Not sure why my last post was censored. The reason given was...

Not sure why my last post was censored. The reason given was 'Discriminatory'.
These are some of the issues, and my points of view on them.

Drilling VS 3D
> The last time a well was drilled, the share price went to $1.14. Many long time shareholders did not sell shares at this time. I’m not giving advice but it would be great to see the shares rise significantly again, and give shareholders a chance to take a profit.
> The current proposed farmout to RL is likely to see the share price languish for years. I do not consider this a good farmout - for a good farmout see the recent Melbana/Santos farmout.
> 3D IS desirable, but it does not guarantee success. It is about risk management. I’ve discussed before how, with the current available information, I do not believe that with the costs, time delay and the documented data quality issues, that 3D is warranted in this situation.

We Have New 2D Data - Use it
>HOWEVER, THERE IS NEW DATA. 200 km of new 2D data was acquired 3 months ago, over the primary Baleen drilling target. [ASX:MMR 19/04/18]. In this announcement processing was to take 2 months. It should be complete. Before the company charges ahead with the RL farmout, or for that matter, commits to drilling now, shouldn’t this data be reviewed. If the quality is very bad, then the quality of the 3D will likely also be very bad and may not add much value. If the quality is great, what does the Baleen prospect look like now? Decisions need to be made based on all the data. I would be surprised if the new 2D changes the conclusion that drilling is the best option, but let the data and the numbers do the talking.

Dilution
There has been comments that raising $20M to drill will dilute the companies equity in the project too much.
>Last time a well was drilled. On ASX:MMR 29/05/09, MMR announced it was tendering for a rig to drill. At that point, the company had $1.7M cash (30 June 2009 financials), and 74% of Advent which has 85% in PEP 11 for a beneficial interest of 62.9% interest in PEP 11.
>Post drilling, after more than $25M had been raised for drilling, MEC now has 47% of Advent which still has 85% of PEP 11, for a net beneficial interest of 40%. Actual dilution of the beneficial interest in PEP 11 was only 38%.
The point is, drilling can be funded without significant dilution as has already been proven.
> Compare this to the RL Farmout for 3D, where the beneficial interest in PEP 11 is reduced by 60% to 11.75% Before a well is even drilled.

Bonaparte Basin
In the company’s announcement [ASX:MMR 13/04/18], and other recent announcements regarding EP 386, the use of funds includes: EP 386 - Well Intervention Program $1,200,000. My understanding is that this now a firm commitment to the government. This is a major commitment for a company with limited capital. Discussions have been had with a potential farmin partner.

Litigation
According to the company’s disclosure in the Rights issue prospectus [ASX:MMR 16/05/18] P21, there have been 23 announcements regarding litigation. Between MMR, BPH and GBA everyone is suing everyone. I believe negotiation vs litigation would be a better approach. The cost for lawyers should not be one of the largest expenses in the company. I was on the board of BPH, but I left. I am not 'associated' with anyone, but I am open to negotiations with all parties to sort out these litigations.

MD
On 28 November, 2016 the Chairman said "We will, following an extensive search, install a suitable experienced and qualified leader to fulfil the vision of the Company." [ASX:MMR 28/11/16]. I thought Greg Channon would have been appointed, instead he has left and is farming in through RL.

tom