MEL is a small-cap gas driller with a large acerage in what appears to be a highly prospectable and potentially exceptionaly profitable area... the Clarence catchment. The Kingfisher exploration drill has hit gas over a substantial interval and the mkt is excited. This well could prove to be a company-maker and combined with the prospects in surrounding tenaments the potential is enormous. Currently everyone is poised over their computers waiting for news re gas flows/resource size etc. The company has been compliant in informing the mkt as news comes through, but i feel the delicate situation requires MEL management to do more. Rather than individuals phoning the company and posting info re possible dates/answers on HC (you can bet dozens of brokers are also calling) MEL should be proactive and publish a timeline re when/what tests/results are being conducted, and when we can realistically expect answers. It is also important that MEL call a trading halt should the results prove substantially different from what we have been led is likely. A 20minute suspension is insufficient and discriminates against thse holders not able to continuously follow in real time. We have already seen how this SP can leapt 25% or more in a few minutes and a repeat performance is quite possible. Hence, i urge MEL to provide a (best guess) timetable and make the job for holders and traders alike... a lot simpler.
MEL Price at posting:
60.5¢ Sentiment: Hold Disclosure: Held
