other csm procucers all up, page-9

mpv

ESG has a long way to go. Just look at QGC and SHG for instance. I am estimating 60 cents + by the time they are due to report initial reserves (July ish) and 80+ once 100PJ proved and $1.00+ by year end when 200PJ should be proved. The "greenness" of gas versus oil is a big plus too as is rising gas prices and the death of the PNG pipeline project. I am looking lon-term and estimating $2.00 by 2009. It has good management who are "can do" types and the MOU with Macquarie is more than a company maker if it comes off.

H