Interesting analogy Sam lol
I read the announcements when I got home from work last night. I had recently been tossing up whether to attend the CMT AGM, the agenda looked pretty boring but now I will definitely be attending.
Sam has nailed the reality of the companies position, they didn't have the coin to meet future commitments on this asset. I thought it was interesting that they mentioned that they avoided paying for the seismic that was shot last qtr. Perhaps their decision to withdraw was based on their interpretation of that seismic ? Sometimes you have to read between the lines on these small Co announcements to find what they are trying to tell you. On face value it seems that the company would rather focus on the Pandora asset than spin the wheel on the mainland.
Up until yesterday all here have praised CMT management for their ability under difficult circumstances and I don t yet see any reason to change that opinion.
BDM Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
