SatinTape - from memory Rob's reasoning on this was: * For...

SatinTape - from memory Rob's reasoning on this was:
* For Wandoan due to its location it is like the worst house (i.e. undeveloped) in a street where everyone else is renovating (i.e. the infrastructure is being upgraded to service other mines in the area). So as the surrounding sites are developed the value should increase even if they didnt do more drilling/development (although i think they still plan to).
* For Mackenzie he said it is different because it has higher quality PCI coal, whereas normally UCG focuses on harder to get to, lower-quality thermal coal which is why they didnt choose it as a UCG project site. So for this it definitely makes sense to get the JORC certificate and prove up the reserves as you create more value that way..

For the record i certainly don't think these assets are worth $100m - $120m today. But i do think there is value here and this seems a more sensible way of maximizing value than flogging them off in a down-market. And i think if you get those resources JORC-compliant and market conditions improve they will still be worth more than our entire market cap right now.