The comparison between EPG and IGAS is not very gratifying for...

The comparison between EPG and IGAS is not very gratifying for EPG.

IGAS has cored and logged 7 wells. It produces CBM since 2006 and started full scale sales a couple of months ago. Finance background is sound.

EPG has cored and logged 2 well, drilled (but not logged nor cored) a third one and seems to endure the harshest difficulty in testing it. No CBM sales (if applicable) will be possible before 2-3 years. Finances are very uncertain and there is a big debt pending (convertible notes).

Can market value be the same?

Is EPG undervalued?

Let's do some History.
From Q1 2006 to Q3 2008, the SP of EPG was almost constantly traded over 0.6c (cap: 120 million A$). The acme was treached mid 2007 (1.15 c). EPG was then worth 220 million A$.

From mid 2007 to Q3 2008 the price declined regularly down to 0.6c. When the crisis struck, it fell to 0.17 and never recovered.

What happened?... Nothing. And this may well be the problem.
From May 2007 to August 2008 EPG has been constantly postponing the drilling of FOLS 2 that had been announced for April 2007.
From September 2008 to now, it has been postponing the testing of FOLS 2.

In view of this, I do not believe that EPG is undergoing unfair stock exchange treatment.