only 3,419,045 more shares to blocking stage, page-13

Good morning!

I agree completely with your views regarding CNPC but IMO it is unlikely that they would wish to take over MEL completely.

I have good reason to believe that the Chinese are v sensitive to the issues associated with grabbing an Australian stategic asset (namely, the security of domestic gas supply disappearing).

And secondly, I don't think we should underestimate the knowledge capital held by MEL:

Mick O'Brien is passionately pro-MEL (& nobody's man) and even though he is not a director wields huge influence. He and David, Glenda and the rest have unique geological and technical knowledge which would be lost to a predator as they would be unlikely to stay on under new foreign managers (unlike ESG).

Also, it's worth a reminder that MEL directors & staff hold about 10% of MEL + 6% ERM + 10% LNG + the 25% holding of the longstanding remaining top 20 s/hs. + of course all of you and little old me.

In effect MEL now have a firewall around them.

I posted a while back when, almost as an afterthought, the Road Show was announced (even now no details have been released) it was more than likely a single presentation to the top echelons of a major Chinese gas company.

This seems now to be born out by events but still nothing has been announced. (Perhaps they are saving it for the AGM? - to which, unlike me & quite out of character, I will most CERTAINLY be going)

What is fascinating is that - in spite of wide-spread sneering and sceptism - MEL's original JV stategy seems to be unfolding in almost the manner in which they originally planned it.

Personally, I don't want to have to wait 30 years for a dividend.

But in lieu of that I remember Mick talking to me about a capital return?

10c on your 100 shares MR LA would keep you in Red Stripe for an evening or possibly a week of Numba One.

Good morning and thank you for your time.