valutation + comparison to peers, page-11

Agree with dex at this stage, and there is no doubt that the driver of the share price for a lot of other CSM companies is speculation of further consolidation for Gladstone LNG projects... often driven solely by location and nothing more solid than that.

However, there may be opportunity in the future to be involved in LNG should Santos or A.N.Other explore the LNG option in Newcastle as has been previously discussed when HGO's share of ESG was usurped.

So, personally would be more than happy for MEL to drill, firm up reserves (and surprise on the upside with some big numbers) and give us good news on flowrates, Kingfisher and everything else that makes me believe this stock could succeed in the next couple of years.