IMHO, the tone of this presentation is that COE is undervalued -...

IMHO, the tone of this presentation is that COE is undervalued - ie it is "Defensive" from predators. The presentation is not like earlier presentations which focused on growth prospects.
It highlights COE market cap at $359m.
For example, (for the first time I can recall) it states the replacement cost of Athena at $450m - $800m.
previously COE stated replacement cost of Orbost was up to $600m.
COE acquired Orbost for around $280m.

Then we should add in the 2P reserves of 222 PJ. They are worth hundreds million $. Am too lazy to research value.

Then add in the value of existing COE business. It is actually producing. It is cashflow positive, with huge potential for increased cashflow.

Add all that up - and we can understand just what an attractive Target COE must be.

It is addressing the 2 big negatives - BMG decommissioning, and Orbost production.

Importantly, COE is in a market which is strangled for supply!! Gas will be in demand for many years to come.

Even "Blackout Bowen" the Federal Energy Minister has acknowledged that, after setting-back gas exploration and production for half a decade!

Plenty more reasons - look at price expectations for gas going forward. Not so long ago COE contracts were being written at about $8.50/gj. It now is talking about "mid-teens" $$/gj. Remember, it is the same production plants when prices were at that $8.50/gj, as it is now prices are looking at "mid-teens" !!!

By coincidence, in todays press was:

1. BUY article re its permit on NSW Central Coast.
https://announcements.asx.com.au/asxpdf/20240214/pdf/060cw0yggmcrd6.pdf
Seriously, have a read of the comments re the need for gas, as stated by industry chiefs. That should set minds at ease as to the need for a secure and sustainable supply of gas.

2. announcement/report by Origin that it will not partner in the proposed J/V LNG Import plant in SA. That evidently only leaves Forrest's Port Kembla LNG import project, which has no customers.

3. power outages in Vic. Hundreds thousands consumers left without power for days. How happy will they be to hear back-up gas generators have been sidelined by Vic Govt?
AFR: The major disruption to electricity supply has heightened tensions over the fragility of the power system during the transition to low-carbon energy and its ability to withstand the impact of more extreme weather linked to climate change.

4. The Aust today: "
Gas a 'safety net' for Victoria in hours of need

The peak body representing gas distributors says the energy source played a key role in preventing further blackouts in Victoria on Tuesday, after storm damage to electricity transmission towers caused all four generators at coal-fired power station Loy Yang A to trip.
Up until the trip just before 2pm, Loy Yang A had been generating more than 20 per cent of Victoria's electricity.
Australian Pipelines & Gas Association chief Steve Davies said that as solar generation fell away due to the stormy weather and wind generation dropped due to transmission issues, fast-start gas turbines were "periodically generating more than a third of Victoria's electricity to prevent additional blackouts."

5. Beach today did not seem to have a happy story. But in reports on interviews the MD evidently was referring acquisitions once he gets his feet under the Beach desk. They were always the logical buyer of COE. Their scrip is still pretty strong. (I would be happy with a 1 for 1 scrip swap)