Thanks for the info - I will check it out. I would not consider the Murdochs and Packers involvement with One Tel in any way pedigree BTW.
So from what I understand the risk is to do with production, but Patterson's themsleves state in their Report:
"We anticipate that by the end of the June Q, production at Clear Creek will be at the forecast 20mmscf/d, at which time we will re-initiate our full valuation."
Also the company have since announced their intention of selling assets namely Oklahoma and that they have very interested buyers (BTW an ASX legal binding announcement).
So the snow lastest longer than anticipated - and as with all oil/gas producers MAE has a high cash burn rate - having worked in the industry I understand this.
Also I understand that MAE may have in the future interested multi-national players due to some "nearology" factor? BP along with Shell have both announced lately record profits and intentions to retreate on renewables (Biofuels being the exception) in favour of expanding production of what remains of traditional oil and gas, plus tar sands and liquid fuels from coal and presumably look to buy into companies like MAE?
