Couple of interesting and delicately worded paras in that Q ladies and gents. The read though is:
1. Hints of an ill wind between CHK and Olympic Domain?? The '...Company's position..' is never good reading. And anyway most incoming JV partners take management incl. all approvals...only way to streamline activity. Any hint of argy-bargy at this critical earn-in stage will get an instant AVOID from potential big partners, guarantee it. Worse still the big guys go direct to OD. Anyway CHK is getting its own advisors on the job (good)...so why bring it up OD in Q report? 2. to cover off the above earn risk CHK is going to blaze away at a second tier Pernatty C target. Smart move earn-wise, but otherwise a cash burn exercise a long way from the main game. 3. Koktha aboriginal corp sounds like a typical cluster, so Access Surveys (required ahead of drilling approvals?) could be hard to tee up short term. Anyone know if BHP/FMG/OZ are on KAC lands? 4. No meeting of minds between the big guys and CHK re deal..do not hold breath for a result on this people. 5. Placement coming,
Anyways, play is unchanged. Company needs to secure the 51%, finish permitting and hope like hell the neighbours keep getting sexy results.
Still a hold but feels like payday is still a long time off.
CHK Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
