Hi there Spew,ROG's P3 gas reserves are 114 PJ (a third of...

Hi there Spew,

ROG's P3 gas reserves are 114 PJ (a third of total)

Anyone using the Santos/ESG metric of .50c per gig - which Santos themselves described as "generous" - is having a lend of himself.

Arrow recently paid .15c for BOW and LNG/HQ/CNPC are offering .21c for WCL; both have much greater reserves, pipelines and are much closer to the LNG market than stranded ROG (or MEL).

@ an unlikely .20c a gig ROG's gas is worth $23m or .015 a share.

MEL have 2500 P3 which is more than any of the above and as of today the market values it's gas @ .04c.

But by using RG's metric MEL is worth just under $4.00 (and that does not include 2000PJ of uncertified "conventional" gas.

Conclusion: the market currently thinks CM gas (MEL & ROG) is all but worthless.

On the other hand LNG/HQ/CNPC/ERM don't think MEL's gas is worthless and paid upto .50c for 19% of it.

Neither LNGetc/ERM had a tilt at ROG which must say something don't you think?

Talk of a ROG power station is complete garbage and nobody should believe any CM gas is going south - only north or local.

If you buy today's Fin there is an article on American PE looking at Oz small-cap gas companies - RG might get lucky after all.

The MEL NY/L/HK roadshow presentation (on their website) is well worth a look as well.

hs