Currently GSA for Orbost is 54tj per day, the plant is 45tj...

Currently GSA for Orbost is 54tj per day, the plant is 45tj stable, leaving a supply deficit of 9tj per day. If Orbost doesn't reach 54tj by end of the transition agreement, it won't be a good look. Management need to be questioned about how they are going to supply that 9tj deficit if Orbost doesn't reach 54tj or more after the transition agreement ends and what that means for Manta. Management also need to provide guidance on how many tj Athena will be contributing this financial year, an extra 3tj per day sounds like a pittance.

I don't think Athena is going to be the saving grace, it's OP3D and that's 2 years away. That's approximately the same time the debt is due, I don't expect a profit within 2 to 3 years. So from this, if COE can't make a profit for the next 2 to 3 years worth, is it worth as of today $399 million?

This financial year, I am expecting 63tj per day, at a conservative gas price of $7 per gj, that's annual revenue at $160 million, maybe more if Athena can assist (a little). At a conservative profit margin of $3 per gj that's $68 million which, a good portion would be spent on servicing the debt that expires in 2023. FYI debt is about $200 million. OP3D once online will be assist in servicing this debt.

COE doesn't have the cash to fund OP3D, a final investment decision is scheduled to be made during this quarter and I suspect a capital raise will be needed.