I really hate attached options with placements . Traders can sell down to the raise price and still get a risk free ride for Cervantes with the options . They said the options were made at the same price as the previous bonus options to all share holders but because of the much longer term they are very different .
I am struggling to understand why they have taken so long to ink the processing agreement . Santos must have made a number of them in the past . The time taken to get all the commercial agreements done compared to their stated timelines has taken a toll on the SP . There was plenty of upward momentum as the good drilling results rolled in and the reserves and resources came in over expectations but that momentum seems to have gone now . At least the cash is in the kitty .
Funded for an exciting drilling program . I know Ken seems very confident about Cervantes but the reality is their Announced COS contains all the best information and is the number to use to calculate your punt. The upside is very strong so if we beat the odds we will have a big payday .
The present sales path for Perth Basin oil is via BP storage at Kwinana and tanker export overseas . That is due to end soon and I thought they might have given us some insight into what they new sales path would be . My best guess is it will be exported via Geraldton but I am not sure what new infrastructure would be needed . There has also been talk about building a mini refinery .
MEL Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held
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