The $9m is for the drilling of two wells and completion of one. MEL share of O2 drilling should be circa $1m. This aligns with O1. The $9m is gross, not net.
They will need circa $2.5m of liquidity to drill both and complete one, with a small buffer built in.
If they refinance the KBC loan they will have circa $2.2m of liquidity. They won't need to expand the finance facility by much to have sufficient liquidity and a connected O2 would have them comfortably cashflow positive, even if O1 stays at current levels.
I agree that this refinancing will most likely not be with KBC and I realise post wasn't clear on that. However, as much as KBC don't want to supply funds there is a legally enforceable agreement which makes it a possibility.
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