Current state of play

I think it's time to discuss what is currently happening to our company. I will post a link at the bottom of this note to assure you all nothing is wrong just a poor decision was made in relation to raising money.

The reason the share price is dropping is simply due to hedge funds/institutional investors that received our stock at .19 in the placement (before retail investors) selling it out quickly. So to arrest the first question of how they can sell below the issue price is simple, not only do they receive the stock but they also receive a fee for taking it. This means they can sell below the discounted issue price and still make money, however not at .175 cents. What then happens is that they sell at the current level and quite possibly below as they want to move their money to the next victim. Their idea being if they make money on 6 or 7 out of ten companies they are doing well. Sadly this destroys confidence in the company and sometimes people's lives.

I've also read/heard people questioning why there have been no announcements recently. This is due to be being in a Capital raising situation. If any material announcements were made during this period the offer would have to be revised/extended and no good comes from prolonging this situation. So we have lost great announcements of wire line logs and core sample data prior to fracking in the Galilee alone. Fracking has either already started or will begin in the coming days (check VEN release which states this), so good news to come here. The company hasn't lied or not informed the market for any other reason than the above. Frustrating to say the least I agree. This could also be the reason a large group of shareholders didn't vote on all resolutions at the AGM as they did not want the company doing another raise this way and to voice real concern with their management of the company. At least the chairman acknowledged this concern and the extremely poor performance in the share price, which is now around 20% lower then it was at the AGM! It is important to understand they are fantastic directors and extremely intelligent, just not street smart and why we find ourselves in the current situation.

So now for the good stuff!

Because we've raised this money we are no longer in a position of weakness for negotiating pre sale contracts or at risk of an opportunistic approach (remember the large group of shareholders from the AGM will also stop that). We have money to progress the North Mahalo block, which when producing soon (20/21) will self fund the company into the future. I'm guessing more work in the Galilee and potentially some work in Narrabri when Santos get their approval shortly.

There is a current gas supply shortage on the East Coast and particularly for LNG participants and with no other company as close to production as Comet.........well. There is a predicted gas deficit (crunch) coming and companies big and small are re thinking how to get gas supply. Make no mistake Comet is a real corporate target!

So to sum up we have no negative news, we have great management (just not street smart) which now includes a gent that transformed a 20mil company into a multi billion dollar company, no end of good news to come from 5 projects (unheard of from a small exploration company) and it doesn't matter if we make production, sell a project or sell the whole company, we are in a win win situation. What other company on the market has this to offer?

Lastly, this has to be potentially the final opportunity for anyone that can afford to get some stock at these levels to get in.

https://unauthorised investment advice/resources/tim-treadgold-why-this-junior-is-well-placed-to-ride-the-east-coast-gas-shortage/?utm_medium=email&utm_campaign=*%20Morning%20Newsletter%20Thursday%20December%2012&utm_content=*%20Morning%20Newsletter%20Thursday%20December%2012+CID_e7db7af8f1c8f03b8ee0b7890d76eaf0&utm_source=Campaign%20Monitor&utm_term=Tim%20Treadgold%20Why%20this%20junior%20is%20well%20placed%20to%20ride%20the%20east%20coast%20gas%20shortage