Indeed Mahalo puts forward a decent reserve to underpin a...

Indeed Mahalo puts forward a decent reserve to underpin a development and has some decent contingent resources for upside... but the technical costs for this project ($/GJ to the pipe) are on the higher side of prospecive QLD CSG projects and then there's the pipeline toll to be paid on top. I doubt they'll build their own pipeline since they don't have the cash and won't want to put up the extra capex to kick things off but in exchange it means you pass some of your project value to the pipeline constructor/manager as they need to make their 4-8% IRR as well.

"If one truly appreciates how good Mahalo is"... give me a break. If it was an upper tier CSG resource it would have been developed years ago or have been snapped up by now. It has only come in to the picture more recently as production technical costs have come down now with 10 years odd of big scale CSG-LNG experience in the QLD industry (especially with longer drain horizontal wells which were not well tested for CBM even up to 5 years ago) and the gas price has stayed up with a good future outlook on top of that to make Mahalo now viable. I think if there had not been recent success in longer drain horizonal wells, this project would be uneconomic/marginal at best - and explains why it was not developed years ago and hasn't had companies frothing over getting a piece of it.

Not trying to be negative / down-ramp, just being realistic.

Again, COI have a decent project, there's some money to be made... but calls for a TO at 30c are dreaming in my view. This isn't a top tier asset - although they've done great marketing through some of the brokers to convince the market otherwise.