Ann: Trading Halt, page-34

..something more for down the track OG .... is I believe they're already looking at future opportunities and even overseas ones which I found interesting...

Thanks Cara - If indeed MEL has plans to invest overseas again, let's hope any lessons learned from the Gulf of Mexico drilling in 2018, are implemented. Strong capital stewardship by MEL over the upcoming Vali-Odin well testing and completion program, along with the FID pipeline investment et.al. and first gas end Q2 2022, should see a Strike Energy-like SP response from MEL.

I took a look at how Strike Energy has driven value as a result of their recent success in the Perth Basin with West Erregulla. Plenty of cap. raises before a sustained SP rally. STX's West Erregulla 2C resource base is currently about 60x larger than what MEL have, but that gap may narrow somewhat with revised resource numbers for Vali and Odin - not a lot though. West Erregullas, flow rates are also materially higher than Vali's. For MEL, a hit at Cervantes in the Perth Basin would be huge but as with any exploration, aka Gulf of Mexico, there is significant geological risk and I certainly see that at Cervantes. The Cervantes prospect is high risk but simply too big not to drill.

Let's also by mindful of MEL's two capital returns to shareholders (2016, 2020) which must have affected the SP.

• Bring on Monday and Tuesday's announcements.
• Bring on a JVP in ATP2020.

Kind regards OldGeo