inside business re nsw gas, page-14

To be honest you have to be transitioning into that unless you want a situation where you NEED someone to take you over. A farm-in partner with the core field development competencies required is all that you need to have a viable long term supply business.

I'd argue that they are not really in the business of reserve growth. If that was the case we would have had a lot more action on the kingfisher front, bigger cap raisings and a lot faster and more extensive exploration schedule. MEL appears to be confident of what it's got and not too keen to dilute holders/rush into exploration.

Sell down 49% of the PEL'S, let APA do the pipelines and you've got the cash to develop the first year or two straight away. Cap raise at over a dollar post sell down and you've got cash to burn and less than half a million shares on issue.

I'm holding this as a potential high divi stock. The absolute worst thing that could happen would be if they got taken over.

People forget that if you sell down half of the permits, you only have half of the costs. FIRB will also probably stop a complete takeover of this one unless it is Origin/AGL. LNG/CNPC want this one by the look of it, but realistically I don't think they'll be allowed to outright take it.