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EASTERN STAR GAS RAISES 100M ON A ” OPPS WE MADE A MISTAKE ” INFORMATION OF 2 MONTHS STANDING .

   How many “opps” will  Eastern Star Gas make before the Investors , especially the so called Institutional and Sophisticated , of Australia actually start to read the information that Eastern Star Gas puts out ?

   Back in May 2010 anyone who was watching this company with an eye to invest , would have done their sums and noticed that the totals of the MoU’s to the Wellington Power Station and the MoU’s to Hatachi Ltd , Industrial & Social Infrastructure Systems and Toyo Engineering Company , exceed the then known 2P reserves , a fact that took Eastern Star Gas almost 2 months to correct, as it did in a staged Open Briefing of  28th of  July 2010 , and then Eastern Star Gas tried to gloss over the huge error of asset counting. This is all on the ASX and Eastern Star Gas’s website.

  I wonder why nobody picked this up ? Was it an” Honest ” mistake or was it something else ? How much influence did this “mistake” on the Institutional and Sophisticated Investors ? How much influence has this “mistake ” had on the share price of Eastern Star Gas ? I am not saying that it was intentional but WHY DID IT TAKE SO LONG TO CORRECT AN OBVIOUS ERROR ?

   Still I suppose that the old adage of  “one born every minute ” or “It is easy to fool the greedy ” comes very much into play , may I be so bold as to say that it is possibly easy to make people part with someone else’s money and nobody will say anything especially those who are supposed to be good at your job . Simply people don’t want others to find out how foolish they have been , and it is that attitude towards Investing in ” faulty ” stock and over extending ,  that caused the recent Stock Market Crash and Global Financial Meltdown.

   A well known and still high profile ex politician on your board cannot hurt , after all who knows best how to tread the corridors of Government and Opposition . Who better to get the job done ? Maybe that is why so many ex politicians are leading the various mining interests in Australia .

   To SORE it seems strange that Eastern Star Gas is working at Newcastle to build a processing plant and there is no gas field to supply it nor any pipeline to supply it , and as far as SORE knows , nothing in the immedate future .

  Investor , I hope , read the Petroleum News Daily- the restricted section for premium subscribers , and  fully understand where $34 million and $45 million of the raised $100 million is going and it is not into the production of gas , but rather into ” feasibility studies ” and ongoing and FEED regarding the Narrabri field development and NLNG facility , and for ongoing exploration , evaluation and development activities including the expansion of the Wilga Park power station. 

   So , Investors where is the return on your Investment ?

                                                                                                                                                                                                                       14-8-2010

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