still all good., page-6

From the Half Yearly accounts, yes we are expecting news as per the last paragraph!! This stock for risk adverse people is certainly a buy at present imo. Noticed the broker report comments and pasted an interesting bit underneath!! Interesting target price especially now!!!

Cossack has 100% ownership of the Limnytska Licence, a large onshore oil and gas project spanning some
172km in Western Ukraine. The licence is located adjacent to known discoveries and near to existing large
producing oil and gas fields, Limnytska is considered a relatively low risk appraisal type opportunity with
significant upside.
During the Period, Cossack signed a contract with Ukregeophizyka, a locally based and highly experienced
seismic contractor (“Contractor”) to acquire
and process approximately 130 km of 2D seismic
over the southern portion of its Licence.
The program commenced in December 2013 with the regulatory approvals, equipment quality testing, personnel training and mobilisation of all equipment to the designated site on the Licence area.
Field data acquisition commenced in early January
2014 subsequent to the Christmas break
and is expected to be completed in the first quarter 2014.
The seismic program has been designed with the assistance of RPS Energy Pty Ltd to delineate the shallow and
deep prospects identified by the Soviet era seismic data that was utilised in an Independent Geologist’s Report
prepared by RPS to estimate a total mean recoverable prospective resource in excess of 800 Bscf of gas. The
seismic contract also includes the reprocessing and interpretation of historic seismic material which
is available in house with the Contractor.
The acquisition of new, modern seismic data will be of significant value to the Company in its ongoing farm-
out discussions and it will also assist with
defining the exact alignment of the proposed new exploration well into the shallow reservoir which is anticipated to be drilled in the second half of 2014. The Company anticipates that the enhanced seismic data will also lead to a resource upgrade due to the formation being better defined.
Processing and interpretation of the data is scheduled to start as soon as suitable data is available from the field
and the full geological report is expected to be completed
around the end of the first quarter 2014.

"Our peer-based target price of AU$0.27 per share implies 35% upside (BUY), and is based on comparison to early-stage exploration peers targeting conventional oil &
gas prospects. The nearest trigger for the stock we anticipate is the issue of the
results of the 2D seismic analysis, along with re-estimation of the resource, which
we anticipate in 4-6 months. Other triggers would be the signing of an agreement with a farm-in partner, cornerstone investor and/or spudding the shallow exploration well, which the management expects to occur within 6-12 months.
These events may result in significant appreciation in the stock market price."