There is no doubt that COI appears cheap at these levels with...

There is no doubt that COI appears cheap at these levels with the the potential for substantial increasing demand for East Coast Gas over the next few years.
The MD's presentation at the AGM certainly spelt that out in detail.
The presentation also highlighted the short term challenges they face.
They are (rightfully) increasing their focus on the new "Mahalo Hub" areas they have picked up 100% (Mahalo North, Mahalo East and Mahalo Far East). Slide 4 of the presentation states that Mahalo Hub gas is targeted to market by 2022. A very impressive time frame.
But there in lies the problem. To achieve this time frame a LOT of capital will be required.
There is always the chance that they could farm out some equity but the only realistic partner is Santos.
Unfortunately for Comet, time is on Santos side, not on Comets.
So, the more realistic course of action for Comet is yet another equity raising which would defiantly be in the first half of 2021 if they are going to meet their own timetable...
Should be a good opportunity to keep on averaging down.

AO36R