Ironbark, page-2

From the news wires...

Canaccord Genuity is lukewarm about Senex Energy's mooted interest in acquiring the Ironbark coal seam gas asset that Origin Energy has put up for sale. Ironbark's carrying value is A$2.20 per gigajoule of 2P reserves, and that's far higher than Senex's major gas assets of Atlas and the Western Surat Gas Project. So, Canaccord says Origin would either have to accept a price well below book value or "a compelling upside story in order for us to not view a transaction as dilutive." It retains a bullish call on Senex.