COI, page-4

First of all you have to weigh up the whole CSG supply/demand long term economics for operations in Aus and of course risk of protesting from environmental, agricultural and community groups.

Years ago I invested in SEH, not only for high domestic demand but because Chinese don't care about whether a water table might be at risk or of a leaking pond full of salt water and other waste.

So putting all that aside.

Basically only surviving on back of CRs, no revenue and still at pilot stage for Mahalo Basin which seems to be moving ahead at a very slow rate. Not enough cash to develop other projects and wouldn't be at all surprised if there was another CR before end of this calendar year.

Also be interesting to know why they sold out of Tipton West Coal Seam Gas Project as that could of provided a much needed steady income. Hopefully it wasn't a case of selling out there to go exploring in US on their own.

Unfortunately the US adventure hasn't worked out and looks like they've blown capital in US for very little gain and now trying offload the leases for further development. NZ also highly doubt anything come from that.

So yes CSG is a growing industry in Aus with increased demand due to new export approval, however whether COI will be able to participate remains to be seen and could be some time away yet if ever.

So not surprising the SP is seven cents.

GLTA


Kat.