Note that they are now sitting around 30% lower than the conversion price for the debt... so unless there is a miracle here, they'll need to come up with the cash to pay it back... Further putting pressure on the share price knowing they'll need another big dilutionary event (a cap raise or sell-down of their interest in the project) in the coming months.
The debt holder likely won't convert to shares unless the SP is 20c++ so they have some margin when they sell-off. Liquidity will also be a big risk for them.
Seems fairly evident now from the recent investor presentations that the operator, Santos, is not in a hurry to develop this field.
...that means lots of cash calls heading COI's way in the coming months for FEED/studies/LLIs long before they ever start generating revenue.
Not hard to see this sub 8c in the short-medium term while the debt is hanging over their heads. Maybe Gina can scoop it up for 15cps.
COI Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
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