Unrisked valuation, page-2

Hi lamb,
CNX are currently waiting to hear from the Qld govt if the information they submitted covers what was set out in the Independent Scientific Report and if CNX can apply to operate the gas project at Bluegum within the current approvals framework. This is opinion only but I would expect if they get the go ahead for these two things the market cap should be between 100 to 200 million.

If approval to operate comes through I cant see funds being a problem so I would expect the market cap to go North of 200 million. Still plenty of risk. Theres a chance the Qld Govt will drag any decision out or advise a new framework will need to be put in place for UCG, this could really extend out any approval. CNX have stated the Qld Govt has agreed in principal to timetables for this approval which I think is by the end of the year so anything is possible.

I would watch for any sudden spike in the share price and or volume as I would expect any approval to be subject to the usual insider trading like all other spec stocks.

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