I took some time off yesterday to attend the AGM The formal part...

I took some time off yesterday to attend the AGM
The formal part of the meeting was as dull and boring as any other. .....some things I took from the presentation and post meeting discussion with Andrew Dimsey

CMT comfortable with their recent decision to walk away from ppl 437 based on future financial commitments to the lease and a desire not to raise at current sp. Company sees far greater value in concentrating on progress at Pandora
Discussions have been had with 3 separate parties that are interested in the BOOT model, margins on this model using a base spot price of $12 mmcf are robust
Technical advice is that the low sulphur content is easily dealt with and the economics of commercialisation remain robust.
Corporate transactions are building momentum in PNG and the feeling is that those participants are not there to sit on their hands, more activity to come
Some discussion regarding the upside in the Pandora resource, up to 1-1.3TCF.
Increasing interest and ongoing(advanced) discussions with other PNG players regarding the strategic value of Pandora
The recent move by ex Interoil Mr Mulacek into KPL is very positive. This guy is a 'do-er', expect further moves here, it would seem he has chosen Kina as the vehicle for whatever it is he has planned next.. CMT has 3 j/v's with Kina and between them have 65% of Pandora. CMT obviously has a close relationship with Kina and this will likely benefit us going forward.
Kina also put out a presentation yesterday and it seemed to me that there was a change of focus from exploration to development, I noted that Pandora has been 'elevated' as a focus for future growth alongside prl21.

It seems to me that in the past Pandora may have been considered stranded but now a number of PNG players consider it to be an attractive proposition and the strategic value of the asset is increasing