such promise, page-11

ERM & LNG will probably swallow most of the placement to avoid dilution don't you think?

Precedents suggest that a SSP @ 20c will surely follow for the rest of us. Perhaps, as was the case with WCL, we will be given the opportunity to buy more than our entitlement?

The decision to do a CR would not have been taken lightly or on the spur of the moment. (The 1 month VWAP is a reasonable 15% discount)

There would have been months of planning well before Tuesday's gas production license announcement. MEL perhaps anticipated (govt hints/assurances?) that the granting of the licence would have been released well before now? And when it wasn't and the sp collapsed they were between a rock and a hard place but had to press on.

MEL has a gas strategy and in Dr Haan we hope they have the man to execute it.

Personally, I don't want MEL to reveal the locations of where they are going to drill - because I don't want LtG chaining themselves to trees and fences before we have even started.

MEL didn't drive the sp down to 16c: doubt about the govts' determination did that. There are no complaints about management incompetence from anyone who bought down there and has seen the stock rise to .285.

And what goes up can just as easily go down again - more opportunities!

It know it is inconvenient and annoying but if you believe in MEL and understand how the market works we just have to suck it up.

Sadly and equally annoying it's always the same whingers piling in with their complaints of management incompetence and moans and groans that bug me. I suggest you attend the AGM on Tuesday 13 November and vote down the payment of any bonus's to management. Actions speak louder than whines.

The point to remember is external, global economic disaster can strike at any time and funds dry up or disappear.

MEL are planning an ambitious drilling campaign so they have to have the $s secured now.

AJ Lucas, seismic etc will want an assurance of being paid several million dollars (cash burn in the next 6 months $12m?) - you don't just snap your fingers and they will come.

$10m cash in the bank + $10m placement and $10/15m from us will finance a lot of drilling.

MEL cut it far too fine a year ago and they will have remembered that.

It's possible but unlikely that there will be associated news with the CR announcement

hs