Coal Seam Gas is the next iron ore.Friday news is a significant...

Coal Seam Gas is the next iron ore.

Friday news is a significant development for Galilee Basin holders. Now we know there are major players out there who have done there homework and determine to get a holdings of this massive Basin in Queensland.... I see lots of upsize to come for COI. Given that AGL achieved a fantastic result for itself and ECU which has seen its shares jumped from 28c to 45c...... ECU market cap is now nearly double that of COI, and the company clearly indicated that its Galilee Basin's potential resource is in excess of 35,000 PJ of gas.... chance is a similar deal like ECU/AGL alliance should be on the market not too distant away, hopefully COI won't sell it CSG tenement too cheap..... by the way, 35,000 PJ is a lot of gas, that is multi-billions dollars of in ground value, is there any expert out there who can convert this reserve into market value? I know there is a huge gap between australia gas price and those markets in Asia...
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COI is excited about the potential of its Australian portfolio. We have identified a large contingent coal seam gas (CSG) resource at Mahalo (upwards of 1,000 PJ in
place) in the Bowen Basin of Queensland and the two permits in the Galilee Basin in central Queensland are prospective for coal seam gas and also deeper conventional oil and gas. We have recently conducted some resource estimates (that need additional drilling and further data to confirm) that suggest that the Permian coals in the Galilee Basin offer potential for in excess of 35,000 PJ of gas. With their proximity to a number of potential LNG projects these prospects offer COI an excellent opportunity to capitalise on the growing demand for CSG and
once the Aussie team is in place we will evaluate the opportunities open to us in these areas. Our permits in the Gunnedah Basin of northern NSW are also under
review.
Our funding for these campaigns will be secured in Australia. We have a number of broking houses expressing interest in supporting the Company and a number of
shareholders have put their hands up expressing the same.