True i think MEL would benefit most from a takeover or similar...

True i think MEL would benefit most from a takeover or similar circumstance. MEL defiantly has potential with acreage and gas reserves, proved and probable. Although I think they would be an easier target for the reason you stated. Depends on where you interest lies - would you prefer to be offered a decent premium in the short-term or see MEL grow and hopefully produce a significantly higher return?



I think ESG has better short-term potential without a takeover offer - with laterals commenced, cash to see them through laterals until end 2009 and management have stated that their target for reserves is easily achievable.