Where is the update, page-5

" We will see if management actually have decent irons in the fire."

Well I'm sure we've got two valuable assets anyway jaybay.

As the SAT decision is now out of their control,we must focus on what is in their control.
Our Gippsland permit assets are quite valuable IMHO,cooper energy have set the price for Gippsland gas,pre-development anyway.

They've effectively paid $29 million for 100 PJ.

http://www.cooperenergy.com.au/Upload/Documents/ReportsItem/COE-Qtly-Dec-14-Final.pdf



bcf. Billion cubic feet, a billion defined as 1,000,000,000. On average 1 bcf of sales gas = 1.055 petajoules. boe. Barrels of oil equivalent.

Shelf oil (100 percent OBL owned) has 50 percent of VIC/P47 and 17.5 percent of VIC/P41

http://www.oilbasins.com.au/1378926.pdf

With a combined gas in Gippsland ,the low figure of 507 Bcf,plus 24 million barrels of oil,puts us in good stead,Id say.
The tricky bit jaybay,is that cooper energy for 100 Pj only put $2.5 million down in hard cash.
How does OBL monetise the considerable latent value in the Gippsland assets?

I see they've only allocated $2.5 million for the survey in the Canning,perhaps a lot of upfront cash from the Gippland assets isnt necessary.

Yes Ive "sided' with management,over their salary's,Ive no problem with paying good coin,to those to deliver the goods.
It behooves them to now,whatever happens at the SAT,to deliver the goods.

Raider