It seems what the need is a partner and this what I am hedging...

It seems what the need is a partner and this what I am hedging my bets on. For instance, their application by for the 3rd round LEED (Low Emissions Energy Development) Fund was successful for $5.4m on the 29/09.

However, every dollar of LEED funding is required to be matched by three dollars provided from other sources, including the funding from the Commonwealth Government for the project.

They need a JV partner, and once found, it should re-rate appropriately. I've been following this one for a while but kept on being put off by the falling SP and willing to stick it out.

They have some growth assets apart from the Perth Basin and I think in total, on potential asset value, the market valuation is heavily discounted and perhaps one day, the g/thermals will be recognised further, particularly when you look at the extent of the current GELS they have across Australia and in Hungary.

I don't expect an o/night miracle but I'll hang onto them to see what eventuates into 11/12.