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bit shocked by the ESG sp fall

 

Why ?

 

-----------------------------------------My underlining-------------------------------------------

 

read corporate file interview ann 4/9/08 re farm-in to OIP acreage

 

corporatefile.com.au

Can you provide an update on the MOUs with Babcock & Brown Power in

light of recent announcements?

 

MD David Casey

From our perspective, it is business as usual for Babcock &Brown. NSW

needs around 300 to 350 MW of new electricity generation to be installed annually, environmental imperatives mean gas is the fuel of choice, and we are on the cusp of having reserves in place to meet ESG's initial market requirements. Babcock & Brown is pursuing quality development opportunities, and its proposed power station development is one of them.

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Read BBP ann 15/9/08 re Financial Close of sale of tamar

 

Ross Rolfe, BBP Acting CEO said ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The sale of Tamar represents a significant de-risking for the BBP business which, coupled with extension of the BBPH facility, is a key step towards stabilisation of BBPÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s capital structure. The UBS strategic review which is examining all options to maximise value for securityholders is well underway. We expect to be in a position to provide an update on the preliminary findings no later than the Annual General Meeting on 7 November 2008.

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Business as usual for BBP ? -- ESG management have their heads in the sand or somewhere else !

 

BBP is selling assets as fast as it can to stay afloat

 

not sure they want or can fund any new developments

 

MOUs with BBP may be worth zero

 

The market is sure discounting ESG in tandem with BBP

 

 

 

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of interest---------

CRITERION: Tim Boreham | September 24, 2008

 

NOT too long ago, the methane contained in coal beds was seen as little more than a nuisance. Now, it's driving billions of dollars of investments in a a new eastern seaboard export industry.

 

Interest in coal-seam gas (CSG) has been building for the past two years, but has been given a real kick-along with the entry of monied foreign players into the game.

 

The trend was highlighted earlier this month with US giant Conoco Phillips paying up to $US9.6 billion ($12 billion) for a half-share of Origin Energy's CSG assets in Queensland. Through a joint venture, the pair hope to build a liquefied natural gas export plant near Gladstone aimed initially at exporting seven million tonnes a year.

 

If that idea sounds familiar, it's because the pair are by no means the first. In May Santos attracted Malaysian group Petronas with a $2.6 billion investment in a 40 per cent share of a similar export venture.

 

And in June, Royal Dutch Shell took a 30 per cent stake in Arrow's CSG reserves. Arrow has agreed to supply CSG to LNG Ltd, which is planning a 1.3 million tonnes a year plant.

 

Origin and Santos hold the biggest CSG reserves.

 

The third-biggest holder, Queensland Gas Company, has teamed with British mob BG Gas, which had been bidding for Origin before the Texans came along.

 

Just as Petronas raised the bar in terms of what an informed foreigner is willing to pay, Conoco Phillips raised the hurdle a little bit further.

 

What's more, Conoco has handed $6 billion to Origin as an up-front contribution, prompting chairman Kevin McCann to comment that the company would not have to bother holders for funds for the next decade.

 

What's all the fuss about? It's a story of relentless long-term demand for new (and relatively clean) energy from the Asian tigers. It's also a story of meeting gas demand in southern Queensland.

 

According to energy consultants EnergyQuest, CSG production is already burgeoning: June quarter output grew by 34 per cent to 36.9 petajoules on a year-by-year basis, at a time of disappointing oil and conventional gas production.

 

Over the year, proven CSG reserves have almost doubled from 6600PJ to 12,400PJ. "In less than five years the east coast has gone from facing a looming gas shortage to having more than enough gas to meet local demand and export overseas," EnergyQuest CEO Graeme Bethune says.

 

A tricky question is whether the proponents of LNG projects have overestimated demand. At least five separate projects have been slated, while Oil Search is furthering its $13 billion PNG LNG project, based on its massive conventional reserves up there.

 

In reality they won't all proceed -- certainly not on time and on budget -- so there'll be winners and losers.

 

Investors have a choice of no fewer than a dozen CSG entrants, although not all of them are exclusively CSG, such as Beach Petroleum.

 

Criterion's passing impression is that the sector looks fully valued and, dare we say it, in some cases overhyped. Of course Origin and Santos have a range of other energy assets, so the risk is diversified.

