They will NEVER drill - no social licence, 87%+ local opposition, politicians running scared!
Put simply you WON'T get a state funded army to impose Mining By Martial Law and that's the only way ANY drilling would have taken place. At every step of the way there will be 100s or 1000s of people actively engaged in stopping you - you did notice he turnout at Rock Valley Hall last weekend?
AS it stands this company has a stranded asset in its gas resource, reserves of zero, no hope of commercialization - its only asset seems to be a handful of loyal shareholders, but how long will that last when you realise exactly how bad your situation is?
I hear lots of gibber-**ber here about how much your Resource is worth but you are all assuming it is ever going to be developed - as it stands that will never happen and you have to realise that any offer will be based not on some prospective retail price, not even on a metric applied to Reserves, but on a heavily discounted metric applicable to a Resource - heavily discounted because of the social factors that MEL has allowed to develop over more than a decade by refusing to engage with the community and gain a Social Licence. (Although it is doubtful it would EVER have been able to address those concerns as both peer-reviewed research and anecdotal evidence has increasingly weighed against them/you.)
IMHO, an offer of $5M for you to walk away is generous, if you are offered more than that, take it and run. Investment, like so many things in life, is a learning process, so you MAY get some value from MEL yet!
MEL Price at posting:
4.9¢ Sentiment: None Disclosure: Not Held
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