there is interest ...

I've been mulling posts here recently and the influx of "interest". I suspect it is not isolated to the recent rise of Maoming Fund and Board changes. New posters every other day posing questions and thoughts and fairly rapid, detailed replies.

Its all good as far as I am concerned as despite what is being said there is underlying interest, if not a little co-ordinated imo ... but it is interest.

We have all manner of opinion about progress or lack thereof, financial acumen or the lack thereof, strategy or the lack thereof and technical/management nous or the lack thereof.

Coal bed methane gained credibility in the US something like 10-15 yrs ago and went on to become big business there, supplying something like 10% of US natural gas over the last decade.

New drilling and well completion techniques had to be developed and implemented from "experts" drawn from the oil/gas industry. Break-thoughs came with lateral drilling, multi lateral completions, dewatering and stimulation techniques ... you name it and they tried it ... if you dont give it a go you cant have a chance at success.

No doubt in the US there were companies out in the wilderness for years that finally made it and went on to be capitalised in the billions once they understood the vagaries of their CBM fields.

Australia was, over the last decade, the next country to get the CBM bug and the same thing happened ... there were many companies out in the wilderness for years and now we have many capitalised in the billions or closely so. I think as some have alluded to here (or other Aussie CBM threads I read) Aussie CBM drilling and completion techniques have surpassed US expertise in many instances ref AJ Lucas and its fully owned subsidiary Mitchell Drilling

And herin lies the problem and opportunity all rolled in to one ... Europe is still a CBM backwater imo and it is largely Australian and US expertise and interest that will eventually get things movong over there ... this is why a close to first mover minnow like EPG was able to get such a good grab (almost uncontested at the time) at CBM exploration permits. Now, as Zadig points out, the competition has heated up for gas permits in France ... overall that is good for EPG imo.

I like to focus on what I believe to be emerging opportunities with greener energy companies ... to date that has been coal bed methane, dry hotrocks and underground coal gasification ... without a doubt I have underestimated the time for these "unconventional energies" sources to emerge with reasonable chance to become "conventional energy".

It is finally happening here in Australia now with underground coal gasification and I believe it is finally beginning to happen in Europe with coal bed methane.

Ok, EPG was a bolter brought back to harsher realities by some high risk, costly, very channelled exploration in Lorraine coupled with the GFC ... they (we investors) paid a price for for undoubted errors in judgement/ego in Lorraine to date ... but the work isnt finished and imo any gas flows resulting from upcoming completion of Folschviller would be postive.

Imo, the capital raising at $0.65 and convertible notes issue at $1.20 were excellent non dilutive value to shareholders and paved the way to having access to Gazonor, Lorraine and Lons le Saunier and enabled EPG to become a gas producer not just an explorer. Hardly a punishable record imo ... capital markets do not always get it right imo.

If EPG is renewing/morphing its management and technical teams and has strong supporters in Transcor and Maoming and can learn from past endeavors then the future is anything but bleak imo. If at first you dont succeed try and try and try again the saying goes.

What I see the opportunities going forward are:

# an easy double or triple of CMM output from Gazonor with electricity generation ... imo watch this space for announcements in Nov as the due diligence period ends

# proving up the viability of Gazonor CBM hopefully w/o farm-in

# proving up the viability of Lorraine and Lons le Saunier most likely with farm-in

# giving the farm-in funding but retained operational control of Gaurdanne, St Etienne and Tuscony with (ASX) FUT a go.

I suspect there will be a rebound this year if there is a positive outcome on Gazonor CMM electricity generation and consolidation at levels possibly in the 30s ... imo. Where it goes from then will depend largely on the strength of new/emerging management and the fresh technical input of Rod B and his team.

PS ... no offense taken Binone.

Cheers
Dex