Not Just COI:, page-3

Hi Antiques,
As usual you have a voice of reason and common sense (not so common in these times). But could I be so bold to suggest we have a three sided coin. You've mentioned two and I would like to propose a third. I believe we could sell an asset or assets that would alleviate any need for funding and potentially give all holders a return of sorts (I have no idea what so please don't ask) while still having the remaining assets for future value realisation. A perfect result for many I would think. I say this based on the potential splitting of the company that was mentioned yet again in the last report. There can be only one reason for doing this and it must be very close as they mention the March quarter for finalisation, however based on the past weeks of uncertainty I can easily see this getting moved out a little further if interest still remains. I can only see this split happening if an asset sale is to proceed as otherwise we would have two companies with more costs associated with it and contrary to popular belief this is not what management do. Additionally I'm sure management didn't wake up one morning and say " hey let's apply to split the company up today" and make a mountain of additional work for no reason, I believe they must have been asked, only my opinion. Again I say this as we are all aware the big players only buy certainty and all of the other projects within Comet aren't there yet. So now to what value this asset sale might attract with our share price where it is, again only my opinion. I'm not sure if you remember the front page of the Financial review (when Sunshine gas SHG was still around) where an extremely small company with a market cap of probably less than $5 million at the time sold a couple of tennaments to Origin. One of them was the Ironbark block (that was recently written down) for $660 million. I'm not suggesting these prices are still paid but my point is the market cap had no bearing on what the sale price of the asset was. The "market" determines the price and if it is an opportunistic offer we would see a counter offer or offers until the "market" price was paid. If no further offer was to present itself then this is the value of an asset at this time. This is the only way a sale could be made and it must involve Mahalo as it has very proven reserves with the remaining 60-70PJ's to return when the partnership agrees to the next phases of development, they didn't just disappear. But let's use what is on paper at the moment. At an extremely low end valuation it must be somewhere between .20-.30 cents per share I would think, happy to be shown otherwise. I've used the written down value of Ironbark as it's in a similar area and size, it is also a recent sale.With reference to the remaining assets I think many holders have forgotten what work has already been done for example Northern NSW has environmental approval in place so plenty of work done and then a moratorium was placed on the region. When this is lifted Comet will have a first mover advantage over the other operators, to my understanding the only other operator at this level is Senex. It is also worth mentioning that in the latest research note on Santos around it's new project (days ago from Macquarie) apply a value of .11c per share for their ground in Northern NSW, a land holding very similar in size to ours and we have fewer share on issue than them. Interesting that this value is applied to them and not us........as yet, particularly when formal approval has yet to be granted. The list goes on with reference to the other assets so we really do have plenty on the go but as the climate changes so must our direction.
Pete01 was a poster in the SHG days and as I've read so we're you Antiques and some of our management are from the SHG, they made us all a considerable amount of money and spent money wisely so I see no reason this isn't going to happen again. Most importantly to me is they don't hide or lie. The trading style has changed since those days so a result may be a change from the past. I think we are too focused on the current SP and not looking at what has been written in the announcements to see how we can derive value from our many assets.
Angry bear has the correct mantra now is the time to buy with the funds trading/re balancing their portfolios and decimating our SP, again the reason we had a uptick in our SP in the final hours of Friday trading. This wasn't retail investors suddenly gaining confidence and buying, oh and it has to be the funds as no retail individual or individuals have the quantities of shares to buy and sell. Lastly as only Antiques would be aware when a fund decides to sell they don't change there minds regardless of the SP.
I would encourage everyone to re-read the last announcement as it wasn't just "more of the same" I think if you do it will become painfully obvious what is being explored.
All of the above are my thoughts but remember I as others on this thread have been with management for many years and we know how they write announcements, the minor details are where you look the closest!So if you want to make a lot of money in the short term do what Blade has also done and increase your holding as quickly as possible as the SP will increase rapidly when market stability and oil price return to some normality, even without a short term result.