Hi to the holders and non-holders of COI.Very pleasing that a...

Hi to the holders and non-holders of COI.
Very pleasing that a fundie with Chester's pedigree is in absolute agreeance on the East Coast gas market dislocation and the opportunity for a valuation re-rate in coming months for COI. They're super bullish on their Comet Ridge exposure. My belief is this low-hanging fruit opportunity will disappear before our eyes within minutes, it will happen so quickly that many will miss out. I have seen it happen on countless occasions, stocks can lie dormant for months and months until the day material pieces of news are released where the stock could be up 40-50% in 2-3 days. We are so close to FID, I can almost taste it. I quote Chester AM's team below and note they own 11.15% of COI's stock as of April 5th.

If we take our exposure to Comet Ridge (COI) as an example of the market cap game, it is currently a AUD220m market cap as an undeveloped gas resource in the Bowen Basin. If we assumed that COI traded on the same EV/Resource multiples as Warrego (WGO) when it was acquired by Hancock Prospecting in March 2023, then COI would have an AUD800m market cap. We are not saying that is going to happen by any means, but we do think the assets in the ground, given the shortage of east coast gas, are materially undervalued. We have held COI for over 4 years, and it has been a slow (painful at times) journey. We raise it now, as we are of the view that over the next 12-18 months these assets will be a highly desirable part of the east coast gas solution. Can COI become a AUD500m market cap company? Absolutely it can, with various milestones being checked off along the way. To paraphrase Rachel Hunter, we are confident “it won’t happen overnight, but it will happen”.