With drilling not likely to commence until the second quarter as...

With drilling not likely to commence until the second quarter as per recent 2012 drilling update, I would speculate the intermittent spikes in volume may be related to potential corporate activity? The coal space remains the source of most corporate actions when you look at McCarthur Coal- gone, Whitehaven/Aston merger proposal, Bandanna- in play, Coalworks-in play, Gloucester/Yanzhou merger proposal,Endocoal- unsolicited approaches. Surely given how significantly undervalued AQC is it must come up on a few radars sooner or later. Obviously we don't have the scale of the large cap coal companies, however given the stock is trading at a fraction of its value- potentially up to 20c per share or more, there has got o be a deal to be done somewhere. If they can monetise EPC1827(107mt Jorc resource)the JV with RIO on EPC 1824 comes up trumps the recently announced Churchyard block is a goer and the Dingo prospect next door to Bandanna is also a goer maybe 20c is not unrealistic ie mkt cap $100m. Stay tuned.