Most of us in the oil industry can walk and chew gum at the same time. It is not an either-or situation.
Yes but it is not a matter of whether they can walk and chew gum at the same time. The problem as I see it is funding and the COS for Cervantes being only around 35%. The most likely outcome will be a duster, and that will have a devastating effect on the share price IMHO, considering we will have no income from the Cooper assets.
I'm 100% with huaneng. MEL need to postpone Cervantes until they start receiving cash flow from the Cooper assets. If they choose to drill Cervantes prior to developing the Cooper I'm going to have to consider selling down or selling out completely. I feel that MEL will be another BYE in the making if they go for Cervantes first (IMHO).
MEL Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held
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