nsw/qld csg company comparsions, page-24

These have been excellent posts on the subject and there is nothing to disagree with.
The key to MEL's SP IMO is news of the pipeline's progress; and the prestige of the chosen JV partner who will provide the capital required to build it as the cost of the pipeline ($125m) is not far short of MEL's present market cap.
Mr Seamfiend's point on a "stranded resource" is perfectly put.
Incidentally, can some kind poster enlighten me on the cost of drilling a well? In short how long is that $29m in cash going to last before it runs out and they are back to us with another cap raising?
In the short term the puzzle for me is the indifference of the market to the potential - although I would never pretend to be sophisticated on market behaviour.
Perhaps because it is only "potential" it will require a really major announcement - a huge resevoir of conventional gas between McKeller and Kingfisher might do it - before the bigger investors get interested?
One reason could be there have been questions about management's business expertise - as opposed to their geological gas search competence.
But I keep coming back to the pipeline and the RVPS - also the mooted NRPS {location??} which is new and was repeated on Mondays presentation).
If it is to be a JV in exchange for a slice of P16 then they will be up against very hard bargaining from a powerful player. Who is MEL's adviser?
Anyway, just some whimsical thoughts from someone who now has a v heavy investment in MEL and is taking a 2/3 year view on a successful outcome. Patience and maintaining confidence in the management are going to be essential - as are Holy's posts to buck us all up.
Thank you for your time