I’ve had discussions on this point with a couple of industry members Auto and I have had that question confirmed. Given STO’s issues with the other projects it’s in their interest to progress the Mahalo Gas Hub project with COI. It could well be that STO goes for the 7% to equalise the JV split to 50/50 at the Mahalo Gas Hub very very soon. These discussions are being had I am told.
Even if STO were to delay the JV project for whatever reason, we have the northern tenements which Tor and management are progressing hard and we can turn our attention there. The sooner the northern tenements are progressed, the closer we get to a takeover bid from STO or another player as more and more risk will be taken off the table and the intrinsic value of the assets will be showcased for those investors that are still asleep.
Whenever I have the time to revisit the COI investment thesis and the catalyst-rich 6, 12 and 18 months ahead, it’s always a striking reminder at how cheaply this company’s shares trade at relative to what they are truly worth - several multiples from here IMO.
I have a massive position already otherwise I would be hitting it harder. It is my largest portfolio holding by a country mile.
COI Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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