drawing a long bow, page-6

Tony,

Whoever is buying, if it is for a takeover, is a fool!

Why would someone show their hand like this is beyond me. There is no need to rush it.

I still think this is technical and we are just moving back to some previous sensible value. I am not at home at present, but I think my previous valuation had MEL sensibly in the 70c-80c range based off there current prospects, future dilution and capital constraints. I wouldnt be surprised to see them go higher but I would be mortified to see them go for less than that. You might notice a difference in my slightly more bearish opinion on BOW, but I have always maintained MEL was more undervalued. A key piece of the pie for MEL is the proximity to markets; WHICH ARE HUGE.

Proximity s also a detractor as they are so far from gladstone.

But you can bet on the certainty for demand for their product for sure. Now is the time for PH to pull out the marketing skills and start explaining some value to holders; a corella update would be good place to start as well as highlighting the low opex for their wells.


CONTENDERS


I still think that hqcecs dad is a shoe in for interest. I can't write off arrow being involved either, but really... What about the possibility of arrow supplying lng from their bow tenements if it is a joint cnpc/shell push? Arrow are just next door and would be aware of the value in mel.



The thing I like about mel is that they will also know the value as they have proven the extraction techniques. There is less risk in the reserves picture then... Which can lead them to new able to negotiate a better price for their assets.

Its all good at mels house with her 100% owned assets. Imo at the moment it is still just a technical move and some speculators.


Cheers,

SF