Boring...., page-6

I suspect the reality is that since they have virtually no money, any of the schemes they may have to de-risk the assets are on hold until they can raise money from somewhere. The 5 or 6 non binding MOUs that McCaul and Mckay have announced over the past year won't deliver anything.

Therefore, I believe the focus is on trying to raise money - selling assets or selling the company.

The problem these guys face is that their credibility is very low. They've been selling the same story for 10 or more years. They've spent $100 million and there's still heaps of risk on the assets.

The question for any potential buyer is, why invest in Comet or Comet's assets? There are plenty of other options out there - companies with more credible Directors and Management, companies with assets that look better.

Domestic politics isn't helping them. Although oil & gas prices have picked up from the lows earlier in the year, there's been a lot of talk about regulating gas prices. This is going to put a dampener on all asset values.

Shareholders missed an opportunity at the AGM. Unless there is a dramatic turn around for domestic gas, I suspect it will be another year of drift. Nice for the Directors and Management on full pay. Not so nice for shareholders. As Pete01 says - Boring...!!