reserves issue

I cannot get my head around the fact that ESG keep saying "all will be revealed in the IER".

I know we have discussed this before, but full REASONS as to WHY ESG have agreed to the Scheme supposedly will be revealed in the IER.

And within this reasoning will be reference to the Reserves issue - importantly actual numbers, but also an indication as to potential and any new issues.

The issue I have with waiting for the IER to get a proper understanding of the Boards agreement with Santos, is the Continuous Disclosure obligations of ESG.

I cannot see how they can comply with those obligations, yet still tell us to wait for the IER.

BUT - I can only think it has something to do with TIMING.

That is, when they make an announcement to the market wrt Reserves, these figures need to be Hard ie Certified. They have already given us Target type figures.

BUT, importantly, whilst we know that the IE gets pretty much all the info from ESG, I am sure that the IE can utilise info that is UNPUBLISHED.

ie, I am sure that the IER can utilise such things as internal budgets, estimates etc. SO he can form a view based on uncertified info - ie use unpublished Flow Rates etc to get an idea of what the reserves might look like.

BECAUSE it seems from that latest ESG release that ESG has a problem with timing - that the certification of further reserves will come after the Scheme has been voted on.

Thats how I think the Directors have determined to get around the issue of what problems ESG MAY have wrt getting the gas out of the ground, and what level of reserves we can anticipate.

So its an issue what Directors can/or cannot state NOW, compared with what the IER can state NOW.

cheers