Great discussion guys, and I could say so much but I will keep...

Great discussion guys, and I could say so much but I will keep my post relative to the code.

I read the final code till late last night and am pleased to say I feel extremely confident that Comet will be deemed exempt due to #1 its production numbers being sub 100PJs over the course of a calendar year and #2 it will supply only the domestic gas market.

The 'small suppliers' exemption can be lost if Comet supplies a buyer that intends to export the gas at the time of entering into the agreement, however, following discussions with Tor and co we know that Comet wouldn't jeopardise its exemption simply to sell a few more Pjs to an exporter. If this were to be the case there would be discussions had and we would look to be exempt for any such agreement with a LNG player / exporter. There is also a provision in the code whereby small suppliers would not lose their deemed exemption if they enter into volume neutral gas swap agreements with LNG exporters as this would ensure gas is supplied domestically especially in periods of heightened demand.

Guys, in summary, this code debacle by the govt has worked to have the opposite effect to what they are claiming was their intention. Most gas sold on the East Coast Gas market will have a floor price of $12/GJ (which is what Labor is claiming is the reasonable price for gas to be sold at). Industrial buyers are desperate for the gas and Comet has the reserves and resources, and a lot of it.

Now that we finally have clarity from Labor and Chris Bowen's extreme intervention into the gas market, I am looking forward to the following near term catalysts:
- Cleanco GSA in less than say 10-15 business days
- Orica GSA short-term (MoU already in place)
- Jemena Pipeline Agreement (MoU in place)
- Resources being converted to Reserves
- STO increasing interest in Mahalo Gas Hub JV
- STO having a crack at Northern Tenements
- Takeover bid from STO or a larger player