the catch-22 of reserves and takeovers, page-27

Gulp! I'm not long back from Paris - the city of love - to find a down and dirty love-in happening right here at ESG central with plenty of man-hugs going on!

I think I'll stand with my back firmly to the wall as I try and decypher this new hubris.

Mind you I've got to stand bum to the wall because the britches are somewhat threadbare courtesy of the ESG share price of late.

That said I still comfort myself with this scenario. Over the past year, has the underlying value of ESG almost halved in value?

I don't think so....but Mr Market does. At the height of his optimism he valued ESG at 95 cents and at his lowest point of depression he valued it at only 55 cents...proving yet again that he is a dill.

Time will see the value emerge...Knoxy knows this and he is about to cop a $70m write down on a mark to market basis. But he isn't focusing on this only on running a business and presently he is developing a first class money pipeline in Gladstone...but he needs gas. We all know this and we all know he is intersted in gas with little ESG molecules in it.