sathThat's easy for BOW to say but what does it really mean??The...

sath

That's easy for BOW to say but what does it really mean??

The comparison with BOW is interesting. As of their June reserves upgrade (30% for 2P) they have 149 PJ 2P only, and yet they have a market cap of not far off half of ESG's, when ESG has 988 PJ 2P (almost 7 times BOW's) and a large (overdue!) upgrade expected. Admittedly BOW has 50% more 3P (although 3P + 3C are about the same) and it is in Qld. Seems to me though that in relative terms ESG has been oversold on this comparison.

H