" It makes sense, but at the same time it's a case of 'all eggs in one basket'. I'd like to see us provide additional financing in return for a 10% or so stake in SM71."
Something like that could work, as BYE need some additional near term funding to complete the one well development at SM71.
Another option for BYE is a short term loan from the directors......
Once (hopefully) SM71 is producing as forecast, a JV of say MEL/BYE/OEL could push ahead with stepout wells to prove up additional SM71 reserves and increase production. There's also the recently acquired permits by BYE that could come into play in any JV deal.
Some additional funding would be required by the JV to fund SM71 stepout wells and drilling BYE's new permits.
Not sure about Biv Peak timing. They'll have to weigh its merits against other targets in the portfolio, re cost, risk etc. Might have enough on their plate for a while without drilling B/Peak.
MEL Price at posting:
4.1¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)