Yes, you are correct pointing out that those percentage increase...

Yes, you are correct pointing out that those percentage increase are due debt but that's due to capital expenditure, after all they are transitioning from explore to producer.

But I have to disagree with you, it's not a problem because the gas is still there and the market is still there. There is nothing negatively cyclical or structural contributing to why the price is where it is now.

I think the problem is the market's expectations, granted induced by management, I've moved on from the fixation of Sole reaching 68tj per day. I am expecting it to go over 45tj this financial year after troubleshooting. If it gets to 68tj that would be pleasant.

It's known that Sole GSA is the foundational asset that underpins growth.

Minerva/Athena has been commissioned to start this FY and Otway contracting is underway, not to mention how Beach's recent victory over Origin could increase profit margins for COE due to tighter supply in the region. As far as I am aware that $218million debt is also inclusive of commissioning Minerva/Athena which will also contribute to future cash-flows. I would be happy to be corrected on this.

Is the market pricing in the above ? Yes it is uncertain but the market should know by the end of this financial year.

At 45tj per day that's sufficient to pay the debt on renegotiated terms, as I understand it the banks have agreed to this. Management have demonstrated that they can and will divert gas from other fields to honour Sole GSA.

What's amazing is COE revenue is $131 million and it's current market cap is $383 million with assets at current prices conservatively prices at $900 million and debt at $218 million.

This is a game of brinkmanship and I like it.