the catch-22 of reserves and takeovers, page-19

2 weeks, db. I shall miss you.

btw, you never did get back to me about what your think ESG's 2P reserve will be after the August upgrade. What is your best estimate?

Mine is that ESG will sign a non-binding agreement of some sort in July, which will unconstrain that 3,000PJ of project 2C. And this agreement will probably be with Santos and friends. (think about it - how on earth could Santos negotiate for Train 3 when they don't even have the gas for Train 2 - only with ESG support can such negotiations take place. Santos need to line up the gas and the customers at the same time)

And DC seems very defensive of the relationship with Santos these days. Almost as if they were working together. Cosy.

db, do you think Origin are going to be happy about that? Should we at ESG get together with our friends at Santos?

So I am comfortable in estimating a new 2P reserve for ESG of at least 2,000+PJ of 2P. 3 seams, one currently unbooked for reserves, 18 months worth of commercial progress and technical data from the other two seams.

Yaq

p.s. db, I will send a postcard to you at work - just let me know where to address it :)