price movement, page-12

Just to remember from the last update (30 November 2008 - unfortunately not on Comet Ridge's website), Jeff Schneider:

"Discussions are ongoing with a number of parties interested in participating in the Comet Ridge's Coal Seem Gas areage in Queensland via farm-in. Upstream oil and gas industry participants regard Comet Ridge's acreage as prospective and the board anticipates beeing able to progress funding on this basis in the near term."


We should hear something soon ...


I found a very interesting interview from Business Spectator's Isabelle Oderberg with 3D Oil founder and managing director Noel Newell at the BPT thread - Mr. Newell admits that some petroleum experts missed the boat on coal seam gas.

I like his authentic and direct interview style and IMHO his point underlines the value of COI's CSM acreage position in NSW and Queensland - here the interview part regarding CSM:


"[...] IO: But the one exception to the struggles that oil and gas producers might be going through is coal seam gas or coal bed methane. Is that the exception?

NN: I’m one of many people in the oil business who a few years ago didn’t think coal bed methane had legs and some of us probably missed the boat on that, obviously, and that’s been the exception because it was basically something we didn’t really understand here, generally, people in the oil business, because it's not quite our business. It’s just slightly different. It’s a combination of coal exploration and oil exploration techniques and some of us missed the boat on that and we have seen a huge success in that area. I suspect most coal bed methane assets are under licence at the moment.

IO:This time last year I was asking people whether it was a bit of a bubble. Do you think that we’ve established that it’s not a bubble? There were some huge prices being paid around coal bed methane and the like.

NN: Well look, they often say that gas is recession-proof and I actually think that gas prices may stabilise a little bit, but they’re not subject to the same huge fluctuations we see in oil prices, mostly because it’s a long term thing and so I don’t think it’s going to be quite as dramatic in the coal bed methane sector because of gas prices being a lot more stable. [...]"