Well folks I"ll put little store in 3P metrics.I may well miss a...

Well folks I"ll put little store in 3P metrics.

I may well miss a greatly better counter offer but I am out today, having bought in 2009. With current markets I don't intend sitting waiting for a bid that may even be 20 or 30% higher (which given the meagre 4 cps increase I consider highly unlikely), when instead I can free my funds immediately and seek a better long term opportunity for the funds over the next few months (during which who knows what opportunities there may be).

Management have thrown the towel in, this can not now be a long term investment in an early stage company imho, it is now only a play on a second bidder. I can't see anyone other than BG, and assume they are not that interested.

As SF has pointed out this story did not go to early expectations, results to date are modest, after some extremely encouraging early work - alas a lot of it desktop type stuff and some coring. Future rewards were then clipped with the two huge capital raisings to enable power generation. Politics, industry water issues, resource taxes have taken the lustre off csg. Meanwhile the global shale story continues to unfold, possibly with the result of gas being MUCH more important globally in the future, but also possibly at a substantial discount to the poo.

In short imho the csg story has gone stale, or at least matured/shifted to where it is now all about the huge capex for LNG, LNG markets and major energy players. The days of a man and two dogs csg companies is over (at least in Australia.

I will remain exposed to the gas century, but am re-evaluating how that is best done. For now my only significant exposure to gas is DTE and CUE.

Easy to beat a dead horse, or to stay too long with a stale story imho. Games up, you might get a better price, but the you might wish to consider the opportunity cost, esp if the market bottoms in October.

EL