Hey allFirstly, the blowout of the dates by 2 weeks is not...

Hey all

Firstly, the blowout of the dates by 2 weeks is not really surprising with this crew but when we look at the original agreement the initial court hearing was always going to be held prior to the release of the IER and the board's reasons.

Whatever the outcome I will always be critical of the manner in which ESG have released information and the apparent 'creativity' and 'slipperiness' with their wording as well as the just plain slackness in doing things when they say they are going to them.

Also, I gotta say that I still get a laugh out of Mattock's Tuscan Friends picture...that is a classic.

All other things being equal, the downside with ESG is pretty much linked to the downside in Santos and through them, the market.

I suppose the 'monkey grip' is an automatic stabilizer for us.

Briefly, these are the reasons:

1. Potential for upgrade from existing seams and Tintsfield

2. Possibility of 3rd party coming in after the IER and
making a bid.

3. If market tanks consistently in the coming 1-2 months
the TRU Energy price of 90c may be offered in cash

4. Santos, the company that is the perennially mooted take
over target itself may get an offer in the coming weeks.
Of course that would put the wind in our sails too.

5. The wind is shifting in the CSG debate and with all the
pressure on State / Federal governments - something may
come out of left field that may interest us.

6. The possibility that ESG caretakers have a plan that
will add shareholder value (I don't like the way they
have done it though).This is remote as I think they are
way over-rated here.

These quick reasons all offer up-side, regardless of how remote they are in happening.

On the downside, I understand the Santos know all the data and are still sniffing around and salivating. So, the downside of relative 'dusters' is not looming in my view.

The market may tank more over the next few months but being linked to STO offers protection and I still think 90c is the base price.

Again, I see upside potential at a rate of over 90% here.

If I was to be totally honest, I am purposeful (read 'pig headed') and my worst case scenario is to get out of ESG and then see it fly....

So, more potential on the upside, perhaps some nice surprises or serendipitous happenings. I am cool about the whole thing.

Yes, very annoyed at the caretakers and I also believe if the result is horrendous...there will be recourse of varying avenues.

I think it will be ORG despite 'IRONBARK' :) but if the sqirrel grip proves too strong I will give DB is due...very grudgingly :)

All the best