CBESG has 75% of PEL 6 CSG rights already and around 50% in the...

CB

ESG has 75% of PEL 6 CSG rights already and around 50% in the other PELs. But you are right .. the excitement of drilling Toenda should see the sp move higher .. perhaps back to where it was before the merger fiasco.

Toenda is a wildcat although nearby Goondiwindi-1 found good quality reservoir and the OIP drilled Willaroo-1 found live light oil downdip from Toenda's location but not in commercial quantities. From OIP's presentations the risks are trap (whether the fault trap has good seal) and charge (whether the reservoir thius entrapped has oil in it!). Highish risk but BIG reward. By any measure the (unlikley?) discovery of commercial quantities of recoverable oil will see the sp rocket. At 7.7 mbbl and at the least A$10/bbl value in the ground that's $70m and if you assume A$20/bbl that's $140m .... and current market cap is around $13m (with $11m in the bank).

Not getting toooo excited about the likelihood of success but just the fact of the drilling should see renewed interest.

H