soundI agree there is pressure building in this stock. I can...

sound

I agree there is pressure building in this stock. I can think of a few reasons why 1) its cash backing 2) the last quarterly said they are looking at new ventures and to "watch this space" 3) they are fine-tuning drilling locations in the Bellatta Trough in PEL 427 .. this is targeting the Maules Creek and Hoskisson seams that are an extension of what was found in the northern part of PEL 238 by ESG at Edgeroi ... and drilling is scheduled to be done before May 4) With Santos wanting to do FID on GLNG but needing more gas there is talk of either a takeover of ESG or a deal to pipe their gas north .. and as DC said in an earlier presentation the OIP/ESG JV PELs are strategically located if that were to happen. Or, any CSG found could also find a market via ESG's proposed hub and pipeline south.

I reckon OIP is in the undervalued category. Tempted to average down at these prices. What do you reckon JT?

H