Ann: KBC: Metgasco Ltd Loan, page-45

"You mean 0.7 cents, yes? When we are already at 0.8 cents? You're dreaming"

Thanks for pointing out my typo, which I considered too obvious at the time to be bothered posting a correction.

Last time I looked we were at 0.9c. However, 0.7c already represents a 12.5% discount on 0.8c, which is about normal for a SPP. If you don't like it you don't have to participate. Retail investor participation in CRs is extremely low atm so you would have plenty of company. This leaves more for the big end of town, and it's not for nothing that CR activity continues unabated in spite of grossly undervalued SPs.

It's a moot point anyway, as a CR is clearly off the table for the moment. Recent announcements have referred to "substantially non-dilutive" funding being available, if required in 2024. I interpret this as meaning further loan notes, which tend to include the granting of a small number of options to the lender.

"Thanks to management's incompetence (and KBC playing hard-ball)"

KBC aren't playing hardball. they are playing dodge-ball - because they've run out of money.

"we surely now have not enough funding to remediate the two dud wells."

Almost every announcement from MEL in recent months has included statements to the effect that they are fully funded for these activities into 2024. I guess you either believe it or not, it's up to you. Fitting a plug (for Vali-2) is an easy fix - about as simple as it gets - and won't cost very much.

All IMO.