Today's AFR snippet, page-7

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The following comes straight out from a Google page so it has to be available to anyone without any copyrights applicable to it.

Interesting to note therein, that MQG is expecting not less than 600 billion cubic feet of gas and that MQG is very keen about the gas futures in the USA.

So, where is the gas which was supposed to be produced for the sole purpose and intent to supply the East Coast of Australia going to go.??

Plus, plus, plus more than that in that article of course.

I rest my case.



JOHN DURIE

Central Petroleum’s Richard Cottee poised to achieve potential

Central Petroleum boss Richard Cottee at a gas facility outside Alice Springs.

• John Durie
• The Australian
• 11:48AM March 10, 2017

John Durie

• 
  Senior writer/columnist
  Melbourne
  https://plus.google.com/103186074318763161422
  @John_Durie
  

Macquarie Bank has put its foot on a gas deposit to allow it to play the futures market down the track with today’s deal to buy Central Petroleum for $86 million.
The deal, which is subject to shareholder approval, includes a contingent value right which is based on present exploration securing the hoped-for 600 billion cubic feet of gas.
If this exploration is successful Central Petroleum will have achieved the potential Richard Cottee had hoped for when he moved into Central three years ago.
Macquarie is a big player in the US gas futures market and that seems to be its game with this deal, as you need physical gas to deliver on a future bet at a time of shortage.
It also owns a 50 per cent stake in the Mereenie Basin which is operated by Central Petroleum,
If all works to plan then Macquarie will have landed cheap gas.

• More: CTP backs revised Macquarie bid

For Cottee, Macquarie represents the financial backer he was looking for when he went looking for new equity last year but failed to find much support.
Now he has the support, but under the full control of Macquarie.
He owns at least three million shares which are worth around $600,000.
Cottee says he has yet to talk with Macquarie to settle his future.
The issue will come down to the right financial deal and whether he thinks he can add value.
Macquarie has indicated it would be keen for him to stay on.