IMO the most likely candidate to takeover MEL is their other JV partner Bridgeport Energy Limited which is a wholly owned subsidiary of New Hope Corporation Limited (ASX:NHC), which is a 5 billion dollar cap company.
A takeover market cap of $100 million for MEL, IMO is not expensive for 25% interest in a 20 year plus gas resources, where there is potential for further gas discoveries in this highly prospective area.
Ann: Vali Project Commissioning Update, page-16
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