switzer, page-2

Fair point. ESG is not marketing themselves to a wide audience.

However, who do you think will ultimately determine the 'market price' for ESG? Not viewers of business programs, nor posters on HC, or any other retail investors.

ESG's price will be determined by the interest of major companies - in terms of offtake agreements, perhaps equity shares or JV agreements, and in terms of corporate activity.

As we have seen so often in the past, the retail price at a given point in time had very little to do with the fate of many CSG companies. It simply didn't matter. If it transpired that more than one major wanted them, the price flew. If there was only one 'natural' buyer, less so.

The strength of ESG lies in two parts, IMO. One is the size of their resource, clearly. The other is in the number of potentially interested parties, due to ESG's geography. ESG is attractive to so many companies, whose interests span LNG, domestic energy, and both.

So I am not worried whether ESG are shouting the value to the retail shareholders like me (although, we all like a higher share price in the interim). More important is what is happening behind the scenes. And I am sure that that is a very interesting and robust process.

Y