All in all a good idea, provided the tax ruling comes back in favour. I can't see why it wouldn't as I believe that it is CGT event G1 (https://www.ato.gov.au/General/Capi...r-investments/Non-assessable-payments/?page=2) meaning that we would just reduce our cost base by the amount of the capital return.
The effect of this will be that any returns from the BYE deal will be amplified - going from 17 to 18 million will have a greater effect on the SP than going from 27 to 28 million in percentage terms (4.2 to 4.5 - approx 7% v 6.7 to 7.0 - approx 4.5%)
Biouvac Peak looks good too - drilling early 2017 with 18,000 mmcf/d and 1,800 Barrels of oil per day gross. Even with MEL's share this will result in solid returns.
Market may not love it yet, but looks good to me.
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