Rod, you sound well read on the fundamentals so I'm sure you're...

Rod, you sound well read on the fundamentals so I'm sure you're aware, but if not look at AAG Energy Holdings & Sino Oil and Gas both listed on the HK exchange, both operators of CBM PSC's (CBM being higher on the China cost curve than tight gas) - they are slightly further ahead than SGE on their approvals, by around 12-18 months and are capitalised at approx AUD $900m and $600m respectively with strong gas sales & production being achieved albeit from a smaller resource/reserves base. There's also UK listed GDG who are capitalised at around AUD $1b with a significant resources base & two PSC's under production. Make no mistake, this is the direction that we are heading with the possibility of stronger margins than the peers. Projections show revenue growing to AUD $100m for SEH share at year end 16. You do the math with a conservative earnings multiple despite the strong growth profile going forward. As far as I can tell, non of the peer companies above have released the kind of 'individual well production/decline' info constantly being talked about here... but happy to be proven wrong. GL

Short video interview with GDG chairman from late 2014 on China fundamentals remaining robust. Worth a look.