review: transaction metrics

2P TRANSACTIONS PER GJ

Petronas/Santos - $4.91
Conoco/Origin - $4.02
AGL/SGL - $3.99 (NSW)
HGO/ESG/Santos - $2.87
Shell/Arrow - $2.87
AGL/Gloucester - $2.11
BG/QGC - $1.99
BG/Pure - $1.94
QGC/Sunshine - $1.74

ESG (still trading) - $0.65 per GJ

ESG is trading at 13% of the highest transaction, and 37% of the LOWEST.


IMO, the value of 2P reserves, given that it already factors in commerciality, remains the best way to measure the value of gas companies. The major asset of gas developers is ALWAYS the value of the in situ gas.

I just sincerely hope that ESG can remain independent for a while longer, and keep piling on the runs.

Because there is only one way for the gas certifications to go - UP. And with it, the value.

Y