signifcant upside based upon sto value, page-10

macker

Yes I have imcluded nothing for the SA farm-in and ESG's other leases in NSW. And I actually believe that they will increase reserves at a much faster rate than they hase said .. that's the classic underpromise and overdeliver approach ... a sign of good management. And they will prove up large 3P this year and given all the deals in the sector that are using 3P in the valuation matrix this will see ESG rerated significantly.

H