ESG 0.00% 86.5¢ eastern star gas limited

paterson's update out on esg website

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    Now that we have had a production update for the BW pilot Patersons have released thier awaited update. They remain very postive and believe the current price is a good entry point, with an exciting 2010 ahead. This is the recommendation:

    "We maintain our BUY recommendation with a price target of $1.32/sh. The recent decline in share price due to wider gas market and onsite production issues provides a low entry point for what we believe should be an eventful 2010. These key catalysts will be challenged by what is currently a more lack lustre CSG market, however we anticipate an improvement in early 2010."

    A few more updates and sentiment should continue today's turnaround.

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