sgl an important supplier to e coast

Did we all miss this announcement?

I have been buying SGL these last few days @ an unbelievable .34 cents. This company is headed for a takeover at these prices.
Angers

SYDNEY GAS ACHIEVES POSITIVE THIRD-QUARTER EBITDA
7 May 2007
Highlights from the Third Quarter Activity Report (31 March 2007) Sydney Gas has announced that it has achieved a positive EBITDA for the year-to-date, for the first time in the normal course of business. Total revenue for the year-to-date exceeded $5.3 million.
Dr Philip Moore, Managing Director, Sydney Gas, said, “This important financial result is driven off the back of clear operational milestones. Total sales of natural gas for the quarter was a record, averaging 12.6 TJ/d which is 7% higher than the previous quarter.
This sales result was strongly supported by the promising results of the first two Surface to In-Seam (SIS) wells and solid plant performance.” Specific highlights are: �� On 28 February 2007, the NSW Government granted NSW’s fifth Petroleum Production Lease (PPL) under the Petroleum (Onshore) Act 1991 to Sydney Gas for a 21 year term. PPL 5 covers an area of 102.7 km2. AGL Production (Camden) Pty Ltd and Sydney Gas (Camden) Operations Pty Ltd now hold four production leases: PPLs 1, 2, 4 and 5 covering an aggregate area of 206.90 km2. The addition of PPL 5
doubles the total area under production licences and will underpin the future business positioning of Sydney Gas in the east coast natural gas markets.
�� The total sales (i.e. 100%) from both Stage I and Stage II wells during the third quarter was 1,134,715 GJ (1,134.715 TJ), approximately 7% higher than in the previous quarter. This is the highest quarterly production yet achieved at Camden.
�� The new Surface to In-Seam (SIS) well, GL15, was the best producing well during the third quarter. Although still dewatering, GL15 has been steadily building to approximately 900 GJ per day by the end of the quarter.
�� On 27 February 2007, the 3rd Compressor at the Rosalind Park Gas Plant (RPGP) was successfully installed. The company’s investment in nominal compressor capacity at RPGP now stands at approximately 26 TJ per day. This substantially exceeds current production and will allow a significant growth in future sales.
�� The Rosalind Park Gas Plant availability was excellent at 99.7% for the period, even with two brief unplanned shutdowns on 9 and 11 March due to minor mechanical and instrumentation issues.
�� Two drilling rigs (Rigs 15 and 16) are operating on a full time basis, with further coring support from Rig 28.
The Chairman of Sydney Gas, Dr John Saunders said that, “The modern production assets and significant production leases of Sydney Gas are strategically located close to Australia’s largest markets for natural gas. Coal Seam Gas is expected to provide an
increasing proportion of the natural gas supply to the east coast of Australia. Independent industry commentators believe that by 2020, as much as 50% of gas supply may be provided by CSG.” (see chart below)2
Dr Saunders said that “Sydney Gas is positioned to drive this opportunity and become an important supplier of gas to the growth markets of the east coast.”