progress report, page-2

I would suggest advanced negotiations with ERM are under way for a farm in, but dont expect mgmt to advise anything further. Recent ROG deal + 7% direct holding in MEL mean ERM are serious about CMB. Although their investments to date have been modest, it shows they are trying to get into a position of control without spending to much $$. I would suggest ERM are playing the farmin neg. hard given the CAPEX MEL requires, the timeframes involved and the negative sentiment around CSG especially in Northern NSW. This is a quote from St Baker (ERM) when they bought MEL.
We've done a fair bit of due diligence. It has conventional and unconventional gas, which de-risks the investment.
They definately see risk around the CSG, they will play this to their advantage in negoatiations. ERM seems a good fit for MEL & RVPS is bread & butter for ERM and would be a welcome addition to their power generation assets.

Why aren't ERM picking up more at 20c, I don't think it would be cricket (or allowed by a CA) buying stock when in neg. Plus Metgasco gets all the negative sentiment around CSG and not the Shreholders like LNG & EPW.

Just my thoughts.