One of the things leading to a lower per PJ valuation for MEL...

One of the things leading to a lower per PJ valuation for MEL compared to its peers is a perception that the flow rates per well are low. That is not really the right way to look at it because the important figure is cost per scfd of gas delivered to market, and MEL has lower costs due to minimal water disposal issues. In an earlier announcement MEL management said they would compare simple cheap wells and more expensive multilateral wells to see which is more cost-effective, and that is what they are now doing. Nevertheless, I think high flow rates from the current drilling would boost the share price, even if ultimately the simpler wells are more cost effective.