nsw projected gas reserves, page-11

It seems more and more likely (as evident with MEL's current SP) that the market will react very positive to news of certified/expected reserves. BOW has been excited by not only announcing the 45% reserve upgrade target but the 52 wells and drilling program it plans to undertake this year which is massive even when comparing to ESG. The one thing that seems to disappoint or have little reaction to is drilling announcements. ESG has issued so many bi-monthly announcements (first 2 were exciting now i'm even bored!) with little and possibly negative market reaction. The market seems to maily react on certainty the past few months rather than "expectation" (this may be a side product of GFC) as was evident with MEL and the 8 progress reports on kingfisher which had no reaction. MEL's SP has also fallen considerably from a few weeks ago and although the certified report announced a 1/3 of expected reserves within 30m out of a total 130m column the market still continued to sell down and I doubt there will be any further reaction until full or exceeded certification has been completed

Unless ESG begin to announce certified reserves the share price will remain at the price it has traded between for the past few weeks. End of January may be slightly optimistic for such announcements, the news however will no doubt be very positive WHEN such announcements can be made. Anything other than certified reserve's/upgrading of reserves will have no affect on the SP.

This isn't a "marketing dept." issue this is purely due to the fact ESG focused on drilling wells rather than certification. Patience has been tested with us all from time to time, but news we have waited almost 12months for is "imminent" (give or take a few weeks haha) if you waited this long a couple more isnt going to kill you.......