take note, page-14

Mangels,
it is going to be hard to put a valuation on ESG primarily because of the lack of infrastructure build (although the NSW gov is working on getting a pipeline with Santos, AGL and ESG). Until that is built or a process put in place to get that going, i would hazard a guess that ESG will prob only head to a max of 1.05

I am of the conviction that it will not head too much higher than Santos's buy in price of $1.00

December should see an upside (if gas prices dont plummet) to ESG when they prove up to 1300PJ.