Totally agree - the only issue being that Santos don't want to pay what the shareholding majority in COI would vote through as being an acceptable offer - thus them sitting on their hands and not making a move hoping that COI will become 'backed into a corner' having run out of options whereby their low-ball offer will be accepted.
In the mean time - COI are 'lining up the ducks' moving ever closer to realistically being able to produce gas from Mahalo North. This creates a big headache for Santos - because if COI pulls it off and production is realised from Mahalo North - then the resulting cash-flow means that COI becomes self funding which is not what Santos or any other potential suitor wants.
It's all a game of 'cat and mouse' - business as usual.
COI Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
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