"Had the MB offer been rejected outright, this is the scenario...

"Had the MB offer been rejected outright, this is the scenario most likely to have played out.
As it still can."

Yes I agree Hassko, in the absence of any reasonable plan put forwards into the market place - yes!!!.. But hey what do CEO's,Directors & Senior Mgmt do all day??...Tell me..Do they simply sit on there hands all day waiting for the sun to rise again dreaming that another offer will pop on by their desk..#^%$.. If after the original 17.5 cent bid was rejected in mid November2016...they had really had a go...launched a modest Cap Raising...Played the looming Energy/Gas shortage news cycle...and had some definite value accretive plans on the table...ie GSA's...proving up & certifying reserves...etc etc ..and also actually attempting to drill again and bring their gas fields backup to previous production levels.
It may well hv been a different story. They were well and truly caught sleeping at the wheel!...or were doing something with MacquaireB...maybe banking on a more reasonable offer.

I do suspect they might hv had a plan?. To acquire the other half of Mereenie tenement from Santos, but perhaps this was simply too big a plan at that point in time..re:- the 2nd half 2016...Its something would require required perhaps over $80Mill plus... which agree in late 2016 would hv been very difficult via a cap raise.
In February/March I believe they could hv got over $20 Mill from existing shareholders - if they sold a vision...did a few modest incremental deals.

But hey, instead hey rolled over or were out played by MacBank..,,and did not give it a fight - that shareholders would well and truely expect were a directors responsibility ( for what ever reason?)..
Instead it was a Checkmate!!!...There was certainly no 3 dimensional chess played here!!...just a simple 10 move Check Mate!!!!... Just like when you were a 10year old at primary school and playing the experienced teacher!..
Enough on this!!! - Its the last post on this for me..
Somehow, now all have to go forwards.