Looking Objectively:

No one imo is going to pay 30 cents a share for a company that is trading at 7.4 cents a share – that’s over a 300% uplift and that isn’t going to happen as it would make no commercial sense.

If COI was viewed by the market as being a ‘steal’ with a market cap of $58.38M – we would have been snapped up ages ago.

Effectively most of the pieces have been put in place and much of the risk taken with regard to Mahalo – BUT we can’t move owning less than half of the play – and even if we could persuade our JV partners to cough up their share of costs and fast track to production - we do not have the funding availability to cover our 40% of the costs – so we’re stuck.

Mahalo North is a strategic play which we’ve landed – BUT if we are unable to progress this play because of a lack of funding then ultimately this opportunity will be removed from us.

Whilst I’m a believer in our in ground assets – ultimately what we have is worth nothing if we don’t have the means get it out of the ground – end of.

The only way out of this situation imo is for us to farm-out our 40% share of Mahalo to Santos in exchange for a percentage of production with a cash lump sum up front – with of course legal clauses being in place to ensure production targets are met within a set timeline. This would give us the space and funding to progress Mahalo North.

Should this occur and should we fall short of funding availability to take Mahalo North all the way to production - then we do have the option of farming-out to a third party to bring us to production - possibly/likely Santos again. Having said that - Santos might want us to bundle Mahalo North with our 40% share of Mahalo as a one off deal.

Far from ideal and not what I as a long term holder ever envisaged or indeed hoped would be the case – but we are where we are and for those calling for a change in management – a board clear-out at this stage in the proceeding would serve no constructive purpose with regard to enhancing shareholder value which ultimately is the only driver for investors.

I know no more than you guys - but that's what I would be looking to pull off if I were management as the options appear limited.