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COE 45.3¢

gas

  1. theflasher

    239 Posts.

    Market a little disappointed by gas, not oil. However... we have had spectacular gains over the last few days and i expect a lot of people are cashing in part of their holding to lock in a few gains. The gas seemed to flow at a good rate. Unfortunately gas is not as easily transportable as oil (can't truck it) so reserve size will be important. They should be able to sell into the Moomba hub if commercialised.

    I haven't noticed any panicked selling. traders seem to be just slowly selling down. The fall appears to be more an absence of buyers rather than an influx of sellers.

    Wireline logs will be the next event for COE. We may get an indication of reserves at this stage. Around 3mboe will likely see it settle around the current price IMO. High side is probably 5mboe which could see it trade in the low to mid 30's.

    Cheers
    Flash

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