waiting for cambay spud and canning sell down, page-14

In a success case at cambay you could expect 15c, however any recovery of the share price is clearly going to be met with a lot of selling from people hanging in to get their money back. On the way down I seem to remember resistance at 11c. So think that 11c would be a reasonable guess after proof of concept and confirmed plans to drill the rest of the wells on the pad. Hard to guess with oex as it seems to be sentiment driven..

Sell down at canning at good rate per acre (would that be 5 - 20 aud/acre??). Free carried drilling would be good in one respect but would most likely mean not bring operator. If cambay is a success, operating canning could be a good long term move, but would need to have cash bonuses for spud of wells and reaching feed and fid to self finance the project rather than coming cap in hand to the shareholders. If there is an immediate capital inflow at sell down and revenue coming in at all stages of canning development could see 40c - but that's a long time down the track.

"Duster" (I.e. Non commercial rates) at cambay and poor sell down (I.e one that clearly will require financing to reach fid) - 2cents .... Oh dear. I don't think wholesale board changes will be an issue at this point,... People will want to move on without needing to be pushed- options will be worthless. Personally I think they will get canning right this time...