question for agm, page-7

Thanks for your in depth post Poyndexter...maybe Flavelle should focus on commercialising CSM in the Latrobe Valley back home.

The technical difficulties are very disappointing. But when you step back and think to two or so years ago when it was trading at 60-70cents purely on the 1PJ GIP estimate. Since then we have:
- 9000PJ GIP and expanding
- acquired Gazonor (use non-dilutionary $1.20 conv notes) - which is going to tide the company over and provide opportunities for short-term cash flow expansion if recent reports are to be believe - WHAT'S YOUR THOUGHTS ON THIS POYNDEXTER?
- 140 PJ 2P reserve around Gazonor - valued as $2million PG/ in OZ
- Lorraine still has great potential given seam thickness and gas content - compared to producing seams in Australia.

And now - despite all this - we are trading at around 20 cents - GFC withstanding, this seems a little crazy. As a quick compasion, Icon energy, another company I follow, has 5PJ GIP, no 2P reserves, no flow rates, little cash in the bank or production revenue, no sales contracts, an incomponent management, and doesn't enjoy European gas prices and is valued as $48 million - versus EPG at $37 million.

Which brings me to another question: why haven't they released permability data - in the absence of actual flow rates - wouldn't that give us an indication of turning the large gas in place into flows? Was waiting a long time for it and it never seemed to arrive. Other CBMers - such as QGC - early on often released permability data prior to flow rates (IIRC).

Thanks again for your post Poyndexter. This represents a large porportion of my (significantly shrinking) fortune. I should really take the day of work and pay for the flight to Syndey in the future.