I went to the shareholder meeting today, so here is a rundown of...

I went to the shareholder meeting today, so here is a rundown of what PC said on things unrelated to the vote. (The value of my holding has gone down to a level where I'm not watching what's said on this forum all that closely, so apologies if this revisits old ground)


CLEAR CREEK:
PC said MAE wasn't "too far off" cleaning up the wells and was confident MAE would get a good outcome. It was just a matter of when. Production is now about 1mmcf/d but he wouldn't give a time estimate on hitting 5mmcf/d. They did know what was needed to be done there, however. PC believes three wells could get the field cash-flow positive.

It's a "reasonable bet" MAE will get a sale deal at Clear Creek, he said.

The company is trying to sell about 50 per cent of Clear Creek to someone who can operate and develop it. If they got the right price they would sell 100 per cent. PC said getting a good price was hampered to some extent by the company's debt-heavy balance sheet and buyers taking that into account when bidding. That is why he only wants to sell half at this stage.
"We may think it's worth $200 million but they won't offer that," he said.
No timing on a sale was given.

If they did a 50 per cent sale, it would pay off debt, get an operator in and leave some cash left over to fund Helper.
PC reckons this would see the market cap go up dramatically. He sites Molopo, which has a market cap of $150m, and no debt problems, as an example of where it could go.

HELPER
PC views this as a potentially better project than CC but will need a lot more work and hundreds of wells. Says the company may look to find a partner to develop the asset, with a deal possibly involving the partner getting in fairly cheaply but carrying the cost of exploration and development. If they sell all of Clear Creek, they would keep Helper and do it themselves.

If they don't sell all of Clear Creek, there is the potential to spin off the Helper assets into a new company.
PC compares the size of Helper to the assets of Eastern Star Gas, which Santos has bid $900m for. (PC didn't mention ESG's appeal was fuel for export LNG plants at Gladstone, whose operators are short gas and pay a lot more than US domestic gas buyers)

OKLAHOMA:
MAE was approached by two neighbouring parties about selling. PC does not see this asset as a major money spinner for MAE, so anything realised will be a bonus, he said.

EQUITY RAISING: PC says none are planned and if the CC sale goes as hoped, none will be needed in the foreseeable future.

I'm not making any comment on this (apart from the fact the ESG comparison seemed a bit far-fetched), just putting it out there for those that didn't attend.

There were about 10 shareholders at the meeting.