This is the one I was referring to. Cooper basin. Not the current perth basin with wesfarmers. Started in 2013, This dragged on for 4+ years. They eventually settled when striked walked away from the cooper.
I agree aping and sto are/where the biggest obstacles and it's been simplified, and yes he did a great job fleecing aping of their share.
and yes I do agree with pretty much everything you are saying except 1 point
technically mahalo could finance nth mahalo, but, I'm not the convinced COI are capable of it. Not without a complete and total makeover and turnover of board and mngt.
They are literally a few geos with an asx compliance and contract mngt team, for serial wildcatting, making discoveries and selling them. And good on them, don't confuse that with what's required to develop CSG. I think senex had 200+ staff and internal contractors - that's on top of the actual subcontractors doing the actual works - when developing Roma east. And these guys couldn't even contract a rig properly for wildactting -their bread and butter.
that's why I land on the only realistic outcome is a TO. I find the probability of COI becoming a producer extremely low. Tor and Co will take the first reasonable deal in the money. Deep down I think they would hate being an operator, it would be mind numbing for them. Nothing but cost control and screwing subbies as hard you can get away with. That's the current state of CSG production. I worked in it for probably 12 +years. Can't be assed with it anymore, too much time away
I would also say that Tor and co are probably as experienced as one can expect managing a sale of the asset, and probably expected like most of us it should of happened 5 yrs ago as well. Just give up on this pipe dream of becoming a producer, it's not realistic probability and at this point, thats my opinion, is that it's a hollow bluff. They have pretty much admitted that in there presentations where they talk about a single large hub for the whole play is the best option. Which is a 'no shit sherlock' comment
time will tell what they finally extract from STO, I'm hopeful it's not too much longer
lol this is mildly therapeutic, enjoy you evening
COI Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
(20min delay)