Don't know about you guys but my reading of the figure on page 3 on Contingent Reserves vs Reserves indicates more fully than the ESG explanation in their release, that the certification requirements for Contingent Reserves are equivalent in every way to Reserves .. only they are "contingent" upon a market being available. Wow! That says that if ESG can as they expect firm up gas sales agreements or sign more MOU's for power generation, or do a deal on supply to a "global initiative" (alliance with AGL or Santos on LNG perhaps)they will then be able to very quickly convert their 1984 PJ of 2C (65% of 3,053) to 2P Reserves. And they will also have 3,983 PJ of 3P at that stage. If ... and its a big if ... they can do this by September that will be another 5 fold increase following on from the 5 fold increase from Sept 07 to Sept 08!!
Bordering on a ramp I know .. but obviously the "potential" is there. Looking good IMHO. I hope Roland Sleeman is having success tying up some markets for all this gas!
h
ESG Price at posting:
61.0¢ Sentiment: LT Buy Disclosure: Held
