Not good! As usual, the price action the last few months told...

Not good! As usual, the price action the last few months told the story. Here's Canaccord's latest comments:

"Ouch" was Canaccord's response to Comet Ridge's big reserves downgrade at its Mahalo gas field in Queensland. Comet Ridge Wednesday said it had overestimated proven and probable reserves at Mahalo by 38%, driving a 23% cut in Canaccord's price target to A$0.46/share. "While we had expected some trimming post the Sirius Road and Struan wells, we were surprised by the magnitude of the downgrade," Canaccord says. That was partly because operator Origin had previously said reserves and resource performance at Mahalo looked pretty good. Canaccord's new price target includes A$0.05/share value for the newly acquired Mahalo North block. Shares last traded at A$0.24.