WOW.
Did not see this coming.
I know we want to diversify business operations geographically given the comical nature of the energy policies of successive NSW governments and the massive soveriegn risk attached to Australia, but shale oil in the US?
It could be an extremely opportunistic takeover at a time the oil price is hemorrhaging and I guess we need to do some more ELK research for implied valuation multiples. But this does seem to be coming a little from left field unless it also is a form of political pressure to say MEL now doesnt have to do anything with NSW?
Or perhaps this is sign that the Board cant see a swift resolution to the political impasse over its NSW gas reserves?
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