Just read my last post and thought I'd Better clarify as It was badly written.Then I will ban myself from the forum. Screaming kids will do it every time.
Gaznor.
Epg purchased Gaznor, which was previously run by a french state owned coy.
CMM sales for the march quarter = 111,238 MWH or .40 PJ or 1,348204.56 Euro dollars after cost.This Equates to $8,863,725.75 au P/A after cost.Fully diluted including convertable notes There are 257,218,931 shares on issue this equates to 3.4c per share.At fridays close this gives epg a P/E of under 17 for current production of CMM on Gaznor alone.These are for current prices and are for 1p reserves of 32.6 PJ for next 20 years
Upside of Gasnor:- * after drilling 1p reserves could be "substantially" increased *average forward contract pricing is 4.57 euro per mwh increase for end of 2008 or $3,319,015 au P/A or 1.29c per share * 395 pj of desorbable Methane( 10 x 1p reserves) *90% of coal above 1500m unaffected by mining significant potential for CBM-Two stratigraphic wells likely end of 2008 beginning of 2009 * Divion & Desiree sites may be redeveloped for electricity production *two extension areas under permit totaling 620.1 square km This is for the Gaznor permit only and gas content is dwarfed by Lorraine 100% owned permit
The lorraine permit Has already gas in place of 991bcf over 7% of the permit area this could be greatly increased as coal thickness 25 -80% higher than original calculations and gas content 15-25% higher reassessment of reserves to be done next month?potential pilot programme end of year early next year. Happy days ahead? Not to mention Gardanne,Lons le Saunier,St Etienne etc etc etc I am Happy to hold
Disclaimer= I am an Idiot. Have a good weekend
EPG Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
