MEL

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Compo / no appeal, page-80

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andy bee

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26/05/15

11:09

Post #: 15350936
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Originally posted by puttins4dough ↑

Can't see anyone has commented about the ABC news report last night, which is surprising. Apologies if someone already has.

This thread has been hijacked by a few "bush engineers" who have little understanding of drilling and hydraulics as they relate to fluid flows through pipes. Too many assumptions, not enough facts.

RE ABC last night:

Peter Henderson is talking " either let us drill or compensate us". "Let us drill and if necessary provide us with police protection to allow us to carry on a LAWFUL business. If the government is not prepared to do this, then compensate us. His figure is $120,000,000. PH has publicly thrown down the gauntlet. So now, it is out there!!

The government's position remains one of denial with the blame still laid at the feet of MEL- I am doubtful that this position is a case of hubris. I believe its more about appeasing the parties that back room deals have been made with.

I cannot see that the NSW government can or will change their position in respect to where the blame lies. To do so is a path that opens far too many floodgates. This is woeful and deplorable. "humble and contrite..." words that seem missed the governments mindset.

PH wants to restart drilling within the next few months. By doing so, he has now set a deadline to bring all of this to a head. For the government to delay drilling unnecessarily only plays into MEL's hand.

If MEL is allowed to drill, we will be back in court to fight for fair compensation in respect to losses incurred around suspension (loss of share value and costs to cancel the rig). I am doubtful this matter (as a separate matter) will be settled behind closed doors. Once announced, MEL will look victorious. NSW gov't will not permit this.

Change legislation - thats just another nail in the coffin for NSW. It plays the "sovereign risk" card all over again. No one will want to invest in NSW, if this is done.

My bet is that the NSW government will perpetrate another sin; this time on the people of NSW and buy MEL's PEL's for something substantial. PH will settle for $120M (that was what I interpreted from his interview last night). A precident has already been set in that the govt has been buying back PEL's from other companies. The government will save face and will be seen to appeasing all parties (except the citizens of NSW - and that's the bit that smacks of hubris

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puttins,i reckon you are spot on with your analasys and i am out of mel because i believe the weak nsw govt will pay the compo rather than take on the lawless and lying protest mob,this of course will just embolden them to further victorys,god help good ol aus i say

MEL Price at posting: 6.9¢ Sentiment: Buy Disclosure: Held
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Compo / no appeal, page-80

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