ESG 0.00% 86.5¢ eastern star gas limited

baillieu recommendation top christmas present

  1. 205 Posts.
    Merry Christmas and a prosperous New Year to all ESG Shareholders.
    Its been an interesting few months, I haven't been posting about ESG recently simply waiting patiently for the inevitable flow rates and man what flow rates!! There was plenty of rumours but Casey's last press release has saved the year although the shorts haven't given up. I'd love to know what Oakone (remember him)would have thought about the massive flow rates. He was a prophet!! Big shame the moderator knocked his participation off.
    Anyway Ivor Rees one of the partners at Baillieu has put out a detailed two page research note and does it praise ESG and the recent announcement of flow rates. Ivor comments.." achievement of very high initial flow rates from the untested Namoi seam is exciting..",
    "..high flow rate indicates that ESG will achieve a significant increase in reserves from this permit in 2010".
    "Gas production alone when expanded expansion of Wilga Park is completed will generate earnings of around $9 million per year".
    "Gas production from the nearby Bibblewindi multi-lateral production pilot based on the thicker Bohena seam continues to ramp up.....production has now climbed to 700,000scf/day and is likely to peak at close to 2.32mmscf/day".
    " Achievement of good commercial flow rates from both Bohena and Namoi seams now means that all the technical bogeys that have dogged the Narrabri project to date have now been laid to rest..and there are no substantial technical or financial barriers to converting the project into a major gas producer". Wow that is some statement!!
    I understand that Ivor is seen as a tough analyst, doesn't take well to p.r. releases unless they are based on solid,solid,solid facts.
    Ivor's final statement is great news for Casey and ESG shareholders..." as the major technical risks associated with the Narrabri project have now been overcome, we upgrade ESG to a BUY recommendation(medium risk) for both short and long term investors".
    Thats some Christmas present, please note I have not produced the complete research note here but there was nothing negative, the whole report is highly positive.
    Ask Baillieu's for the research note its a good read. Champagne is being opened early this Christmas, good luck to all!!
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