Volume up a bit on Friday, which is a change from the usual...

Volume up a bit on Friday, which is a change from the usual ghost town volume since the start of the year (just like this forum!).

Looks like someone wants out and is bot selling in tiny parcels. Interesting to see the bot sell initially placed at the head of the sell queue then moved into the buy straight after. Looks like some of the volume that was at 28 sell has moved down a bit.

Someone also wants to keep the SP around 25/26 with buys coming offscreen into any selling pressure (if you can call it pressure, but with such a meek buying side, guess you can!)

Sideways or slightly down is my guess for some time yet, how far down I don't know but if the thin buy depth comes under pressure, picking up some under 20 would be nice.

The QAR pretty much covers what was said at the AGM - the company is fully funded for the development program for 2012. This includes completing flow testing on the F2 well at Lorraine with more drilling to come at Lorraine (laterals and horizontals) sometime around mid year.

It is encouraging to see in the QAR that dewatering the F2 well can be sped up - I'd like to see EPG focus intensively on this and get some 2P reserves the on books ASAP. The NSAI certs they mention in the QAR will probably be for contigent reserves only. I realise it takes time, but I did express to JM at the AGM that EPG need 2P reserves back in the portfolio (after relinquishing their reserves at Gazonor to Transcor) and he confirmed this was a priority.

The 2012 program of work had a 2P cert milestone by Q4, although the QAR mentions "Financial alltenatives to execute a larger-scope work program are being evaluated" and two new ventures in western Europe and Turkey. All well and good, but I'd rather see them get their hands succesfully around something proven, than try and stretch their arms too far around more prospects.

Listing in France was also discussed at the AGM and the company says there are no plans to do this... yet. It remains a possibility though for 2012 (dual or exclusive listing, not sure?).

Despite some crackdowns on hydrocarbon producers/explorers in France, EPG says none of this applies to their CBM processes and they have received good support from the French government. The shift away from nuclear in France should bring them further support.

Gas sales into domestic markets beyond 2012 was mentioned, but for me I was mostly interested in what the company had planned for Lorraine in the next 12 months. If any of the other AGM attendees want to share anything I missed or forgot, please do. There were only 4 or 5 of us there!

Also, IMO, don't underestimate the approval of AGM resolution #3 - JM's 6 million options exercisable at 50c by 30/12/2012. Whatever he did to get investors to put up money at 45c and Transcor to refinance at 50c, might work in his favour here too. Not something to hang on an investment decision on, but there's certainly some savviness in this board.