"Drill and prove up the biggest Conventional gas find in NSW in 100 years "
That should read "Drill and prove up the ONLY 'Conventional' gas find in NSW in 100 years" - basically a worthless statement.
No major will take this company over - THEY don't want the grief associated with attempting to implement Mining By Martial Law on a community which is 80-99% opposed to unconventional gas mining!
I've spent a month trying to prompt a response as to a reasonable metric to apply to a company with NO Reserves, but with no response - stick to your blind rhetoric that you HAVE Reserves if you like but you DON'T!
Based on the recent buyout of the Dart permit, I'll repeat that $5M is reasonable BUT I would expect the Government to offer $10-15M - $10 as an opening figure, $15M as a maximum. MEL management play hard and try to introduce Mining By Martial Law in the Northern Rivers and the government always has the option to reverse the changes to the legislation (to what they were when the permits were issued) and cancel without compensation.
Let's not forget that that was the situation when the permits were issued and when a lot of you bought this stock!
MEL Price at posting:
4.8¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)