av a look at this!

G'day Av

The East Esponda project is small, granted. But by eyeball looking at the maps on the web site the West Esponda project could be 5 to 7 times the area of East Esponda.

Without having yet read some earlier annual reports, I would say East Esponda is all abt cash flow. Using average gas cost/sales figures published by Western Gas, PGS share of East Esponda probably represents an INCOME of US$25 to 30 million, which isnt too shabby and probably compares to the capital raised in the initial float.

Looks like a responsible, non dilutionary funding plan to me.

More later.

Cheers