 

It's intriguing that while the savvy folk at Conoco Phillips were willing to pay top dollar for Origin's reserves, Origin investors are unwilling to accept the independent expert's valuation of $28.55-$30.71 a share.

 

There's possibly more value in the smaller plays, especially given the likelihood of consolidation.

 

Last month Queensland Gas unveiled a circa $900 million cash-scrip offer for Sunshine Gas (SHG).

 

Metgasco (MEL) holds the biggest CGS reserves in NSW and is targeting the energy-undernourished Casino region in northern NSW.

 

Eastern Star Gas (ESG) shares have been hit by its association with the struggling Babcock & Brown, in that its 70 per cent owned Narrabri project is meant to supply a proposed Babcock power station in northern NSW.

 

ESG rates the impact of Babcock's as "nil". But there's been no price recovery, which may imply untapped value.

 

The Australian accepts no responsibility for stock recommendations. Readers should contact a licensed financial adviser.

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  • 1 month later...

Ann out, no posts here for a while, anyone following:

 

Massive Potential of the Narrabri CSG Project Confirmed

Eastern Star Gas (ASX: ESG), together with joint venture partner

Gastar Exploration Ltd (AMEX: GST & TSX: YGA.TO), is pleased to

announce that results of the Edgeroi‑1 corehole have confirmed the

northern extension of Bohena Coal Seam development and

consequently the overall size and prospectivity of the coal seam gas

resource potential of Petroleum Exploration Licence 238 (PEL 238).

Mr David Casey, Managing Director of ESG, advised that ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“the Edgeroi‑1

corehole has confirmed ESGÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s prediction that significant coal

development exists in the northern portion of PEL 238. The Edgeroi‑1

well intersected at total of 23.5 metres of coal, including 10 metres in

the primary target Bohena coal, in an area historically considered to

be of low prospectivity. This is consistent with results from the

Bibblewindi and Dewhurst areas, showing thick, fractured coals with

high gas contentsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ. Internal resource estimates suggest that the

Edgeroi Field contains an upside potential recoverable gas volume of

634 PJ.

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The results of the Edgeroi‑1 corehole are particularly exciting

because the corehole was the first of the wildcat oriented exploration

coreholes to be completed this year. Edgeroi‑1 has successfully

demonstrated the coal seam gas potential of the northern portion of

PEL 238, more than 50 km to the north of the existing and proposed

Bibblewindi production pilotsÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Furthermore, the Edgeroi‑1 results auger well for ESGÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s farmin to PEL

427, located to the north of the Narrabri CSG Project and into which it

is anticipated the coals intersected at Edgeroi‑1 may extendÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

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  • 2 weeks later...

In reply to: tigger on Friday 12/12/08 10:16am

As a shareholder in this company I opened this entry from"Tigger" expecting some useful information.

Why fill this forum with one liners eg. I think this is a good company, instead of stating WHY they think it is such a good buy !!!.

Contributors should present constructive material.

 

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In reply to: rsboyd on Friday 12/12/08 01:08pm

very good point, rsboyd http://www.sharescene.com/html/emoticons/smile.gif

I bought the break today - cursing that I wasn't quick enough on Wednesday! http://www.sharescene.com/html/emoticons/grrr.gif

 

My reasons: I see it has -

 

1. broken resistance of mid-October

2. held above the 50% level of the October-November range

 

and I now expect (hope)

 

1. it ought to close the gap up to 43c

2. once that resistance has been broken, a crack at the previous resistance 48-50c

 

I had to leave an hour early today, so I am a little concerned about the last-hour drop back to 38c, which leaves a nasty-looking potential reversal candle, see shooting star:

http://www.leavittbrothers.com/education/c...tar_bearish.cfm

 

Should that be confirmed early next week, I'd probably cut my losses and regroup for a better entry further down.

post-16-1229066165.gif

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  • 3 weeks later...

In reply to: db76 on Monday 29/12/08 10:45am

yes db76 flew out of the gates this morning.

Wondering if there is anything in it and someone knows or just speculators as this has been a pretty good run up sofar!!!

Possibly some technical buyers as well if you see artys last post and the consolidation the past couple of weeks has done the rest.

V1

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