraulic fracturing, a process used in combination with horizontal drilling to allow access to natural gas reserves previously considered uneconomical.
The growing use of hydraulic fracturing has allowed natural gas production in the United States to reach levels not achieved since the early 1970s.
However, the process requires large quantities of water and fluids, injected underground at high volumes and pressure. The composition of these fluids ranges from a simple mixture of water and sand to more complex mixtures with chemical additives.
The report said that from 2005-2009, the following states had at least 100,000 gallons of hydraulic fracturing fluids containing a carcinogen: Texas, Colorado, Oklahoma, Louisiana, Wyoming, North Dakota, New Mexico, Montana and Utah.
States with 100,000 gallons or more of fluids containing a regulated chemical under the Safe Drinking Water Act were: Texas, New Mexico, Colorado, Oklahoma, Mississippi and North Dakota.
The report said many chemical components were listed as "proprietary" or "trade secret."
"Hydraulic fracturing has opened access to vast domestic reserves of natural gas that could provide an important stepping stone to a clean energy future," the report said.
"Yet, questions about the safety of hydraulic fracturing persist, which are compounded by the secrecy surrounding the chemicals used in hydraulic fracturing fluids. This analysis is the most comprehensive national assessment to date of the types and volumes of chemical used in the hydraulic fracturing process."
The investigation of chemicals used in fracturing was started in the last Congress by the House Energy and Commerce Committee, which then was controlled by Democrats. The committee asked the 14 leading oil and gas service companies to disclose the types and volumes of the hydraulic fracturing products they used between 2005 and 2009 and the chemical contents of those products."
End of quoted article.
To me HD et all, and in anyone's language, that article would instill some concerns to possible future investors, and it is of no use trying to sweep it under the carpet. Will it effect ESG in the long term.? Possibly not. For, ESG will not be ready to produce any LNG for at least another 4 years if it will proceed to do so, and things my change within that time frame, but in the meantime......
All I know is, that if anyone is interested in making a move on us, now is the time to pounce.
Cheers,
Buddy
ESG Price at posting:
72.0¢ Sentiment: None Disclosure: Held
