lwpl

I have just returned from a trip to Brisbane and for obvious reasons used the Lions Road.

The media is full of reports of the high level of local opposition so it was interesting to observe that there were no visible "Lock the Gate" or anti-gas signs anywhere from Grafton to Kyogle - the latter being particularly interesting as Nimbin is close by.

The NSW side of the Border Ranges is rain-forest and as the narrow road steepens & winds & after crossing many battered wooden bridges, you approach the first of about 6/7 feral hovels in various degrees of near-collapse & piled high with junk and scrap and rotting vehicles.

It is here for the first time, outside the chaos of the hovels, you see very neatly arranged triangular patterns - perhaps 20 in all? - of yellow/black "Lock the Gate" signs. So neat in comparison to the chaos that I think they have been arranged by someone other than the ferals.

At the top of the Ranges at the State border there are 2 sets of speed cameras facing each other - one set in NSW & the other in QLD.

It's most odd as they are only metres apart and the traffic even at the weekends is extremely light and the road is not open to trucks. Perhaps they are monitoring something else?

The rain-forest ends at the border and the descent is through cattle country with rich green pasture.

But most interesting of all even though the pipleline will cross all of this there are no "Lock the Gate" signs anywhere - and there are none in BeauDesert either. In fact,even outside the huge Glen Logan horse stud there were none.
Not one, all the way to Brisbane.

Incidentally, on another subject, PH told me recently MEL were fully aware that with no news and no drilling until July the s/p could swoon. They seemed to have a plan but I don't know what it is.

Maurice Brand's end of Q1 forecast & strategy gets ever closer.

So it's very interesting indeed, that this week a mystery buyer has made a.65c cash offer for WCL which was promptly rejected.

The WCL s/p has rocketed from .25c to .57c.

There is an existing pipeline so WCL fits neatly into LNG's strategy for short-term gas - it would have to be CNPC coming up with the cash - with MEL gas post-LWPL coming later.

WCL own 51% of the gas (Mitsui own the other 49%)

Just after the offer, WCL announced they had doubled their resource size to 725 P3 - compared with MEL's 2500.

The point I am making is:

@.65c a share (rejected) WCL would have a MC of $165 million compared with MEL's present $135 million - with less than a third of their 100% owned gas; and Kingfisher/Mackellar not valued at all.

So anyone sniffing would have to come up with $1.50+ to even get a ticket into MEL's data room.

And the "Rosella" $6m drilling result to be announced in August? would/could/will change the entire ball game.

Some posters may recall Glenda talked of "Rosella" as being "in the middle of the puddle" .

PH's talked at the AGM of "Rosella" proving Mackellar/Kingfisher to be "a company maker on its own" (GIP 2500PJ).

And on the subject of Glenda, she really is going out with her head high. PH mused on where she would turn up next?
My theory for what it's worth is a deal is all but done so Glenda sees her work as done. The finer details can be done by her replacement.

If MEL are increasing their management neither MEL nor the new managers can be pessimistic about the future.

Thank you for your time.

hs (rA)