ESG - Eastern Star Gas

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The old thread is locked so thought I'd start a new one.

Watch this one, been going well.
Wimm post more on it soon

Cheers
Slam

[slam]

PRINCIPAL ACTIVITY
Eastern Star Gas Ltd (ESG) is focused on the exploration, development and production of gas from both coal bed and conventional methane reservoirs in eastern Australia. ESG holds interests in several licences in Victoria and New South Wales.

GUNNEDAH BASIN: PEL 238 (100% conventional rights) is located in the Gunnedah Basin near Narrabri in NSW. The lease contains proved and probable gas reserves of 11.3PJ. Two other gas field are located in the permit, Bohena and Wilga Park.

During the March 2004q, ESG (15% coalbed methane rights) completed the first two stages of a farmin to the Coal Seam Gas rights in PEL 238. Through an additional work program, ESG and its farmin partner Hillgrove Gold Ltd are expected to increase their interest to 32.5%.

PEL's 433 and 434 (100%) are located to the south of PEL 238. As at March 2004, ESG was waiting the approval for a program of seismic acquisition in both permits.

OTWAY BASIN, VIC: ESG owns three leases (EL 4507, 4510 and 4392) in the Otway Basin in Victoria. The leases are prospective for coalbed methane in Melbourne Trough brown coals, 10-12 billion tonnes. In April 2004, a remediation plan was been developed to bring all 5 wells in to simultaneous production.

BOWEN/SURAT BASIN: PEL 6 (97.5%) covers 5,872km2 of the Bowen/Surat Basin in Northern NSW.

DARLING BASIN, NSW: The company holds PEL's 8, 422 and 424 (100%) in the Darling Basin in NSW. The company is in the process of gaining land access approval for new seismic surveys of the area.

NARRABRI POWER PROJECT: The Narrabri Power Project should comprise a gas gathering system to bring gas by 150mm buried steel pipeline from the Coonarah Gas Field to the power station site at Wilga Park, 12 km west of Narrabri. The 10x1 MW power station will be operated under a lease/purchase arrangement by GE Energy Rentals.

As at April 2004, The 11.3 PJ of Proved and Probable gas reserves in the Coonarah Gas Field were dedicated to the power station, with the Proven reserves sufficient to operate the power station at full load for the 10 year term of the Power Purchase Agreement with Country Energy. As at April 2004, the Narrabri gas fired power station construction maintained a target date for commercial operation in early June 2004.:)