is this misleading?

I ask you, is this ASX announcement misleading?:

"The Outstanding performance of the Bibblewindi pilots, along with the 2010 corehole and seismic programmes, will result in strong reserve additions." 5/11/2010.

>So, what ESG are talking about here are not FUTURE events, but things that have already happened. The coreholes they had already been done, the seismic that had already been done. It is quite unequivocal. WILL result in STRONG reserves additions.

ESG investors were in no doubt.

AND THEN, when MHA did a reserves certification on the Bohena and Namoi seams (contained in the IER), they did a reversal. That's right, there was a 2P reserves DOWNGRADE on the Bohena and Namoi seams.

It is ONLY because 42PJ of new 2P was certified from the Hoskissons seam that there was a modest net 2P reserve upgrade of 8PJ overall.

But, those seams that ESG claimed in late 2010 WILL have a strong upgrade, were actually DOWNGRADED. Their 2P reserves went backwards.

Wouldn't shareholders like to have been informed about this downgrade a little earlier? Would such information have affected your investment decisions back in November 2010?

Or, to put it another way, if ESG kept the market fully informed about reserves expectations, these reserves in the IER would come as no surprise to ESG shareholders. But, shareholders weren't informed, clearly.

I wonder at what point in time ESG realised there would not be a 'strong reserves upgrade' from the Bohena and Namoi seams, and why they didn't think it appropriate to inform the market of this?

Yaq