Nice buying today ... and surprise surprise a good quarterly was released after the close. A few interesting things in it ... several new large CSG prospects have been identified, the two PEL 6 well sites have been identified and they will happen "in the 3rd quarter" .. so soon. And it says "Numerous CSG prospects were identified by seismic". And samples taken at Moree-1 have confirmed the presence of gas (Kurraboma samples are still being analysed). Still $12m cash left and burn rate small given ESG is paying for the drilling.
I don't think that the contents of this quarterly were enough to have spurred the ESG run today (plenty of other reasons for that) but the report does show new CSG prospects of good size .. so I wouldn't be surprised to see the potential upgraded (and ESG will end up with up to 75% equity in any CSG eventually).. so it won't hurt the ESG share price longer-term.
H
OIP Price at posting:
17.0¢ Sentiment: LT Buy Disclosure: Held
