the silence is deafening, page-3

Stanmore Coal did a presentation on 3 April 2013, with the following commentary:

Natural gas reached a low of $1.82 / Mcf in April 2012 due to the shale gas drilling boom
• Sustainable long term gas prices in the US of $5.00 - $8.00 / Mcf are estimated to be required to ensure profitability of shale gas (dry) wells
• Henry Hub (US) gas price has currently recovered to US$4.00/Mcf
• US shale gas rush is unlikely to be repeated in the near term elsewhere in the world due to:
• Geological uncertainties
• Lack of the US gas pipeline networks
• Increased gas prices are likely to lead to lower US coal exports and higher global coal prices.


The following chart _ estimated gas price at which switch back to coal occurs.