SeamfiendThe real money in the CSG sector has been through...

Seamfiend

The real money in the CSG sector has been through acquistion by large players who can deliver the capital + expertise + marketing to monetise the CSG reserves. With standalone entities the market applies high discounts to their results.

I agree that both ESG and BOW have current better reserve profiles than WCL - to offset this the market caps also refelect this difference.

WCL is in joint venture with BG who know the value that BG can achieve through the acquistion of the WCL gas into the BG CSG plant.

I noted that BG were pushing to get the deeper drilling of the joint leases accelerated in the present programs - this could have quite an impact on reserves. Also WCL has the Galilee leases with a large OGIP figure.

I think that BG will pick up more gas reserves where possible and WCL is in a strategic position.