is esg good value at these prices

Stepping back from all the theorising about why the sp is where it is and where it might be going I thought it might be worthwhile considering whether it is 'good value". Here's a few thoughts:

1) the share price has come off inline with the sector
2) there has been NO bad news (with the minor exception of some delays due to floods and rain) to justify the fall
3) more and more projects are signing up customers for LNG so demand remains strong (and growing I would contend)
4) the share price is where it was 12 months ago despite 2P reserves having increased more than 3 fold, flow rates are good to exceptional (BW West), and all brokers and commentators are saying the technical questions are now all answered and the economics looking good.
5) ESG has a major JV partner who paid $476m to get involved. This is a big vote of confidence, and they paid $1.00 per share and $2.79 per GJ 2P.
6) broker valuations range from $1.17 to $1.50
7) ESG has the largest reserves in NSW the most populous state and with increasing demand for gas-fired power.
8) ESG has said that it will be negotiating GSA's with existing MOU customers and others 1st or 2nd quarter
9) ESG is in serious discussions with pipeline operators
10) DC has indicated in recent presentations that some gas is likely to flow north which should attract LNG parity pricing
11) ESG now has the reserves to justify infrastructure
12) Its WP power station is ramping up and will provide substantial income by year's end
13) Santos needs more gas for its GLNG project and now with ORG/Conocco and BG co-operating STO needs ESG's gas more than ever to get scale.

Plenty of positives and plenty of catalysts going forward. I remain positive and now that the sellers seem to be buying a few back I am looking to accumulate more. Just my analysis and approach .. DYOR!

H