Gazza
Mate the catch here is MEL realise that the sector is hot, hence the intent to focus on CSG & building confidence in their reserves estimate.
Once this figure of 297 PJ (2P) & 1607 PJ (3P) gets another push upwards frm further drilling then its going to b more lucrative. However, someone with cash might b better off making the move now, rather then pay a higher price in 3-6 mnths time.
AGL seem 2b the likely contender in NSW as they are cashed up from their PNG assets sale & their 22% stake sale in QGC. A couple of billion to spend, in short.
Minimal case for MEL, say 0.20c for 1607PJ (3P), still values then at $320m, which looks highly unlikely compared to $370m paid for Molopo's Gloucester basin block with 700-800PJ (reserves 2b upgraded).
Wait & watch MEL in days to come, should get interesting.
cheers
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