I refer you boys to RBS Morgans research report, which is on the...

I refer you boys to RBS Morgans research report, which is on the companies web site.

"EEG’s current producing assets are attractively hedged and provide some support to the share
price. However, we see the value and upside as being tied to the regulatory decision in New York
(NY) and the negotiations with traditional landowners in the Northern Territory (NT) coming to a
conclusion. If the moratorium on hydraulic fracture stimulation is lifted in the NY counties of
interest that EEG holds acreage in, then we see value on its oil window holdings of ~100,000
acres. We think that this would potentially be worth $0.12/sh in the near term. With some drilling
and derisking, this could potentially move toward $1500/ac or $0.46/sh. However prior to drilling,
testing of wells to optimize completion techniques will be required. Valuing the NY Marcellus gas
shale acreage and Utica holdings remains challenging at this time without more information on
flow rates (as they may not be commercial in this gas price environment). If EEG’s flow rates are
commercial we could see further upside. Currently, Australian acreage in the NT has not been
highly valued by the market. However, if negotiations with traditional landowners are finalised, we
see the potential for it to be valued at $2.50/acre. In turn this would value EEG’s interest at
$0.11ps when negotiations are completed. We do note that EEG’s current debt of ~$0.15/sh may
increase if development of the NY Marcellus or Utica shales commences."

Considering that we hold 14.5 million acres, which Morgans values at $2.50 per acre = around $0.12 per share. But, in the meantime transactions have taken place, were majors bought into companies at around $37 per acre, the most recent being Santos farming in to Tamboran Resources next door to EEG. It is clear there is a major upside just from the NT leases.

Hold on to your shares.