I tend to agree about TO opportunities. In any JV, the main participant always tries to snap up the 100% ownership and MEL would be a "cheap" target.
$100mil is petty cash for some players and 10-12 cents per share represents a vert enticing price for most holders. Be an easy and inexpensive way to clean up the asset base and avoid any future issues with the junior JV partner. Particularly if the gas field had a life of 20 years or so. Lonf time to recoup the buy out figure.
MEL Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
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