question

Coi sold 80% of all US projects to Pine Brook. Will form new team to look at Australia project again. But

Mahalo project (40%)

Coi drilled with result: No measurable gas or water flows were observed on penetration of the coals (some were low gas satuation).

Galilee Project

The permits are yet to be formally granted due to the large area of non-exclusive possession tenure acreage in the area. Comet is working with the Queensland Department of Indigenous Services to work through the Native Title process and a successful outcome is expected in the coming year. (This means Coi my or my not get permits. And not sure when permits are granted?)

Gunnedah Basin

Coi has farmed out this project to Eastern Star Gas Limited (Subject to the NSW Department of Mineral Resources approving extensions to the permit terms)

In summary, Coi did not succeed in Astralia before. They had to move to US . But they did not do well in US !( No oil flow at Tow Creek and Bear Creek).Then now Coi is back to Australia again. But the above projects didnt show much hope before. That is why they search for new team and try again in Australia. This is a bit worry whit an old story.

My family bought 9 to 10c and sold >20c (last month). I am not sure about Australia projects that can bring a real hope for share holders? Can any expert gives a real positive details other than what MD saying?

Good luck to COI shareholders.