To my thinking Santos has tipped their hand by exercising the option to purchase APLNG share of Mahalo. Their intention is to develop Muhalo in the near term. I believe Santos are already shareholders in Comet and the only thing not known is the price they will end up paying for it.
Comet share price should have risen significantly when Santos took up their option but is being held down by the capital raise, many soffits participated to sell on market for a quick profit. When this excess is soaked up we will be moving up, lets hope we have time for the SP to head back to the 30's before we get an offer. For such a very long wait we need a good price for this premium asset.
Every fortnight big energy players are being taken over at top dollar. Arrow $18.3B and Warrego (currently bidding) are just the latest. All the work has been done on Comet, in housing terms it is a fully renovated, pool, tennis court with stunning city views lets get top dollar for our premium asset.
COI Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
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