due diligence report

Just went through the due diligence report that was published yesterday on the website of European Gas. Pretty interesting report. Their tehcnical review of Lorraine and this approach to a full development of the area is new to me. Probably the first touch of the revised approach the new team is putting together.

http://www.europeangas.com.au/newsDisplay/files/1282637186.pdf


P8: The analysts seem to be very confident the management will be resolving the convertible note issue by the end of September. Will try to contact them to get a sense of what the management told and show to their team in France to get them so confident.

There is a slide on comparables as well. Did not realize European Gas has the same 1P/2P/3P profile as Molopo but was so discounted compared to Molopo and other players.

All in all, this confirms my positive view on this counter.