Well there we go have a read of the below "The consideration...

Well there we go have a read of the below

"The consideration being paid to Gastar equates to $0.66 per GJ of current 3P reserves. Santos will pay a further $20 million to Gastar if ESG meets certain reserve targets by 31 December 2009.
Santos’ acquisition of a 19.99% interest in ESG represents a strategic investment that will align the interests of the respective joint venture partners. Santos will pay $176 million1 for the interest, equating to a price of $1.00 per ESG share. Santos has agreed to make an additional payment to Hillgrove in the event that any party completes the acquisition of a beneficial interest of more than 50% in ESG at a price in excess of $1.00 per share within 18 months.

The consideration being paid to Gastar equates to $0.66 per GJ of current 3P reserves. Santos will pay a further $20 million to Gastar if ESG meets certain reserve targets by 31 December 2009.
Santos’ acquisition of a 19.99% interest in ESG represents a strategic investment that will align the interests of the respective joint venture partners. Santos will pay $176 million1 for the interest, equating to a price of $1.00 per ESG share. Santos has agreed to make an additional payment to Hillgrove in the event that any party completes the acquisition of a beneficial interest of more than 50% in ESG at a price in excess of $1.00 per share within 18 months."



Well once and for all we now have a clear indication that NSW 3P is worth at least 65c a GJ

MEL's 1550 PJ's NET 3P Reserves at 65c are worth over $1Billion Dollars = $5.60 a share

Sooner or later the market is going to have to wake up to this

With all the mid tier players going there are very few under $100M Mkt Cap, MEL amazingly with the largest NSW Reserves sits at around $80m

D-Day is coming