why mr market is so bad at valuing assets, page-20

"Independently certified"

from the last ESG Reserves announcement 1/2/10 -
Quote
Disclosure regarding Certifications
The gas reserves estimates provided in this statement were determined by Mr John Hattner of Netherland, Sewell and
Associates Inc, Dallas, Texas, USA, in accordance with Petroleum Resource Management System guidelines. Mr Hattner
is a full-time employee of NSAI, and is a qualified person as defined under the ASX Listing Rule 5.11 and consents to
the use of the reserves figures in this announcement.
Unquote

What interaction did Mr Hattner have with ESG in order to determine his "estimates" ?

The certification process is the core of any Valuation

I have never seen the full report from NSA - not for our eyes I suppose - "commercial in confidence" - though has anyone asked to see it ? How rigorous and objective can we conclude without having seen the analysis ?

The commercial deals disclosed to date for PEL238 :-

1. MOU with Macquarie Generaton of up to 500PJ
2. MOU with Babcock and Brown of up to 40PJ/a

How many years for 2 above ?

Considering how valuation processes in Real Estate and other areas have been "exposed" over the last two years you have to wonder !

for anyone wanting to study the Petroleum Resource Management System guidelines - reference follows

and it has a section for the "Unconventional"

http://www.spe.org/industry/reserves/prms.php