my 2c worth on mmr

Came across this one recently and punched some numbers for it. Looks a decent speculative punt. The potential company maker for MMR is the offshore Sydney basin gas prospects PEP 11. Potential gas resources of 16.3TCF. Although the exploration is run by Advent Energy (an unlisted company, 74% owned by MMR), there are several pros with MMR:

1. MEC is registered by the Australian Federal Government as a Pooled Development Fund (PDF) enabling most MEC shareholders to receive tax free capital gains on their shares and tax free dividends. See the below link for information about PDFs
http://www.ausindustry.gov.au/Ventur...ncessions.aspx

2. Potential participation in a possible Advent Energy IPO when the market turns. Advent back in December 08 raised $7m by issuing 14m shares at 50c each.

3. MEC/Advent Energy association with Chinese Oil and Gas Company (CNLC).

IMO, the price catalyst for MMR are:
1. Finalisation of drill rig tender
2. Announcement of farm in partner (esp linking with any oil/gas major)
3. Concrete timetable for drilling

On the other hand, the above catalysts are also risks, if none of it gets finalised.

Im happy to hear any comments or opinions?

Disclaimer: I hold a small parcel, DYOR!! and the above does not constitute financial advice, they are merely my person opinions.