The sale of Mahalo at the level suggested by Blade2000 would be an outstanding result. However, Santos have had several tranches of staff cuts under the new management to brings costs down. Also, Queensland operations were moved from Adelaide to Brisbane. Not sure if all the staff made the move. If COVID has an effect, it may well be further staff reductions. Hard to see Santos taking on more work when they don't have to.
But in the meantime, Comet are spending a lot of cash "progressing" the project. Don't forget that Comet raised $11.6m via placement and SPP (at 19 cents !!!) just under 12 months ago to fund their "Accelerated Gas to Market" program. Given that the current level of cash is $4.6m (which includes a tax R&D rebate of $1.3m) they have spent over $8m since the raising towards this "Accelerated Gas to Market" program. The accelerator might be working but the gearbox is in neutral.
COI Price at posting:
7.3¢ Sentiment: Hold Disclosure: Held
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