A letter and a call, page-18

"If it were not for the Byron investment taking off, this Company would have done nothing, and spent quite a lot of money doing nothing!" - That sounds a little disingenuous.

The Byron investment appears (in my opinion) to be the after effect of a failed merger. Their price was greatly suppressed leading into the cap raise and we had cash to burn. Perhaps this is what the management were alluding to when they referred to interference with a significant transaction by Purcell (we will probably never know)? The Byron investment is not about the direct exposure, which has gone very, very well for holders - but is more about the farm in rights that were attached. According to BYE announcements Sm74 is well advanced - and MEL has farm in rights to this asset. Biv Peak will also be drilled in the second half and there is clearly a relationship being built with Senex.

Yes, it's slower than I'd like, but you can't fault the moves they have made so far. I've had a call from M&A and was not at all impressed by the explanations to my questions. There is a clear drilling pipeline ahead with Biv Peak and BYE farm ins and Purcell has not expressed any alternative path forward. Nor has he addressed any of the points raised in the initial notice of meeting correspondence.

For mine he hasn't addressed any of the accusations leveled against him, nor has he outlined an alternate path for the company. Based on what is in front of me (per the company announcement) he has gone against company rules and acted outside of the interest of shareholders. I'm not going to reward that.

All thoughts are simply that and are my opinion based upon company announcements relating to this meeting.