Yaq,Great try in keeping the SP up.My view is that although ESG...

Yaq,
Great try in keeping the SP up.
My view is that although ESG has more MOUs than you can shake a stick at, they still haven't cracked the nut as far as getting gas out of the ground is concerned. After 14 months of stuffing around with Bibblewindi to say that 900mscf/d is "outstanding rates of gas production" is quite a stretch. As Psi pointed out, verticals in the Surat commonly achieve rates of over 1mmscf/d.
MOUs will stay MOUs until ESG can show it can produce commercial quantities of gas from a pilot and at this stage that seems a ways off. I agree pilots are a proof of concept and I guess I will be waiting until the concept is proven - it hasn't happened yet.
The same goes for a T/O. If ESG wasn't going to be around for a long time I would have thought it would have been in everyone's interest to keep increasing reserves but that process seems to have bogged down severely. I don't believe that management are withholding info to play tricky games with "suitors" - they just don't have any info worth disclosing.
It is apparent that the view of those selling out today was that there wasn't anything going to happen with this company in the near future - they are probably right.

P