Buddy, EPW must have a lot more confidence in the MEL Board than...

Buddy, EPW must have a lot more confidence in the MEL Board than in the EGO Board.

Can't really understand why, EPW is now sitting on a paper loss of around $4 million on their MEL holding, even with the recent doubling in the MEL share price.

While they are sitting on a gain of around $1.4 million on their EGO investment.

Even if the Red Gully development was grossly over spent, EPW are only exposed to just over 20% of the cost of the overruns. It is the EGO shareholders who take most of the pain. EPW could have funded more than half of their share of the Red Gully Development from their current losses on MEL.

And they have been a lot more patient with the MEL than with EGO where they really only started building their interest in April this year.

EPW must be desperate to get access to more gas in the west and EGO has not been fast enough. Whereas they might be keen to keep MEL on ice for a while.