Labor Gas policy release, page-114

i have been open about my thesis it was centered on expecting corporate activity. The overall return profile for COI wasnt attractive to me, my expectation was 30-32c value to be realized. Timing was important if i was correct and there was corporate action within 3 months entry my annualised return would have been great for the investment/trade. In addition my thesis was even if i as wrong re M&A within my timeframe i would have had the opportunity to use catalyst around signing a GSA, permitting, Feed studies to reduce my position. This was also incorrect as the company has not achieved anything publicly within my time frame. That was the plan it hasnt worked out and it cost me time. I will continue to exit progressively and if nothing transpires by the time i exit then i wish all those that have been here best of luck and hope you do well from this investment