With Eastern Corporation I do know what is happening, and I...

With Eastern Corporation I do know what is happening, and I bought more shares last week on a pull back.

There were two major releases to the ASX last week and the company reported:

· gas is now flowing from all five test wells
· extremely high gas pressures in all five wells, a sign of large quantities
· detailed discussions are taking place with end users as buyers of the gas
· gas will be sold at the wellhead, therefore ECU does not have ti instal expensive pipes
· ECU has employed a team of experts in the field of CSM gas production
· developing about another ten CBM wells in the area
· addressing funding requirements
· drill two oil exploration wells in an area where oil was encountered while dewatering was happening
· the ECU board plans to enter into other resource based projects over the next few years and is fairly advanced in this area now.
With a report like that one would have expected a flurry of excitement, but no, nobody apparently read the report.

They've got the gas flowing, major companies want to buy it, and they are going into other projects.

I had a meeting with the MD in my office yesterday, he just dropped in to show me some photos of the gas fired into the air from a 4 inch pipe in a paddock
adjacent to well no. four. It sure would have lit up the night sky of Longreach.

I treat this as a longer term hold, do not, repeat do not sell yet, as the best news is yet to be announced.

Read the last two reports. I will not be selling.

Cheers for now

David Bird