Don't talk yourself down or sell yourself too cheaply - 65 cents is well below what has already been offered!
If LNG were to offer the EXACT SAME 3P metrics as has already been offered before the reserves upgrade and rights issue, any firm offer from LNG has to be 92cents minimum!
Now, why would our board accept less than what was already offered for our 3P??
Especially when Pretty Plains has alsoshot up to 1,000,000CFD..
Your argument of the Coal Seam Gas sector sentiment working against us only puts MORE pressure on our price to go higher. We are producing in a field which has been around a Loooong time. We represent a certainty of supply over the poor competition who have to continue to fight with the greens etc to get their reserves up.
Excuse the french but with supply/demand pressures from every single Gladstone project very much a reality, LNG don't have a Pot to Pi@# in!
Come on Westside, perceive the reality with our cash in the bank, make 'em sweat (time is on our side) until we at LEAST get our base price of 92 cents then start negotiations from there.
We don't need another party to outbid them, we have the prospect of a GSA which will re-rate us significantly anyway.
WCL Price at posting:
40.5¢ Sentiment: None Disclosure: Held
