That’s an interesting chart one needs to overlay what has...

That’s an interesting chart
one needs to overlay what has changed recently and why this is now the real thing

1. Fantastic gas prices and massive shortages looming
2. First GSA signed
3. gas infrastructure about to be signed by JV
4 GLNG still running at 70% nameplate
5 massive gas extraction productivity improvements over last 12 months by our JV partner
6 . Buyers willing to stump up prepayments - reduces dilution and increases value
7 increased activity by non traditional players ( Min resources, Gina etc )
now let me spend a little time on point 5 .
one broker analysis has a total of 100 Wells for Mahalo at a cost of five mil per well and an assumed peak production rate of 2.5 TJ is a day. What we are seeing from Santos is dual laterals costing 6m but producing 5 plus TJs a day . These figures for anyone mathematically inclined result in massive value upside for the project. One could reduce costs by 35-40% while increasing cash flows per well allowing a quicker ramp up

Santos is the operator, therefore comet gets the benefit of the drilling expertise and efficiency. No doubt Santos would be running valuation metrics on the project based on recent well productivity and be concluding the value of this project is much much higher. Santos may also be considering what value still remains via increasing horizontals another 40% !

investing is not only buying a story that comes true, but timing that purchase so it can be as near to that value inflection point as possible .

couldn’t be looking more positive if one tried