Ann: Independent Valuation of Carbon Energy's Gas Assets, page-4

I'm going to be negative here. IMO the valuation whilst it may be low ball, is to assist in moving CR along. I will only find it positive should the Qld Gov. give approval to move ahead and then re-evaluate it once we secure a financial JV. Then of course it moves rapidly north than the present estimation IMO.

Until then, for my money, we still remain a speculative stock value with great potential. The above occurring then we may hit a major re-rate. Obviously, I'm expectant of that, but it doesn't come with a money back guarantee by any means. Objectivity is harder when one get's enthusiastic about potential.

Just my thoughts. Anyone else?