now the real provocation begins

nothing new in ESGs quarterly..in fact a fairly pathetic excuse for a report from a $900M market cap Australian company..

As dull and as void of useful information the quarterly is there is reason to suggest that there is still a long way to go in the aquisition of this mighty resource...

Two weeks after the SOA offer from Santos and ESG are still spouting the LNG option, the feasability study, the massive hoskissons seam, the loan secured against the land, the substantial reserves upgrade on the way, the cash in the bank etc etc...

The positive for ESG holders is that this quarterly is just the tip of the iceberg in terms on information that may be available to any potential suitor...ESG have kept shareholders in the dark but don't let their poor communication fool you.. they have done an absolutely rubbish job of building shareholder value but they have nevertheless built a formidable gas reserve and an optimised field...

We have virtually no information...why? flow rates, gas composition, approvals, water treatment, ramp up of wilga park, environmental outcomes, blah blah blah there has been a blackout of useful information for shareholders for 18 months except when a capital raising comes along..

Are we subject to a completely incompetant board of management in which case we are going for 0.90 and we should feel lucky to get it? OR are we subject to a very switched on board who are absolutely lousy communicators to retail investors?

For better or for worse I am betting on the latter...but I am also resigned to the fact that to take the former would give me reasonable leverage to a) future oil price b) LNG activity and subsequent revenues c) dividends and d) takeover

If nothing else, the quarterly quite clearly states that ESG is open for business.. cash, reserves, feeds, options.

Any major can do their sums based on the quarterly and conclude that STO is stealing ESG from under their noses especially when you take into account the $250M payment from TRU for the 20%.

Is it possible that ORG made their sales announcement to butter up the market for further aquisitions? we can only wait and see..forget about ORGs reserves strength..they still need gas on a large scale and if they see value they would certainly want to take advantage of any opportunity....


DYOR