way forward for mel, page-14

Hi Buddy,

Thought I would revisit your comments from a little earlier, in light of today's Company update.

In closing out today MEL had this to say;

"...continues to evaluate opportunities outside NSW which complement its current NSW Clarence Moreton Basin assets."

This is the FIRST time I recall that rider - 'complements' current NSW assets.

And it seems to rule out your notion of a possible interest in WA's Carnarvon Basin (thank God!).


I said they needed their heads read when upon taking their bat n ball home earlier in 2013, they spat back over their shoulders that they would close down the operation and seek to re-establish elsewhere.

The very irrational nature of this response to Bof, and the confused and inconsistent messages which followed put a lot of shareholders offside completely as we all know, whether we were part of that group or not.

If one were to take seriously this latest 'clarification', (that any opportunity being considered elsewhere will have some alignment with developing the CMB assets), one might almost imagine it has been inserted at the behest of prevailing wiser heads.

Those wiser heads may or may not necessarily have sought to remove the board recently, but almost certainly would next time around.

Could be some interesting discussion threads pop up around just which old hoary chestnuts we've done to death in the past, which with the subsequent passing of time are even more or less likely to be 'opportunities' in MEL's quest.\

Undeniably however, in ALL of these potential scenarios...we are lacking; in capital, OR a JV partner with capital /expertise (and preferably relevance to NSW regional fortunes)...

And the thing we lack (most painfully in my eyes), hopefully it isn't a hindrance to doing business at the sharp end is credibility (not withstanding the difficult times).


Of course I wish our company the best - sooner than later.

Just wish we had some credible personnel on watch, with some street cred and general business smarts....at grass roots level.

L